Homework Answers
Correct answer--------------Debit notes payable $9600, debit interest expense $112, Credit cash $9712
Working
Entry will look like this
| General Journal | Debit | Credit |
| Notes payable | $ 9,600 | |
| Interest expense ((9600 x 7%)/360 x 60) | $ 112 | |
| Cash | $ 9,712 |
Interest will be for 60 days . Cash paid includes notes payable liability and interest accrued on note.
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Help Save & Exit On April 12, Hong Company agrees to accept a 60-day, 7%, $9,600...
On April 12, Hong Company agrees to accept a 60-day, 10%, $6,500 note from Indigo Company...
On April 12, Hong Company agrees to accept a 60-day, 10%, $6,500 note from Indigo Company to extend the due date on an overdue accounts payable. What is the journal entry needed to record the transaction by Indigo Company? Help Save & Exit Multiple Choice Debit Notes Payable $6,500, credit Accounts Payable $6,500 Debit Cash $6,500credit Notes Payable $6,500. Debit Accounts Receivable $6,500, credit Notes Payable $6.500, Debit Accounts Payable $6.500, credit Notes Payable $6,500 Debit Sales $6,500: credit Notes...
what is the correct answer? with explanation On April 12, Hong Company agrees to accept a...
what is the correct answer?
with explanation
On April 12, Hong Company agrees to accept a 60-day, 10%, $5,500 note from Indigo Company to extend the due date on an overdue accounts payable. What is the journal entry needed to record the transaction by Indigo Company? Multiple Choice O Debit Accounts Payable $5,500, credit Notes Payable $5,500 O Debit Notes Payable $5,500, credit Accounts Payable $5,500. O Debit Accounts Receivable $5,500, credit Notes Payable $5,500 O Debit Cash $5,500; credit...
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,...
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above are all the drop down options for the fill in Help Save & Exit Sub...
above are all the drop down options for the fill
in
Help Save & Exit Sub Merry Maidens Cleaning generally charges $270 for a detailed cleaning of a normal size home. However, to generate additional business, Merry Maidens is offering a new customer discount of 10%. On May 1, Ms. E. Pearson has Merry Maidens clean h and pays cash equal to the discounted price. Required: Record the revenue earned by Merry Maidens Cleaning on May 1. (If no entry...
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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...
Save & Exit Uniform Supply accepted a $7,600, 90-day, 6% note from Tracy Janitorial on October...
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1) Cardinal Company has current assets of $4,140 and current liabilities of $2,300. What is the value of Cardinals current ratio? a) 1.08 b) .56 (rounded) c) 1.80 d) Not enough information is given to compute the current ratio. 2) The sale of gift cards by a company is a direct example of: a) deferred revenues b) sales tax payable c) current portion of long-term debt d) installment notes 3) Flamingo Company borrows $30,000 using a five-year, long-term installment note...
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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 9 On October 1, 2015 a company sold some merchandise to a customer for $50,000....
QUESTION 9 On October 1, 2015 a company sold some merchandise to a customer for $50,000. In payment, the company agreed to accept an 8% note requiring the receipt of interest and principal on June 30, 2016. Assume all correct adjusting entries were made at year end December 31, 2015. The journal entry on the collection date, June 30, 2016 would include a A $1,000 credit to interest receivable B. $53,000 credit to cash C $2,000 debit to interest revenue...
On April 12, Hong Company agrees to accept a 60-day, 10%, $6,500 note from Indigo Company to extend the due date on an overdue accounts payable. What is the journal entry needed to record the transaction by Indigo Company? Help Save & Exit Multiple Choice Debit Notes Payable $6,500, credit Accounts Payable $6,500 Debit Cash $6,500credit Notes Payable $6,500. Debit Accounts Receivable $6,500, credit Notes Payable $6.500, Debit Accounts Payable $6.500, credit Notes Payable $6,500 Debit Sales $6,500: credit Notes...
what is the correct answer?
with explanation
On April 12, Hong Company agrees to accept a 60-day, 10%, $5,500 note from Indigo Company to extend the due date on an overdue accounts payable. What is the journal entry needed to record the transaction by Indigo Company? Multiple Choice O Debit Accounts Payable $5,500, credit Notes Payable $5,500 O Debit Notes Payable $5,500, credit Accounts Payable $5,500. O Debit Accounts Receivable $5,500, credit Notes Payable $5,500 O Debit Cash $5,500; credit...
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,...
above are all the drop down options for the fill
in
Help Save & Exit Sub Merry Maidens Cleaning generally charges $270 for a detailed cleaning of a normal size home. However, to generate additional business, Merry Maidens is offering a new customer discount of 10%. On May 1, Ms. E. Pearson has Merry Maidens clean h and pays cash equal to the discounted price. Required: Record the revenue earned by Merry Maidens Cleaning on May 1. (If no entry...
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...
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...
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 9 On October 1, 2015 a company sold some merchandise to a customer for $50,000. In payment, the company agreed to accept an 8% note requiring the receipt of interest and principal on June 30, 2016. Assume all correct adjusting entries were made at year end December 31, 2015. The journal entry on the collection date, June 30, 2016 would include a A $1,000 credit to interest receivable B. $53,000 credit to cash C $2,000 debit to interest revenue...
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