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On November 30, 2019, Paxton & Smith Inc purchased two delivery vans for a total of...
On August 1, 2019, The Cove at Mill Lake, Inc., purchased inventory costing $50,000 by signing...
On August 1, 2019, The Cove at Mill Lake, Inc., purchased inventory costing $50,000 by signing a 6%, six-month, short-term note payable. The company will pay the entire note (principal and interest) on the note's maturity date. Read the requirements. Requirement 1. Journalize the company's purchase of inventory. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Accounts Date Debit Credit 2019 Aug 1 Requirement 2. Make the adjusting entry for accrual of interest on the note...
On August 1, 2019, The Villas at Mill Lake, Inc., purchased inventory costing $56,000 by signing...
On August 1, 2019, The Villas at Mill Lake, Inc., purchased inventory costing $56,000 by signing a 9%, six-month, short-term note payable. The company will pay the entire note (principal and interest) on the note's maturity date. Read the requirements. Requirement 1. Journalize the company's purchase of inventory. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Accounts Date Debit Credit 2019 Aug 1 i Requirements Journalize the company's purchase of inventory. Make the adjusting entry for...
On November 30, 2018, Citibank loaned $2,000,000 to Gavin Product, Inc., on a one-year, 6 percent...
On November 30, 2018, Citibank loaned $2,000,000 to Gavin Product, Inc., on a one-year, 6 percent note Read the requirements Requirement 1. Compute the interest on the note for the years ended December 31, 2018, and December 31 2019. Round interest calculations to the nearest dollar Start by determining the formula needed to compute interest. Principal Interest rate Time Amount of interest Now determine interèst for the years ended December 31, 2018 and 2019, on the Gavin Product note Interest...
A $12,000 account receivable owing from Smith Co. to Jones Inc. was converted into a 6%,...
A $12,000 account receivable owing from Smith Co. to Jones Inc. was converted into a 6%, 3-month note receivable on November 1, 2019. Required: 1. Prepare the entry needed to record the note receivable in Jones' accounting records. 2. Prepare the entry needed to record accrued interest on the note receivable in Jones' accounting records at December 31, 2019. 3. Record the cash received from the note in Jones' accounting records on February 1, 2020.
Adjusting Entries 1. On January 1, 2010, Smith Corporation purchased Supplies at a cost of $5,200...
Adjusting Entries 1. On January 1, 2010, Smith Corporation purchased Supplies at a cost of $5,200 and debited an asset. A count of the Supplies inventory on January 31, 2000 showed $1,700 of supplies still on hand. Prepare the adjusting entry on January 31, 2000. 2. Paul's Flower Delivery Service purchased a Delivery Truck at a cost of $30,000 (cash) on January 1, 2000. The truck is estimated to have depreciation expense of $4,000 each year. Prepare the adjusting entry...
On November 16, 2019, Clear Glass Company borrowed $14,000 from First American Bank by issuing a...
On November 16, 2019, Clear Glass Company borrowed $14,000 from First American Bank by issuing a 90-day, non-interest-bearing note. The bank discounted this note at 10% and remitted the difference to Clear Glass. Required: 1. Prepare the journal entries of Clear Glass to record the preceding information, the related calendar year-end adjusting entry, and payment of the note at maturity. 2. Show how the preceding items would be reported on the December 31, 2019, balance sheet. 3. Next Level What...
On December 16, 2019, Carboy, Inc., borrows $120,000 cash from Third National Bank at 9 percent...
On December 16, 2019, Carboy, Inc., borrows $120,000 cash from Third National Bank at 9 percent annual interest. The note is due in 45 days. At December 31, 2019, Carboy records any unpaid interest with an adjusting entry. On January 30, 2020, Carboy pays the principal and interest owed on the bank note. Prepare the January 30 entry by Carboy for the payment (maturity) of the note plus interest by selecting the account names from the drop-down menus and entering...
The Pita Pit borrowed $205,000 on November 1, 2021, and signed a six-month note bearing Interest at 12%. Principal...
The Pita Pit borrowed $205,000 on November 1, 2021, and signed a six-month note bearing Interest at 12%. Principal and Interest are payable in full at maturity on May 1, 2022 In connection with this note, The Pita Pit should report Interest expense at December 31, 2021, In the amount of: (Do not round your intermediate calculations.) Multiple Choice Ο Ο $12.300. Ο 84,100. Ο Ο 524,600. Ο Ο $0. On September 1, 2021. Daylight Donuts signed a $160,000,8% six-month...
On August 1August 1, 20192019, The ResortThe Resort at Mill Lake, Inc., purchased inventory costing $...
