Homework Answers
1. The correct journal entry in Jaspers book to record the transaction is:
Debit Notes Receivable for $85,000 , credit Cash $85,000
Since it is a 90 day Loan, which is less than 1 year, its classified under Notes Receivable and not Long term loans/liabilities. And also cash loan is given, l=hence cash is credited .
2. The interest accrued on $4,000 @ 6% for 45 days is
4000 * 6/100 * 45/360 = $30
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iz Saved Jasper makes a $85,000, 90-day, 7% cash loan to Clayborn Co. Jasper's entry to...
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...
jasper makes a $47,000, 90-day, 7% cash loan to clayborn co. Jasper's entry to record the...
jasper makes a $47,000, 90-day, 7% cash loan to clayborn co. Jasper's entry to record the collection of the note and interest at maturity should be
Jasper makes a 586000, 90-day cash loan to Clayton Co Jasper's entry to record the traction...
Jasper makes a 586000, 90-day cash loan to Clayton Co Jasper's entry to record the traction house Mul Choice (8 . O Debt Cath $26.000.creates Receivable for 6.000. O O D NO .000 .000 O • Det sectors.. Caso o Den Accounts .000 Type here to search 12121212121212121 1212/WWW/VW 21212121212121212222
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...
Question 7 2 pts Angel makes a $25,000, 90-day, 7% cash loan to Max Co. Angel's...
Question 7 2 pts Angel makes a $25,000, 90-day, 7% cash loan to Max Co. Angel's entry to record the transaction should be: Debit Notes Receivable for $25,000; credit Cash $25,000. Debit Accounts Receivable $25,000; credit Notes Receivable $25,000. Debit Cash $25,000; credit Notes Receivable for $25.000. Debit Notes Payable $25,000: credit Accounts Payable $25,000. Debit Notes Receivable $25,000: credit Sales $25,000.
Save & Exit Uniform Supply accepted a $7,600, 90-day, 6% note from Tracy Janitorial on October...
Save & Exit Uniform Supply accepted a $7,600, 90-day, 6% note from Tracy Janitorial on October 17. What entry should Uniform Supply make on January 15 of the next year when the note is paid? (Assume reversing entries are not made.). (Use 360 days a year.) Multiple Choice 26 Debit Cash $7,714, credit Interest Revenue $19. credit interest Receivable $95credit Notes Receivable $7,600. Debit Cash $7,714, credit Notes Receivable $7,714 Debit Cash $7,714, credit Interest Revenue $95. credit interest 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...
2 Easton Co. deposits all cash receipts on the day they are received and makes all...
2
Easton Co. deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on June 30, its Cash account shows a debit balance of $68,709. Easton's June bank statement shows $65,149 on deposit in the bank. Determine the adjusted cash balance using the following information: Deposit in transit Outstanding checks Check printing fee, not yet recorded by company Interest earned on account, not yet recorded by the company...
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,...
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...
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...
Jasper makes a 586000, 90-day cash loan to Clayton Co Jasper's entry to record the traction house Mul Choice (8 . O Debt Cath $26.000.creates Receivable for 6.000. O O D NO .000 .000 O • Det sectors.. Caso o Den Accounts .000 Type here to search 12121212121212121 1212/WWW/VW 21212121212121212222
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...
Question 7 2 pts Angel makes a $25,000, 90-day, 7% cash loan to Max Co. Angel's entry to record the transaction should be: Debit Notes Receivable for $25,000; credit Cash $25,000. Debit Accounts Receivable $25,000; credit Notes Receivable $25,000. Debit Cash $25,000; credit Notes Receivable for $25.000. Debit Notes Payable $25,000: credit Accounts Payable $25,000. Debit Notes Receivable $25,000: credit Sales $25,000.
Save & Exit Uniform Supply accepted a $7,600, 90-day, 6% note from Tracy Janitorial on October 17. What entry should Uniform Supply make on January 15 of the next year when the note is paid? (Assume reversing entries are not made.). (Use 360 days a year.) Multiple Choice 26 Debit Cash $7,714, credit Interest Revenue $19. credit interest Receivable $95credit Notes Receivable $7,600. Debit Cash $7,714, credit Notes Receivable $7,714 Debit Cash $7,714, credit Interest Revenue $95. credit interest Receivable...
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...
2
Easton Co. deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on June 30, its Cash account shows a debit balance of $68,709. Easton's June bank statement shows $65,149 on deposit in the bank. Determine the adjusted cash balance using the following information: Deposit in transit Outstanding checks Check printing fee, not yet recorded by company Interest earned on account, not yet recorded by the company...
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,...
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...
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