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On April 1,...
Saved work On April 1, 2021, Shoemaker Corporation realizes that one of its main suppliers is...
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...
On April 1, 2021, Shoemaker Corporation realizes that one of its main suppliers is having difficulty...
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 $490,000 to its supplier using a 12-month, 10% note. Required: (027104 1. The loan of $490,000 and acceptance of the note receivable on April 1, 2021 2. The adjustment for accrued interest on December 31,...
On April 1, 2021, Shoemaker Corporation realizes that one of its main suppliers is having difficulty...
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...
help me figure out the amounts for the journal entiries 2 and 3 On April 1,...
help me figure out the amounts for the journal entiries 2 and
3
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...
21 On April 1, a company provides services to one of its customers for $13,000. As...
21 On April 1, a company provides services to one of its customers for $13,000. As payment for the services, the company accepts a six- month9% 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.) 7 points View transaction lit 02/11:45 Journal entry worksheet...
On April 14, a company lends $16,000 cash to one of its employees and accepts a...
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 April 1, a company provides services to one of its customers for $19,000. As payment...
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.)
3 On April 1, 2021, Western Communications, Inc., issued 12% bonds, dated March 1, 2021, with...
3
On April 1, 2021, Western Communications, Inc., issued 12% bonds, dated March 1, 2021, with face amount of $43 million. The bonds sold for $42.3 million and mature on February 28, 2024. Interest is paid semiannually on August 31 and February 28. Stillworth Corporation acquired $43,000 of the bonds as a long-term Investment. The fiscal years of both firms end December 31, and both firms use the straight-line method. Required: 1. Prepare the journal entries to record (a) issuance...
Problem 5-8B Record long-term notes receivable and interest revenue (LO5-7) On April 15, 2021, Sampson Consulting...
Problem 5-8B Record long-term notes receivable and interest
revenue (LO5-7)
On April 15, 2021, Sampson Consulting provides services to a
customer for $92,000. To pay for the services, the customer signs a
three-year, 9% note. The face amount is due at the end of the third
year, while annual interest is due each April 15. (Hint:
Because the note is accepted during the middle of the month,
Sampson plans to recognize one-half month of interest revenue in
April 2021, and...
On December 1, 2021, Liang Chemical provides services to a customer for $85.000. In payment for...
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....
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...
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 $490,000 to its supplier using a 12-month, 10% note. Required: (027104 1. The loan of $490,000 and acceptance of the note receivable on April 1, 2021 2. The adjustment for accrued interest on December 31,...
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...
help me figure out the amounts for the journal entiries 2 and
3
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...
21 On April 1, a company provides services to one of its customers for $13,000. As payment for the services, the company accepts a six- month9% 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.) 7 points View transaction lit 02/11:45 Journal entry worksheet...
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 >...
3
On April 1, 2021, Western Communications, Inc., issued 12% bonds, dated March 1, 2021, with face amount of $43 million. The bonds sold for $42.3 million and mature on February 28, 2024. Interest is paid semiannually on August 31 and February 28. Stillworth Corporation acquired $43,000 of the bonds as a long-term Investment. The fiscal years of both firms end December 31, and both firms use the straight-line method. Required: 1. Prepare the journal entries to record (a) issuance...
Problem 5-8B Record long-term notes receivable and interest
revenue (LO5-7)
On April 15, 2021, Sampson Consulting provides services to a
customer for $92,000. To pay for the services, the customer signs a
three-year, 9% note. The face amount is due at the end of the third
year, while annual interest is due each April 15. (Hint:
Because the note is accepted during the middle of the month,
Sampson plans to recognize one-half month of interest revenue in
April 2021, and...
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....
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