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accepted a one-year note for $5,000 at 4% from J. Barker, one of its customers, in...
On January 1, Southwest Corp. accepted a one-year note for $70,000 at 5% from one of...
On January 1, Southwest Corp. accepted a one-year note for $70,000 at 5% from one of its customers. When the note matured on December 31, the customer was unable to pay, and the company recorded the dishonor. The amount of the debit recorded on December 31 is ________. A. 66500 B. 3500 C. 70000 D. 73500
The following accounts and balances were drawn from the records of Barker Company at December 31,...
The following accounts and balances were drawn from the records of Barker Company at December 31, 2018: Supplies Cash flow from investing act. Prepaid insurance Service revenue Other operating expenses Supplies expense Insurance expense Beginning common stock Cash flow from operating act. Common stock issued $ 660 Beginning retained earnings (7,300) Cash flow from financing act. 2,400 Rent expense 79,000 Dividends 41,000 Cash 280 Accounts receivable 1,000 Prepaid rent 1,100 Unearned revenue 7,700 Land 5,300 Accounts payable $ 19,000 (5,000)...
The following accounts and balances were drawn from the records of Barker Company at December 31,...
The following accounts and balances were drawn from the records of Barker Company at December 31, 2018: $ 19,000 (5,000) 2,500 Supplies Cash flow from investing act. Prepaid insurance Service revenue 2$ 660 (7,300) Cash flow from financing act. 2,400 Beginning retained earnings Rent expense 79,000 41,000 280 Dividends 5,500 11,800 Other operating expenses Supplies expense Cash Accounts receivable Prepaid rent Unearned revenue 19,000 4,900 7,300 Insurance expense 1,000 1,100 7,700 5,300 Beginning common stock Cash flow from operating act....
bosworth corporation accepted a 5-year note receivable from steelman company on january 1 year 1. the...
bosworth corporation accepted a 5-year note receivable from steelman company on january 1 year 1. the maturity value of the note is 780000. the note has a stated interest rate of 10%. however, the prevailing market interest rate is 12% abd the note is recorded at 722591. the note requires interest payments on june 30 and december 31. what will be the note balance at december 31 year 1
The following transactions are from Ohlm Company Year 1 December 16 - Accepted a $10,800, 60-day,...
The following transactions are from Ohlm Company Year 1 December 16 - Accepted a $10,800, 60-day, 8% note in granting Danny Todd a time extension on his past-due account receivable. December 31 – Made an adjustment entry to record the accrued interest on the Todd note. Year 2 February 14 – Received Todd’s payment of principal and interest on the note dates December 16. March 2 – Accepted a $6,100, 8%, 90-day note in granting a time extension on the...
Kingbird Company had the following select transactions. Apr. 1.2022 Accepted Goodwin Company's 12-month, 8% note in...
Kingbird Company had the following select transactions. Apr. 1.2022 Accepted Goodwin Company's 12-month, 8% note in settlen July 1, 2022 Loaned $22,000 cash to Thomas Slocombe on a 9-month, 11% note. Dec 31, 2022 Accrued interest on all notes receivable. Apr. 1, 2023 Received principal plus interest on the Goodwin note. Apr. 1, 2023 Thomas Slocombe dishonored its note: Kingbird expects it will eventually collect. Prepare journal entries to record the transactions. Kingbird prepares adjusting entries once a year on...
On January 1, 2018, Lambert - Fisher signed a $720,000, 12-year, 10% note. The loan required...
On January 1, 2018, Lambert - Fisher signed a $720,000, 12-year, 10% note. The loan required Lambert - Fisher to make annual payments on December 31 of $60,000 principal plus interest. Requirements 1. Journalize the issuance of the note on January 1, 2018 2. Journalize the first note payment on December 31, 2018 Requirement 1. Journalize the issuance of the note on January 1, 2018. (Record debits first, then credits. Select explanations on the last line of the journal entry)...
Teal Mountain Company had the following select transactions Accepted Goodwin Company's 12-month, 7% note in settlement...
Teal Mountain Company had the following select transactions Accepted Goodwin Company's 12-month, 7% note in settlement of a $38,000 account receivable. Apr. 1, 2022 July 1, 2022 Loaned $23,000 cash to Thomas Slocombe on a 9-month, 12% note. Dec. 31, 2022 Accrued interest on all notes receivable Received principal plus interest on the Goodwin note. Apr. 1, 2023 Apr. 1, 2023 Thomas Slocombe dishonored its note; Teal Mountain expects it will eventually collect. Prepare journal entries to record the transactions....
Questions 1: The following information relates to GLASGOW Company: The bank collected a $30,000 note for...