On August 1August 1, 20192019, The ResortThe Resort at Mill Lake, Inc., purchased inventory costing $ 50 comma 000$50,000 by signing aa 66%, six-month, short-term note payable. The company will pay the entire note (principal and interest) on the note's maturity date.Read the requirements LOADING... . Requirement 1. Journalize the company's purchase of inventory. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Date Accounts Debit Credit 2019 Aug 1 Cash 50000 Note Payable, Short-term Requirement 2....
Q3/ On November 1, 2018, Lawn Inc. accepted a three-month, 9%, $69,600 note from Sipacore Inc....
Q3/ On November 1, 2018, Lawn Inc. accepted a three-month, 9%, $69,600 note from Sipacore Inc. in settlement of its account. Interest is due on the first day of each month, starting December 1. Both companies’ year ends are December 31 A/ Prepare all journal entries for Lawn over the term of the note. Assume that the note is collected in full on the maturity date. (Credit account titles are automatically indented when amount is entered. Do not indent manually....
On August 1, 2019, The Cove at Mill Lake, Inc., purchased inventory costing $50,000 by signing a 6%, six-month, short-term note payable. The company will pay the entire note (principal and interest) on the note's maturity date. Read the requirements. Requirement 1. Journalize the company's purchase of inventory. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Accounts Date Debit Credit 2019 Aug 1 Requirement 2. Make the adjusting entry for accrual of interest on the note...
On August 1, 2019, The Villas at Mill Lake, Inc., purchased inventory costing $56,000 by signing a 9%, six-month, short-term note payable. The company will pay the entire note (principal and interest) on the note's maturity date. Read the requirements. Requirement 1. Journalize the company's purchase of inventory. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Accounts Date Debit Credit 2019 Aug 1 i Requirements Journalize the company's purchase of inventory. Make the adjusting entry for...
On November 30, 2018, Citibank loaned $2,000,000 to Gavin Product, Inc., on a one-year, 6 percent note Read the requirements Requirement 1. Compute the interest on the note for the years ended December 31, 2018, and December 31 2019. Round interest calculations to the nearest dollar Start by determining the formula needed to compute interest. Principal Interest rate Time Amount of interest Now determine interèst for the years ended December 31, 2018 and 2019, on the Gavin Product note Interest...
A $12,000 account receivable owing from Smith Co. to Jones Inc. was converted into a 6%, 3-month note receivable on November 1, 2019. Required: 1. Prepare the entry needed to record the note receivable in Jones' accounting records. 2. Prepare the entry needed to record accrued interest on the note receivable in Jones' accounting records at December 31, 2019. 3. Record the cash received from the note in Jones' accounting records on February 1, 2020.
Adjusting Entries 1. On January 1, 2010, Smith Corporation purchased Supplies at a cost of $5,200 and debited an asset. A count of the Supplies inventory on January 31, 2000 showed $1,700 of supplies still on hand. Prepare the adjusting entry on January 31, 2000. 2. Paul's Flower Delivery Service purchased a Delivery Truck at a cost of $30,000 (cash) on January 1, 2000. The truck is estimated to have depreciation expense of $4,000 each year. Prepare the adjusting entry...
On November 16, 2019, Clear Glass Company borrowed $14,000 from First American Bank by issuing a 90-day, non-interest-bearing note. The bank discounted this note at 10% and remitted the difference to Clear Glass. Required: 1. Prepare the journal entries of Clear Glass to record the preceding information, the related calendar year-end adjusting entry, and payment of the note at maturity. 2. Show how the preceding items would be reported on the December 31, 2019, balance sheet. 3. Next Level What...
On December 16, 2019, Carboy, Inc., borrows $120,000 cash from Third National Bank at 9 percent annual interest. The note is due in 45 days. At December 31, 2019, Carboy records any unpaid interest with an adjusting entry. On January 30, 2020, Carboy pays the principal and interest owed on the bank note. Prepare the January 30 entry by Carboy for the payment (maturity) of the note plus interest by selecting the account names from the drop-down menus and entering...
The Pita Pit borrowed $205,000 on November 1, 2021, and signed a six-month note bearing Interest at 12%. Principal and Interest are payable in full at maturity on May 1, 2022 In connection with this note, The Pita Pit should report Interest expense at December 31, 2021, In the amount of: (Do not round your intermediate calculations.) Multiple Choice Ο Ο $12.300. Ο 84,100. Ο Ο 524,600. Ο Ο $0. On September 1, 2021. Daylight Donuts signed a $160,000,8% six-month...
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