Journal entries | |||||||
S.no. | Accounts title and explanations | Debit $ | Credit $ | ||||
Apr-01 | Notes receivable | 13,000 | |||||
Service revenue | 13,000 | ||||||
(for notes received on account of service provided) | |||||||
Oct-01 | Cash account | 13,585 | |||||
Notes receivable | 13,000 | ||||||
Interest revenue (13,000*9%*6/12) | 585 | ||||||
(for note collected along with the interest) | |||||||
21 On April 1, a company provides services to one of its customers for $13,000. As...
On April 1, a company provides services to one of its customers for $19,000. As payment for the services, the company accepts a six-month, 8% note from the customer. Record the acceptance of the note receivable on April 1 and the cash collection on October 1. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.)
On April 14, a company lends $16,000 cash to one of its employees and accepts a seven-month, 12% note in return. Record the acceptance of the note receivable. (If no entry is required for a transaction/event, select "No journal entry required" i the first account field.) View transaction list Journal entry worksheet < 1 Record the acceptance of the note receivable. Note: Enter debits before credits Event General Journal Debit Credit 1 < Prey 26 of 50 !!! Next >...
On March 1, Company A provides legal services to Company B regarding some recent food poisoning complaints. Legal services total $10,800. In payment for the services, Company B signs a 8% note requiring the payment of the face amount and interest to Company A on September 1. Required: For Company A, record the acceptance of the note receivable on March 1 and the cash collection on September 1. (If no entry is required for a particular transaction/event, select "No Journal...
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...
On March 1, Terrell & Associates provides legal services to Whole Grain Bakery regarding some recent food poisoning complaints. Legal services total $11,000. In payment for the services, Whole Grain Bakery signs a 9% note requiring the payment of the face amount and interest to Terrell & Associates on September 1. Required: For Terrell & Associates, record the acceptance of the note receivable on March 1 and the cash collection on September 1. (If no entry is required for a...
On March 1, Terrell & Associates provides legal services to Whole Grain Bakery regarding some recent food poisoning complaints. Legal services total $10,500. In payment for the services, Whole Grain Bakery signs a 8% note requiring the payment of the face amount and interest to Terrell & Associates on September 1. Required: For Terrell & Associates, record the acceptance of the note receivable on March 1 and the cash collection on September 1. (If no entry is required for a...
On March 1. Terrell & Associates provides legal services to Whole Grain Bakery regarding some recent food poisoning complaints. Legal services total $11,000. In payment for the services, Whole Grain Bakery signs a 9% note requiring the payment of the face amount and interest to Terrell & Associates on September 1. Required: For Terrell & Associates, record the acceptance of the note receivable on March 1 and the cash collection on September 1. (If no entry is required for a...
Saved work 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 $600,000 to its supplier using a 12-month, 11% note, Required: 1. The loan of $600,000 and acceptance of the note receivable on April 1, 2021. 2. The adjustment for accrued interest on December...
A company provides services to customers for $2,500 cash. Record the transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 A company provides services to customers for $2,500 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal
On December 1, 2021, Liang Chemical provides services to a customer for $85.000. In payment for the services, 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 December 1 Required: 1. Record the acceptance of the note on December 1, 2021. 2. Record the interest collected on December 1 for 2022 and 2023, and the adjustment for interest revenue on December 31 for 2021....