Homework Answers
| Answer | |||
| Date | Account & Explanation | Debit | Credit |
| 18-07-2019 | Notes receivable—Discounted | $ 5,400 | |
| Notes Receivable | $ 5,400 | ||
| (To record discounted note) | |||
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CHECK MY WOK On June 3, 2019, Alaska State Company received a $5,400, 45 day, 12...
bn June 3, 2019, Alaska State Company received a $5,400, 45-day, 12 percent note from Samuel...
bn June 3, 2019, Alaska State Company received a $5,400, 45-day, 12 percent note from Samuel Adams, a customer whose account was past due. If Samuel Adams dishonored the note receivable discounted by Alaska State, assuming the bank deducted the maturity value of the dishonored note plus a $40 service charge from Alaska State's bank account on the due date of the note. Record entry for dishonor of Samuel Adams discounted note. Note: Enter debits before credits. Date General Journal...
On May 16, 2019, Safeway Company received a 90-day, 9 percent, $6,000 interest-bearing note from Black...
On May 16, 2019, Safeway Company received a 90-day, 9 percent,
$6,000 interest-bearing note from Black Company in settlement of
Black's past-due account. On June 30, Safeway discounted this note
at Fargo Bank and Trust. The bank charged a discount rate of 14
percent. On August 15, Safeway received a notice that Black had
paid the note and the interest on the due date.
Required: Prepare the entries in general journal form to record
these transactions.
Analyze: If the company...
Give the generaljournal entry to record each of the following transactions for Davidson Company: 1. Issued...
Give the generaljournal entry to record each of the following transactions for Davidson Company: 1. Issued a 6-month, 10 percent note for $74,000 to purchase two forklifts on May 14, 2019 (debit Warehouse Equipment). 2. Discounted its own 180-day, noninterest-bearing note with a principal amount of $28,000 at the Nelson Bank and Trust on May 28, 2019. The bank charged a discount rate of 8 percent. 3. Paid the May 14 note on its due date. 4. Paid the note...
Following are selected transactions for Ridge Company. Mar. 21 Accepted a $5,400, 180-day, 11t note dated...
Following are selected transactions for Ridge Company. Mar. 21 Accepted a $5,400, 180-day, 11t note dated March 21 from Tamara Jackson in granting a time extension on her past-due account receivable Sept. 17 Jackson dishonored her note when it is presented for payment. Dec. 31 After exhausting all legal means of collection, Ridge Company wrote off Jackson's account against the Allowance for Doubtful Accounts Complete the table to calculate the interest amounts at September 17 and use the calculated value...
on December 31 2019 the ledger of Lopez company contained the following Knowledge Check 6 Soved...
on December 31 2019 the ledger of Lopez company contained the
following
Knowledge Check 6 Soved On December 31, 2019, the ledger of Lopez Company contained the following account balances: Cash $ 66,000 Maria Lopez, Drawing Accounts Receivable 5,800 Fees Income Supplies 4.29 Depreciation Expense Equipment 52,000 Salaries Expense Accumulated Depreciation 5,000 Supplies Expense Accounts Payable 6,000 Telephone Expense Maria Lopez, Capital 121,500 Utilities Expense $ 52,000 107,500 5,500 34,000 6,000 5,200 9,300 Prepare the closing entries for the above...
The Gaynor Company had the following transactions involving notes payable during 2019. 7 Jan. 15 Purchased...
The Gaynor Company had the following transactions involving notes payable during 2019. 7 Jan. 15 Purchased office equipment from Corporate Outfitters and issued a 180- day, 10 percent note for $21,000. Apr. 10 Borrowed $14,000 at 12 percent from the Guarantee Bank by discounting a 60-day note payable. June 9 Paid the note due Guarantee Bank. July 14 Paid the note due Corporate Outfitters. Prepare the entries in general journal form to record these transactions. (Assume 360 days in a...
On December 31, 2019, the ledger of Lopez Company contained the following account balances Cash Accounts...
On December 31, 2019, the ledger of Lopez Company contained the following account balances Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Maria Lopez, Capital $32,999 Maria Lopez, Drawing 2,850 Fees Income 2,050 Depreciation Expense 25,900 Salaries Expense 2,450 Supplies Expense 2,950 Telephone Expense 48,150 Utilities Expense $13,400 53,250 2,700 16,999 2,950 2,550 4,600 Prepare the closing entries for the above transactions, View transaction list Journal entry worksheet < 1 2 3 Prepare the closing entry for the drawing...
Exercise 16.6 Recording receipt of a note receivable and subsequent discounting of the note. LO 16-7...
Exercise 16.6 Recording receipt of a note receivable and subsequent discounting of the note. LO 16-7 On June 3, 2019, Alaska State Company received a $5,000, 60 day, 12 percent note from Samuel Adams, a customer whose account was past due. The note was discounted on June 18, 2019 at the Second State Bank and Trust. The bank charged a discount rate of 14%. 1. Prepare the journal entries regarding this note. (Use 360 days a year. Round your answers...
Help Save & Exit Submit Check my work The following events occurred for Favata Company: a....
Help Save & Exit Submit Check my work The following events occurred for Favata Company: a. Received $13,500 cash from owners and issued stock to them. b. Borrowed $10,500 cash from a bank and signed a note due later this year. c. Bought and received $1,150 of equipment on account d. Purchased land for $19,000; paid $1,700 in cash and signed a long-term note for $17,300. e. Purchased $6,500 of equipment: paid $1,700 In cash and charged the rest on...
