Homework Answers
| Answer | |||||
|
Journal entries: |
|||||
| Date | Accounts title and explanations | Debit $ | Credit $ | ||
| Req 1. | 01.12.21 | Notes receivable Dr. | $85,000 | ||
| Service revennue | $85,000 | ||||
| Req 2. | |||||
| 31.12.21 | Interest receivable Dr. | $ 850 | 85000*12%*1/12 | ||
| Interest revenue | $ 850 | ||||
| 01.12.22 | Cash account Dr. | $10,200 | |||
| Interest revenue | $ 9,350 | 85000*12%*11/12 | |||
| Interest receivable | $ 850 | ||||
| 31.12.22 | Interest receivable Dr. | $ 850 | 85000*12%*1/12 | ||
| Interest revenue | $ 850 | ||||
| 01.12.23 | Cash account Dr. | $10,200 | |||
| Interest revenue | $ 9,350 | 85000*12%*11/12 | |||
| Interest receivable | $ 850 | ||||
| 31.12.23 | Interest receivable Dr. | $ 850 | 85000*12%*1/12 | ||
| Interest revenue | $ 850 | ||||
| Req 3. | |||||
| 01.12.24 | Cash account Dr. | $95,200 | |||
| Interest revenue | $ 9,350 | 85000*12%*11/12 | |||
| Interest receivable | $ 850 | ||||
| Notes receivable | $85,000 | ||||
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On April 15, 2021, Sampson Consulting provides services to a customer for $94,000. To pay for the series, the customer signs a three-year, 12% note. The face amount is due at the end of the third year, while annual interest is due each April 15. (Hint: Because the note is accepted during the middle of the month, Sampson plans to recognize one-half month of interest revenue in April 2021, and one-half month of interest revenue in April 2024) Required: 1....
On April 1, 2021, Shoemaker Corporation realizes that one of its main suppliers is having difficulty meeting delivery schedules, which is hurting Shoemaker's business. The supplier explains that it has a temporary lack of funds that is slowing its production cycle. Shoemaker agrees to lend $500,000 to its supplier using a 12-month, 12% note. Required: 1. The loan of $500,000 and acceptance of the note receivable on April 1, 2021 2 The adjustment for accrued interest on December 31, 2021...
Problem 5-8B Record long-term notes receivable and interest
revenue (LO5-7)
On April 15, 2021, Sampson Consulting provides services to a
customer for $92,000. To pay for the services, the customer signs a
three-year, 9% note. The face amount is due at the end of the third
year, while annual interest is due each April 15. (Hint:
Because the note is accepted during the middle of the month,
Sampson plans to recognize one-half month of interest revenue in
April 2021, and...
On June 30, 2021, the Esquire Company sold some merchandise to a customer for $64,000. In payment, Esquire agreed to accept a 7% note requiring the payment of interest and principal on March 31, 2022. The 7% rate is appropriate in this situation. Required: 1. Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), the December 31, 2021 interest accrual, and the March 31, 2022 collection....
1. On November 28, 2021, Shocker receives a $1,650 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue is credited. 2. On December 1, 2021, the company pays a local radio station $2,130 for 30 radio ads that were to be aired, 10 per month, throughout December, January, and February. Prepaid Advertising is debited. 3. Employee salaries for the month of December totaling $6,100 will be paid on January 7, 2022 4....
Consider the following situations for Shocker: 1. On November 28, 2021. Shocker receives a $3.750 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue is credited. 2. On December 1, 2021, the company pays a local radio station $2.550 for 30 radio ads that were to be aired. 10 per month. throughout December, January, and February. Prepaid Advertising is debited. 3. Employee salaries for the month of December totaling $7,500 will be...
Consider the following situations for Shocker: 1. On November 28, 2021, Shocker receives a $2,100 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue is credited. 2. On December 1, 2021, the company pays a local radio station $2,220 for 30 radio ads that were to be aired, 10 per month throughout December, January, and February. Prepaid Advertising is debited. 3. Employee salaries for the month of December totaling $6.400 will be...
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.5 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit arrangement. Trico signs a six-month 8% promissory note. Interest is payable at maturity. FirstBanc Corp.'s year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for FirstBanc Corp. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the...
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