Homework Answers
Journal Entries in the books of Matchbox Corporation
|
Date |
Particulars |
L.F. |
Debit ($) |
Credit ($) |
|
July 1, 2019 |
Notes Receivable A/c Dr. To Earnhards Corporation A/c (Being Promissory note accepted) |
48,000 |
48,000 |
|
|
December 31, 2019 |
Interest Receivable A/c Dr. To Interest Revenue A/c (To record accrued interest income 48,000 x |
2,400 |
2,400 |
|
|
April 1, 2020 |
Cash A/c Dr. To Notes Receivable A/c To Interest Revenue (To record the principal and interest received) |
51,600 |
48,000 3,600 |
x 
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2-Week 1 Saved A company lends $30,000 with 10% interest on May 1, 2021. This amount plus interest is due on April 30, 2022. Record the adjusting entry on December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry rec in the first account field. Do not round intermediate calculations.) View transaction list Journal entry worksheet < 1 Record the adjusting entry on December 31, 2021. Note: Enter debits before credits Date General Journal Debit...
Many businesses borrow money during periods of increased business activity to finance inventory and accounts receivable. Hudson's Bay Company (HBC) is Canada's largest department store. Each Christmas, HBC builds up its inventory to meet the needs of Christmas shoppers. A large portion of Christmas sales are on credit. As a result, HBC often collects cash from the sales several months after Christmas. Assume that on November 1, 2017, HBC borrowed $7.5 million cash from Downtown Bank and signed a promissory...
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On August 1, 2021, Turner Manufacturing lends cash and accepts a $21,000 note receivable that offers 6% interest and is due in nine months. How would Turner record the year-end adjustment to accrue interest in 2021? (Do not round intermediate calculations. Round your answer the nearest dollar amount.) B. Interest Revenue 589 Interest Receivable 589 Interest Receivable 1,260 Interest Revenue 1,260 Interest Receivable 589 Interest Revenue 589 Interest Receivable 525 Interest Revenue 525 Multiple Choice Option C O O Option...
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