Homework Answers
Answer:
Option a is correct
| Date | General Journal | Debit ($) | Credit ($) |
| January 15 | Cash account | 7,714 | |
| Interest revenue account (7600*6%*15/360) | 19 | ||
| Interest receivable account (7600*6%*75/360) | 95 | ||
| Notes receivable account | 7,600 |
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Save & Exit Uniform Supply accepted a $7,600, 90-day, 6% note from Tracy Janitorial on October...
Uniform Supply accepted a $6,400, 90-day, 6% note from Tracy Janitorial on October 17. If the...
Uniform Supply accepted a $6,400, 90-day, 6% note from Tracy Janitorial on October 17. If the note is dishonored, but Uniform Supply intends to continue collection efforts, what entry should Uniform Supply make on January 15 of the next year? (Assume no reversing entries are made.) (Use 360 days a year.) Debit Cash $6,496; credit Interest Revenue $16; credit Interest Receivable $80, credit Notes Receivable $6,400. Debit Cash $6,496; credit Interest Revenue $80; credit Interest Receivable $16, credit Notes Receivable...
A company borrowed $11,000 by signing a 90-day promissory note at 10%. The total interest due...
A company borrowed $11,000 by signing a 90-day promissory note
at 10%. The total interest due on the maturity date is:
(Use 360 days a year.)
Multiple Choice
$275.00
$1,100.00
$27.50
$412.50
$137.50
Marlow Company purchased a point of sale system on January 1 for
$6,700. This system has a useful life of 5 years and a salvage
value of $1,050. What would be the depreciation expense
for the second year of its useful life using the
double-declining-balance method?
Multiple...
Help Save & Exit On April 12, Hong Company agrees to accept a 60-day, 7%, $9,600...
Help Save & Exit On April 12, Hong Company agrees to accept a 60-day, 7%, $9,600 note from Indigo Company to extend the due date on an overdue account. What is the journal entry that Indigo Company would make, when it records payment of the note on the maturity date? (Use 360 days a year.) Multiple Choice Debit Notes Payable $9.600, debit Interest Expense $112, credit Cash $9.712 Debit Cash $9.712, credit Interest Revenue $112, credit Notes Receivable $9,600 Debit...
O'Martin & Lowry, Inc. accepted a $150,000,8%, 90-day note receivable for services rendered to a client....
O'Martin & Lowry, Inc. accepted a $150,000,8%, 90-day note receivable for services rendered to a client. Thirty days later, O'Martin & Lowry discounted the note at a bank at 10%. Assume interest has not been recognized for the first month. (Info for #23 and #24) 23. The entry to record the proceeds from the sale of the note would include a a. debit to Notes Receivable for $150,000 b. debit to Cash for $145,000. c. credit to Interest Receivable for...
14. On August 1, Kim Company accepted a 90-day note receivable as payment for services provided...
14. On August 1, Kim Company accepted a 90-day note receivable as payment for services provided to Usu Company. The terms of the note were $20,000 face value and 6% interest. On October 30, the journal entry to record the collection of the note should include a a. credit to Interest Revenue for $300 b. debit to Notes Receivable for $20,000 c. credit to Notes Receivable for $20,300 d. debit to Interest Receivable for $300 The objectives of intenal control...
A $104,400, 60-day, 6% note recorded on November 21 is not paid by the maker at...
A $104,400, 60-day, 6% note recorded on November 21 is not paid by the maker at maturity. The journal entry to recognize this event, assuming a 360-day year, is a. debit Cash, $105,444; credit Notes Receivable, $105,444 b. debit Accounts Receivable, $105,444; credit Notes Receivable, $104,400; credit Interest Receivable, $1,044 c. debit Accounts Receivable, $105,444; credit Notes Receivable, $104,400; credit Interest Revenue, $1,044 d. debit Notes Receivable, $105,444; credit Accounts Receivable, $105,444
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...
I am doing 5700*10%*60/360 but keep getting the wrong numbers 14 Ch.9 &10 (90 min.) i...