Problem 11-6A Partnership entries, profit allocation, admission of a partner LO2, 3, 4 On June 1,...
Problem 11-6A Partnership entries, profit allocation, admission of a partner LO2, 3, 4 On June 1, 2020, Jill Bow and Alsha Adams formed a partnership to open a gluten free commercial bakery, contributing $291,000 cash and $382,000 of equipment, respectively. The partnership also assumed responsibility for a $51,000 note payable associated with the equipment. The partners agreed to share profits as follows: Bow is to receive an annual salary allowance of $161.000, both are to receive an annual Interest allowance...
bn June 3, 2019, Alaska State Company received a $5,400, 45-day, 12 percent note from Samuel Adams, a customer whose account was past due. If Samuel Adams dishonored the note receivable discounted by Alaska State, assuming the bank deducted the maturity value of the dishonored note plus a $40 service charge from Alaska State's bank account on the due date of the note. Record entry for dishonor of Samuel Adams discounted note. Note: Enter debits before credits. Date General Journal...
On May 16, 2019, Safeway Company received a 90-day, 9 percent,
$6,000 interest-bearing note from Black Company in settlement of
Black's past-due account. On June 30, Safeway discounted this note
at Fargo Bank and Trust. The bank charged a discount rate of 14
percent. On August 15, Safeway received a notice that Black had
paid the note and the interest on the due date.
Required: Prepare the entries in general journal form to record
these transactions.
Analyze: If the company...
Give the generaljournal entry to record each of the following transactions for Davidson Company: 1. Issued a 6-month, 10 percent note for $74,000 to purchase two forklifts on May 14, 2019 (debit Warehouse Equipment). 2. Discounted its own 180-day, noninterest-bearing note with a principal amount of $28,000 at the Nelson Bank and Trust on May 28, 2019. The bank charged a discount rate of 8 percent. 3. Paid the May 14 note on its due date. 4. Paid the note...
Following are selected transactions for Ridge Company. Mar. 21 Accepted a $5,400, 180-day, 11t note dated March 21 from Tamara Jackson in granting a time extension on her past-due account receivable Sept. 17 Jackson dishonored her note when it is presented for payment. Dec. 31 After exhausting all legal means of collection, Ridge Company wrote off Jackson's account against the Allowance for Doubtful Accounts Complete the table to calculate the interest amounts at September 17 and use the calculated value...
on December 31 2019 the ledger of Lopez company contained the
following
Knowledge Check 6 Soved On December 31, 2019, the ledger of Lopez Company contained the following account balances: Cash $ 66,000 Maria Lopez, Drawing Accounts Receivable 5,800 Fees Income Supplies 4.29 Depreciation Expense Equipment 52,000 Salaries Expense Accumulated Depreciation 5,000 Supplies Expense Accounts Payable 6,000 Telephone Expense Maria Lopez, Capital 121,500 Utilities Expense $ 52,000 107,500 5,500 34,000 6,000 5,200 9,300 Prepare the closing entries for the above...
The Gaynor Company had the following transactions involving notes payable during 2019. 7 Jan. 15 Purchased office equipment from Corporate Outfitters and issued a 180- day, 10 percent note for $21,000. Apr. 10 Borrowed $14,000 at 12 percent from the Guarantee Bank by discounting a 60-day note payable. June 9 Paid the note due Guarantee Bank. July 14 Paid the note due Corporate Outfitters. Prepare the entries in general journal form to record these transactions. (Assume 360 days in a...
On December 31, 2019, the ledger of Lopez Company contained the following account balances Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Maria Lopez, Capital $32,999 Maria Lopez, Drawing 2,850 Fees Income 2,050 Depreciation Expense 25,900 Salaries Expense 2,450 Supplies Expense 2,950 Telephone Expense 48,150 Utilities Expense $13,400 53,250 2,700 16,999 2,950 2,550 4,600 Prepare the closing entries for the above transactions, View transaction list Journal entry worksheet < 1 2 3 Prepare the closing entry for the drawing...
Exercise 16.6 Recording receipt of a note receivable and subsequent discounting of the note. LO 16-7 On June 3, 2019, Alaska State Company received a $5,000, 60 day, 12 percent note from Samuel Adams, a customer whose account was past due. The note was discounted on June 18, 2019 at the Second State Bank and Trust. The bank charged a discount rate of 14%. 1. Prepare the journal entries regarding this note. (Use 360 days a year. Round your answers...
Help Save & Exit Submit Check my work The following events occurred for Favata Company: a. Received $13,500 cash from owners and issued stock to them. b. Borrowed $10,500 cash from a bank and signed a note due later this year. c. Bought and received $1,150 of equipment on account d. Purchased land for $19,000; paid $1,700 in cash and signed a long-term note for $17,300. e. Purchased $6,500 of equipment: paid $1,700 In cash and charged the rest on...
Problem 11-6A Partnership entries, profit allocation, admission of a partner LO2, 3, 4 On June 1, 2020, Jill Bow and Alsha Adams formed a partnership to open a gluten free commercial bakery, contributing $291,000 cash and $382,000 of equipment, respectively. The partnership also assumed responsibility for a $51,000 note payable associated with the equipment. The partners agreed to share profits as follows: Bow is to receive an annual salary allowance of $161.000, both are to receive an annual Interest allowance...
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