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Question 38 2 pts Rotten Company borrowed $50,000 from the bank by signing a 6%, 3-month...
A company borrowed money from a bank by signing a three-month note payable in the amount...
A company borrowed money from a bank by signing a three-month note payable in the amount of $15,000 on December 1. The note requires the company to pay interest at an annual rate of 8%. The company records adjusting entries on December 31. The adjusting entry that the company should record for accrued interest on December 31 would include a debit to interest expense for O $100. O $300. O $1,200 O $900. $160.
Leonard Fournette Limited borrowed $500,000 from the Jaguar National Bank by signing a 6-month, 12% annual...
Leonard Fournette Limited borrowed $500,000 from the Jaguar National Bank by signing a 6-month, 12% annual interest rate note payable on November 1, 2017. Fournette maintains their accounting records on a calendar year ending December 31, and prepares adjusting journal entries only at year-end. The journal entry to record payment of the note to Jaguar National Bank on May 1, 2018 would include
Notes Payable 1. On May 5, a company borrowed $60,000 from its bank by signing a...
Notes Payable 1. On May 5, a company borrowed $60,000 from its bank by signing a 90-day, 9% note payable. 2. On September 15, a company borrowed $75,000 from its bank by signing a 60-day, 6% note payable. Determine the maturity date for each note. 1. Prepare journal entries to record the issuance of the notes payable. 2. Prepare journal entries to record the payment of the notes at maturity. Show your work. 1. Issuance Date Account Debit Credit 2....
which answer is correct?? On November 1. Lee Corporation borrowed $10,000 by Signing a six-month 5%...
which answer is correct??
On November 1. Lee Corporation borrowed $10,000 by Signing a six-month 5% bank loan payable. On this date, how should the corporation have recorded this transaction in its accounting records? a debit to Interest Expense for $10,000 and a credit to Cash for $10,000 a debit to Cash for $10,000 and a credit to Bank Loan Payable for $10,000 • a debit to interest Expense for $250, a debit to Cash for $9,750, and a credit...
C.S. Lewis Company had the following transactions involving notes payable. July 1, 2014 Borrows $50,000 from...
C.S. Lewis Company had the following transactions involving
notes payable.
July 1, 2014
Borrows $50,000 from First National Bank by signing a 9-month,
8% note.
Nov. 1, 2014
Borrows $60,000 from Lyon County State Bank by signing a
3-month, 6% note.
Dec. 31, 2014
Prepares adjusting entries.
Feb. 1, 2015
Pays principal and interest to Lyon County State Bank.
Apr. 1, 2015
Pays principal and interest to First National Bank.
Prepare journal entries for each of the transactions.
(Credit account...
Aug 15 22 28 29 31 Borrowed $59,000 from the bank, signing a note payable. Performed...
Aug 15 22 28 29 31 Borrowed $59,000 from the bank, signing a note payable. Performed services on account for clients totaling $17,000. Received $16,000 cash on account from clients. Received and paid a utility bill of $1,900. Paid monthly salaries of $11,500 to employees On August 15, Oscar Roberts borrowed $59,000 from the bank, signing a note payable. (Record debits first, then credits. Selec Journal Entry Accounts and Explanations Date Debit Credit Aug
Quick Trips Cheap Inc. borrowed $97,000 on October 1 by signing a note payable to Metro...
Quick Trips Cheap Inc. borrowed $97,000 on October 1 by signing a note payable to Metro One Bank. The interest expense for each month is $445. The loan agreement requires Quick Trips Cheap Inc. to pay interest on December 31. 1. Make Quick Trips Cheap Inc.'s adjusting entry to accrue interest expense and interest payable at October 31, at November 30, and at December 31. Date each entry and include its explanation. 2. Post all three entries to the Interest...
World Cuisine Restaurant borrowed $100,000 on October 1 by signing a note payable to Town One...
World Cuisine Restaurant borrowed $100,000 on October 1 by signing a note payable to Town One Bank. The interest expense for each month is $625. The loan agreement requires World Cuisine to pay interest on January 2 for October November and December Read the requirements 1. Make World Cuisine Travel's adjusting entry to accrue monthly interest expense at October 31, at November 30, and at December 31, Date each entry and include its explanation (Record debits first, then credits Select...
Thompson Travel borrowed $39,000 on September 1,2018, by signing a one- year note payatle to Stret...
Thompson Travel borrowed $39,000 on September 1,2018, by signing a one- year note payatle to Stret One Bank. Thompsont's inereste Question Hep on the note payable for the emainder of the cal year (September trough November) is 62 1. Record the adjusting entry to accrue interest expense a November 30, 20118 2. Post the adjusting entry to the T-accounts of the two accounts affected by the adjustment Requirement 1. Record the adjusting entry to accrue interest expense at November 30,...
