Homework Answers
Journal entry
| Date | account and explanation | Debit | Credit |
| Notes receivable | 25000 | ||
| Cash | 25000 | ||
So answer is a) Debit notes receivable $25000; Credit Cash $25000
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Question 7 2 pts Angel makes a $25,000, 90-day, 7% cash loan to Max Co. Angel's...
17) Jasper makes a $89,000, 90-day, 7% cash loan to Clayborn Co. Jasper's entry to record...
17) Jasper makes a $89,000, 90-day, 7% cash loan to Clayborn Co. Jasper's entry to record the transaction should be: A) Debit Notes Receivable for $89,000; credit Cash $89,000. B) Debit Notes Payable $89,000: credit Accounts Payable $89,000. C) Debit Accounts Receivable $89,000; credit Notes Receivable $89,000. D) Debit Notes Receivable $89.000; credit Sales $89,000. E) Debit Cash $89,000; credit Notes Receivable for $89,000. 18) Jasper makes a $50,000, 90-day, 9,0% cash loan to Clayborn Co. Jasper's entry to record...
iz Saved Jasper makes a $85,000, 90-day, 7% cash loan to Clayborn Co. Jasper's entry to...
iz Saved Jasper makes a $85,000, 90-day, 7% cash loan to Clayborn Co. Jasper's entry to record the transaction should be: Multiple Choice Debit Notes Receivable for $85,000; credit Cash $85,000. O Debit Accounts Receivable $85,000; credit Notes Receivable $85,000. Debit Cash $85,000 credit Notes Receivable for $85,000 Debit Notes Payable $85.000 credit Accounts Payable $85,000 < Prey 3 of 20 !!! Night lagt > The interest accrued on $4,000 at 6% for 45 days is: (Use 360 days a...
Third National Bank makes a S29.000. 90-day, 90% cash loan to Equit Co. which of entry...
Third National Bank makes a S29.000. 90-day, 90% cash loan to Equit Co. which of entry that Third National Bank should record assuming Equit Co. pays the Bank the amount due on the maturity date of the note? (Use 360-day year with 30 days each month) the answer choices is the Correct journal Mutiple Choice Debit Notes Payable $29,000 Debit Interest Expense $2,610, credit Cash $31610 Debit Cash $29,652.50, credit Notes Receivable for $29 652 50 Debit Cash $31,610, credn...
jasper makes a $47,000, 90-day, 7% cash loan to clayborn co. Jasper's entry to record the...
jasper makes a $47,000, 90-day, 7% cash loan to clayborn co. Jasper's entry to record the collection of the note and interest at maturity should be
Jasper makes a 586000, 90-day cash loan to Clayton Co Jasper's entry to record the traction...
Jasper makes a 586000, 90-day cash loan to Clayton Co Jasper's entry to record the traction house Mul Choice (8 . O Debt Cath $26.000.creates Receivable for 6.000. O O D NO .000 .000 O • Det sectors.. Caso o Den Accounts .000 Type here to search 12121212121212121 1212/WWW/VW 21212121212121212222
Jax Recording Studio purchased $7,900 in electronic components from Music World, Jax signed a 90-day, 8%...
Jax Recording Studio purchased $7,900 in electronic components from Music World, Jax signed a 90-day, 8% promissory note for $7,900. Music World's journal entry to record the sales transaction is: Multiple Choice Debit Notes Receivable $7.900: Credit Sales $7900 Debit Accounts Receivable $7.900, credit Sales $7.900 Debit Notes Receivable $8,058: credit Sales 58,058 Debit Notes Receivable $8,058, debit Interest Receivable $158; credit Sales $7,900 Debit Accounts Receivable $8,058 Credit Sales $8.058 < Prey 7 of 15 Next >
Sheffield Corp. assigns $4400000 of its accounts receivables as collateral for a $3.00 million loan with...
Sheffield Corp. assigns $4400000 of its accounts receivables as collateral for a $3.00 million loan with a bank. The bank assesses a 2% finance charge on the loan amount and charges interest on the note at 7%. What would be the journal entry to record this transaction? Debit Cash for $2730000, debit Interest Expense for $270000, and credit Notes Payable for $3000000 Debit Cash for $1830200, debit Interest Expense for $60000, debit Due from Bank for $1400000, and credit Accounts...
Grizzly Co. enters into the following transactions: • Stockholders contribute $25,000 cash to a company in...
Grizzly Co. enters into the following transactions: • Stockholders contribute $25,000 cash to a company in exchange for common stock. • The company purchases $12,500 of new equipment in exchange for its promise to pay $12,500 at the end of next month. The company pays $7,500 to suppliers on account. Required: a. Show the effect of these transactions on the basic accounting equation. b. Prepare the journal entries that would be used to record the transactions. Complete this question by...
On April 12, Hong Company agrees to accept a 60-day, 10%, $6,500 note from Indigo Company...
On April 12, Hong Company agrees to accept a 60-day, 10%, $6,500 note from Indigo Company to extend the due date on an overdue accounts payable. What is the journal entry needed to record the transaction by Indigo Company? Help Save & Exit Multiple Choice Debit Notes Payable $6,500, credit Accounts Payable $6,500 Debit Cash $6,500credit Notes Payable $6,500. Debit Accounts Receivable $6,500, credit Notes Payable $6.500, Debit Accounts Payable $6.500, credit Notes Payable $6,500 Debit Sales $6,500: credit Notes...