Questions 1: The following information relates to GLASGOW Company: The bank collected a $30,000 note for GLASGOW Company in January, plus interest of $2,500, less a bank collection fee of S500. The collection has not been recorded by GLASGOW Company Deposits in transit on January 31 amounted to $20,000. GLASGOW Company received a $5,000 check from a customer for services provided. The company recorded this check in its books by increasing its cash ledger balance by $500. Upon receiving the...
Year 1 Dec. 16 Accepted a $11,000, 60-day, 6% note in granting Danny Todd a time...
Year 1 Dec. 16 Accepted a $11,000, 60-day, 6% note in granting Danny Todd a time extension on his past-due account receivabl 31 Made an adjusting entry to record the accrued interest on the Todd note. Year 2 Feb. 14 Received Todd's payment of principal and interest on the note dated December 16. Mar. 2 Accepted a(n) $7,400, 6%, 90-day note in granting a tine extension on the past due account receivable from Mid 17 Accepted a(n) $2,400, 30-day, 7%...
The following accounts and balances were drawn from the records of Barker Company at December 31, 2018: Supplies Cash flow from investing act. Prepaid insurance Service revenue Other operating expenses Supplies expense Insurance expense Beginning common stock Cash flow from operating act. Common stock issued $ 660 Beginning retained earnings (7,300) Cash flow from financing act. 2,400 Rent expense 79,000 Dividends 41,000 Cash 280 Accounts receivable 1,000 Prepaid rent 1,100 Unearned revenue 7,700 Land 5,300 Accounts payable $ 19,000 (5,000)...
The following accounts and balances were drawn from the records of Barker Company at December 31, 2018: $ 19,000 (5,000) 2,500 Supplies Cash flow from investing act. Prepaid insurance Service revenue 2$ 660 (7,300) Cash flow from financing act. 2,400 Beginning retained earnings Rent expense 79,000 41,000 280 Dividends 5,500 11,800 Other operating expenses Supplies expense Cash Accounts receivable Prepaid rent Unearned revenue 19,000 4,900 7,300 Insurance expense 1,000 1,100 7,700 5,300 Beginning common stock Cash flow from operating act....
Kingbird Company had the following select transactions. Apr. 1.2022 Accepted Goodwin Company's 12-month, 8% note in settlen July 1, 2022 Loaned $22,000 cash to Thomas Slocombe on a 9-month, 11% note. Dec 31, 2022 Accrued interest on all notes receivable. Apr. 1, 2023 Received principal plus interest on the Goodwin note. Apr. 1, 2023 Thomas Slocombe dishonored its note: Kingbird expects it will eventually collect. Prepare journal entries to record the transactions. Kingbird prepares adjusting entries once a year on...
On January 1, 2018, Lambert - Fisher signed a $720,000, 12-year, 10% note. The loan required Lambert - Fisher to make annual payments on December 31 of $60,000 principal plus interest. Requirements 1. Journalize the issuance of the note on January 1, 2018 2. Journalize the first note payment on December 31, 2018 Requirement 1. Journalize the issuance of the note on January 1, 2018. (Record debits first, then credits. Select explanations on the last line of the journal entry)...
Teal Mountain Company had the following select transactions Accepted Goodwin Company's 12-month, 7% note in settlement of a $38,000 account receivable. Apr. 1, 2022 July 1, 2022 Loaned $23,000 cash to Thomas Slocombe on a 9-month, 12% note. Dec. 31, 2022 Accrued interest on all notes receivable Received principal plus interest on the Goodwin note. Apr. 1, 2023 Apr. 1, 2023 Thomas Slocombe dishonored its note; Teal Mountain expects it will eventually collect. Prepare journal entries to record the transactions....
Questions 1: The following information relates to GLASGOW Company: The bank collected a $30,000 note for GLASGOW Company in January, plus interest of $2,500, less a bank collection fee of S500. The collection has not been recorded by GLASGOW Company Deposits in transit on January 31 amounted to $20,000. GLASGOW Company received a $5,000 check from a customer for services provided. The company recorded this check in its books by increasing its cash ledger balance by $500. Upon receiving the...
Year 1 Dec. 16 Accepted a $11,000, 60-day, 6% note in granting Danny Todd a time extension on his past-due account receivabl 31 Made an adjusting entry to record the accrued interest on the Todd note. Year 2 Feb. 14 Received Todd's payment of principal and interest on the note dated December 16. Mar. 2 Accepted a(n) $7,400, 6%, 90-day note in granting a tine extension on the past due account receivable from Mid 17 Accepted a(n) $2,400, 30-day, 7%...
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