I am doing 5700*10%*60/360 but keep getting the wrong
numbers
14 Ch.9 &10 (90 min.) i Help Save & Exit On April 12. Hong Company agrees to accept a 60 day, 8%, $5,700 note from Indigo Company to extend the due date on an overdue account. What is the journal entry that Indigo Company would make, when it records payment of the note on the maturity date? (Use 360 days a year.) Multiple Choice ESTE O Debit Notes Payable $5,700,...
Following are transactions for Vitalo Company. Nov. 1 Accepted a $16,000, 180-day, 6% note from Kelly...
Following are transactions for Vitalo Company. Nov. 1 Accepted a $16,000, 180-day, 6% note from Kelly White in granting a time extension on her past-due account receivable. Dec. 31 Adjusted the year-end accounts for the accrued interest earned on the white note. Apr. 30 White honored her note when presented for payment. Complete the table to calculate the interest amounts at December 31st and April 30" and use those calculated values to prepare your journal entries. (Do not round intermediate...
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...
A company borrowed $11,000 by signing a 90-day promissory note
at 10%. The total interest due on the maturity date is:
(Use 360 days a year.)
Multiple Choice
$275.00
$1,100.00
$27.50
$412.50
$137.50
Marlow Company purchased a point of sale system on January 1 for
$6,700. This system has a useful life of 5 years and a salvage
value of $1,050. What would be the depreciation expense
for the second year of its useful life using the
double-declining-balance method?
Multiple...
Help Save & Exit On April 12, Hong Company agrees to accept a 60-day, 7%, $9,600 note from Indigo Company to extend the due date on an overdue account. What is the journal entry that Indigo Company would make, when it records payment of the note on the maturity date? (Use 360 days a year.) Multiple Choice Debit Notes Payable $9.600, debit Interest Expense $112, credit Cash $9.712 Debit Cash $9.712, credit Interest Revenue $112, credit Notes Receivable $9,600 Debit...
O'Martin & Lowry, Inc. accepted a $150,000,8%, 90-day note receivable for services rendered to a client. Thirty days later, O'Martin & Lowry discounted the note at a bank at 10%. Assume interest has not been recognized for the first month. (Info for #23 and #24) 23. The entry to record the proceeds from the sale of the note would include a a. debit to Notes Receivable for $150,000 b. debit to Cash for $145,000. c. credit to Interest Receivable for...
14. On August 1, Kim Company accepted a 90-day note receivable as payment for services provided to Usu Company. The terms of the note were $20,000 face value and 6% interest. On October 30, the journal entry to record the collection of the note should include a a. credit to Interest Revenue for $300 b. debit to Notes Receivable for $20,000 c. credit to Notes Receivable for $20,300 d. debit to Interest Receivable for $300 The objectives of intenal control...
A $104,400, 60-day, 6% note recorded on November 21 is not paid by the maker at maturity. The journal entry to recognize this event, assuming a 360-day year, is a. debit Cash, $105,444; credit Notes Receivable, $105,444 b. debit Accounts Receivable, $105,444; credit Notes Receivable, $104,400; credit Interest Receivable, $1,044 c. debit Accounts Receivable, $105,444; credit Notes Receivable, $104,400; credit Interest Revenue, $1,044 d. debit Notes Receivable, $105,444; credit Accounts Receivable, $105,444
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...
I am doing 5700*10%*60/360 but keep getting the wrong
numbers
14 Ch.9 &10 (90 min.) i Help Save & Exit On April 12. Hong Company agrees to accept a 60 day, 8%, $5,700 note from Indigo Company to extend the due date on an overdue account. What is the journal entry that Indigo Company would make, when it records payment of the note on the maturity date? (Use 360 days a year.) Multiple Choice ESTE O Debit Notes Payable $5,700,...
Following are transactions for Vitalo Company. Nov. 1 Accepted a $16,000, 180-day, 6% note from Kelly White in granting a time extension on her past-due account receivable. Dec. 31 Adjusted the year-end accounts for the accrued interest earned on the white note. Apr. 30 White honored her note when presented for payment. Complete the table to calculate the interest amounts at December 31st and April 30" and use those calculated values to prepare your journal entries. (Do not round intermediate...
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...
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