с.s. Sunland Company had the following transactions involving notes payable. July 1, 2020 Borrows $50,500 from...
с.s. Sunland Company had the following transactions involving notes payable. July 1, 2020 Borrows $50,500 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2020 Borrows $64,000 from Lyon County State Bank by signing a 3-month, 6% note. Dec. 31, 2020 Prepares adjusting entries. Feb. 1, 2021 Pays principal and interest to Lyon County State Bank. Apr. 1, 2021 Pays principal and interest to First National Bank. Prepare journal entries for each of the transactions. (Credit account...
A company borrowed money from a bank by signing a three-month note payable in the amount of $15,000 on December 1. The note requires the company to pay interest at an annual rate of 8%. The company records adjusting entries on December 31. The adjusting entry that the company should record for accrued interest on December 31 would include a debit to interest expense for O $100. O $300. O $1,200 O $900. $160.
Leonard Fournette Limited borrowed $500,000 from the Jaguar National Bank by signing a 6-month, 12% annual interest rate note payable on November 1, 2017. Fournette maintains their accounting records on a calendar year ending December 31, and prepares adjusting journal entries only at year-end. The journal entry to record payment of the note to Jaguar National Bank on May 1, 2018 would include
Notes Payable 1. On May 5, a company borrowed $60,000 from its bank by signing a 90-day, 9% note payable. 2. On September 15, a company borrowed $75,000 from its bank by signing a 60-day, 6% note payable. Determine the maturity date for each note. 1. Prepare journal entries to record the issuance of the notes payable. 2. Prepare journal entries to record the payment of the notes at maturity. Show your work. 1. Issuance Date Account Debit Credit 2....
which answer is correct??
On November 1. Lee Corporation borrowed $10,000 by Signing a six-month 5% bank loan payable. On this date, how should the corporation have recorded this transaction in its accounting records? a debit to Interest Expense for $10,000 and a credit to Cash for $10,000 a debit to Cash for $10,000 and a credit to Bank Loan Payable for $10,000 • a debit to interest Expense for $250, a debit to Cash for $9,750, and a credit...
C.S. Lewis Company had the following transactions involving
notes payable.
July 1, 2014
Borrows $50,000 from First National Bank by signing a 9-month,
8% note.
Nov. 1, 2014
Borrows $60,000 from Lyon County State Bank by signing a
3-month, 6% note.
Dec. 31, 2014
Prepares adjusting entries.
Feb. 1, 2015
Pays principal and interest to Lyon County State Bank.
Apr. 1, 2015
Pays principal and interest to First National Bank.
Prepare journal entries for each of the transactions.
(Credit account...
Aug 15 22 28 29 31 Borrowed $59,000 from the bank, signing a note payable. Performed services on account for clients totaling $17,000. Received $16,000 cash on account from clients. Received and paid a utility bill of $1,900. Paid monthly salaries of $11,500 to employees On August 15, Oscar Roberts borrowed $59,000 from the bank, signing a note payable. (Record debits first, then credits. Selec Journal Entry Accounts and Explanations Date Debit Credit Aug
Quick Trips Cheap Inc. borrowed $97,000 on October 1 by signing a note payable to Metro One Bank. The interest expense for each month is $445. The loan agreement requires Quick Trips Cheap Inc. to pay interest on December 31. 1. Make Quick Trips Cheap Inc.'s adjusting entry to accrue interest expense and interest payable at October 31, at November 30, and at December 31. Date each entry and include its explanation. 2. Post all three entries to the Interest...
World Cuisine Restaurant borrowed $100,000 on October 1 by signing a note payable to Town One Bank. The interest expense for each month is $625. The loan agreement requires World Cuisine to pay interest on January 2 for October November and December Read the requirements 1. Make World Cuisine Travel's adjusting entry to accrue monthly interest expense at October 31, at November 30, and at December 31, Date each entry and include its explanation (Record debits first, then credits Select...
Thompson Travel borrowed $39,000 on September 1,2018, by signing a one- year note payatle to Stret One Bank. Thompsont's inereste Question Hep on the note payable for the emainder of the cal year (September trough November) is 62 1. Record the adjusting entry to accrue interest expense a November 30, 20118 2. Post the adjusting entry to the T-accounts of the two accounts affected by the adjustment Requirement 1. Record the adjusting entry to accrue interest expense at November 30,...
с.s. Sunland Company had the following transactions involving notes payable. July 1, 2020 Borrows $50,500 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2020 Borrows $64,000 from Lyon County State Bank by signing a 3-month, 6% note. Dec. 31, 2020 Prepares adjusting entries. Feb. 1, 2021 Pays principal and interest to Lyon County State Bank. Apr. 1, 2021 Pays principal and interest to First National Bank. Prepare journal entries for each of the transactions. (Credit account...
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