Exercise 7-14 On December 31, 2015, Oriole Co. performed environmental consulting services for Hayduke Co. Hayduke...
Exercise 7-14
On December 31, 2015, Oriole Co. performed environmental
consulting services for Hayduke Co. Hayduke was short of cash, and
Oriole Co. agreed to accept a $346,500 zero-interest-bearing note
due December 31, 2017, as payment in full. Hayduke is somewhat of a
credit risk and typically borrows funds at a rate of 11%. Oriole is
much more creditworthy and has various lines of credit at 6%.
Prepare the journal entry to record the transaction of December
31, 2015, for...
17) Jasper makes a $89,000, 90-day, 7% cash loan to Clayborn Co. Jasper's entry to record the transaction should be: A) Debit Notes Receivable for $89,000; credit Cash $89,000. B) Debit Notes Payable $89,000: credit Accounts Payable $89,000. C) Debit Accounts Receivable $89,000; credit Notes Receivable $89,000. D) Debit Notes Receivable $89.000; credit Sales $89,000. E) Debit Cash $89,000; credit Notes Receivable for $89,000. 18) Jasper makes a $50,000, 90-day, 9,0% cash loan to Clayborn Co. Jasper's entry to record...
iz Saved Jasper makes a $85,000, 90-day, 7% cash loan to Clayborn Co. Jasper's entry to record the transaction should be: Multiple Choice Debit Notes Receivable for $85,000; credit Cash $85,000. O Debit Accounts Receivable $85,000; credit Notes Receivable $85,000. Debit Cash $85,000 credit Notes Receivable for $85,000 Debit Notes Payable $85.000 credit Accounts Payable $85,000 < Prey 3 of 20 !!! Night lagt > The interest accrued on $4,000 at 6% for 45 days is: (Use 360 days a...
Third National Bank makes a S29.000. 90-day, 90% cash loan to Equit Co. which of entry that Third National Bank should record assuming Equit Co. pays the Bank the amount due on the maturity date of the note? (Use 360-day year with 30 days each month) the answer choices is the Correct journal Mutiple Choice Debit Notes Payable $29,000 Debit Interest Expense $2,610, credit Cash $31610 Debit Cash $29,652.50, credit Notes Receivable for $29 652 50 Debit Cash $31,610, credn...
Jasper makes a 586000, 90-day cash loan to Clayton Co Jasper's entry to record the traction house Mul Choice (8 . O Debt Cath $26.000.creates Receivable for 6.000. O O D NO .000 .000 O • Det sectors.. Caso o Den Accounts .000 Type here to search 12121212121212121 1212/WWW/VW 21212121212121212222
Jax Recording Studio purchased $7,900 in electronic components from Music World, Jax signed a 90-day, 8% promissory note for $7,900. Music World's journal entry to record the sales transaction is: Multiple Choice Debit Notes Receivable $7.900: Credit Sales $7900 Debit Accounts Receivable $7.900, credit Sales $7.900 Debit Notes Receivable $8,058: credit Sales 58,058 Debit Notes Receivable $8,058, debit Interest Receivable $158; credit Sales $7,900 Debit Accounts Receivable $8,058 Credit Sales $8.058 < Prey 7 of 15 Next >
Sheffield Corp. assigns $4400000 of its accounts receivables as collateral for a $3.00 million loan with a bank. The bank assesses a 2% finance charge on the loan amount and charges interest on the note at 7%. What would be the journal entry to record this transaction? Debit Cash for $2730000, debit Interest Expense for $270000, and credit Notes Payable for $3000000 Debit Cash for $1830200, debit Interest Expense for $60000, debit Due from Bank for $1400000, and credit Accounts...
Grizzly Co. enters into the following transactions: • Stockholders contribute $25,000 cash to a company in exchange for common stock. • The company purchases $12,500 of new equipment in exchange for its promise to pay $12,500 at the end of next month. The company pays $7,500 to suppliers on account. Required: a. Show the effect of these transactions on the basic accounting equation. b. Prepare the journal entries that would be used to record the transactions. Complete this question by...
On April 12, Hong Company agrees to accept a 60-day, 10%, $6,500 note from Indigo Company to extend the due date on an overdue accounts payable. What is the journal entry needed to record the transaction by Indigo Company? Help Save & Exit Multiple Choice Debit Notes Payable $6,500, credit Accounts Payable $6,500 Debit Cash $6,500credit Notes Payable $6,500. Debit Accounts Receivable $6,500, credit Notes Payable $6.500, Debit Accounts Payable $6.500, credit Notes Payable $6,500 Debit Sales $6,500: credit Notes...
Exercise 7-14
On December 31, 2015, Oriole Co. performed environmental
consulting services for Hayduke Co. Hayduke was short of cash, and
Oriole Co. agreed to accept a $346,500 zero-interest-bearing note
due December 31, 2017, as payment in full. Hayduke is somewhat of a
credit risk and typically borrows funds at a rate of 11%. Oriole is
much more creditworthy and has various lines of credit at 6%.
Prepare the journal entry to record the transaction of December
31, 2015, for...
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