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Amount Lincoln lend on 1 October 2017 is 217200
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On October 1, 2017, Lincoln Co. loaned cash, receiving a note receivable due in five-months, with...
Hargan Corp. ages accounts receivable to estimate uncollectibles. During the year, sales totaled $150,000 and the...
Hargan Corp. ages accounts receivable to estimate uncollectibles. During the year, sales totaled $150,000 and the ending balance in accounts receivable was $41,000. The aging schedule revealed $2,680 of uncollectible accounts. Prior to adjustment, allowance for uncollectible accounts had a debit balance of $80. The expense reported on the income statement for uncollectibles will be: [Please provide a purely numeric answer in rounded integers without commas, dollar signs, etc.)
On June 1, 2017, Morrow Corp. loaned Gant $500,000 on a 12% note, payable in five...
On June 1, 2017, Morrow Corp. loaned Gant $500,000 on a 12% note, payable in five annual installments of $100,000 beginning January 2, 2018. In connection with this loan, Gant was required to deposit $5,000 in a zero-interest-bearing escrow account. The amount held in escrow is to be returned to Gant after all principal and interest payments have been made. Interest on the note is payable on the first day of each month beginning July 1, 2017. Gant made timely...
Central Bank agrees to lend $500,000 on October 1, 2017 to Charlie Co. at 10 %,...
Central Bank agrees to lend $500,000 on October 1, 2017 to Charlie Co. at 10 %, for 8 months, maturing on June 1, 2018. Charlie Co. prepares annual financial statements on Dec 31st. Record the journal entries as follows: Note Issuance on October 1, 2017: a. Accrued Interest at Dec 31, 2017: b. Maturity of Note on June 1, 2018; C.
Sheridan Co. has the following transactions related to notes receivable during the last 2 months of the year
Sheridan Co. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to accrue interest except at December 31 .Nov. 1 Loaned $ 55,800 cash to C. Bohr on a 12-month, 5 % note.Dec. 11 Sold goods to K. R. Pine, Inc., receiving a $ 5,400,90-day, 6 % note.16 Received a $ 19,200,180-day, 12 % note to settle an open account from A. Murdock.31 Accrued interest revenue on...
On October 1, Pinnacle Co. signs a note for $360,000 to provide the funds needed to...
On October 1, Pinnacle Co. signs a note for $360,000 to provide the funds needed to build a new facility. The note is due in 10 years, includes an annual interest rate at 7%, and requires semiannual interest payments each April and October. The journal entry to record the issuance of the promissory note should debit: A. Notes Payable for $360,000, debit Interest Expense for $25,200, credit Cash for $360,000, and credit Interest Payable for $25,200. B. Cash and credit...
On July 1st, Milwaukee Inc. issued a $720,000 note receivable due in 6 months with a...
On July 1st, Milwaukee Inc. issued a $720,000 note receivable due in 6 months with a 10% annual interest rate, providing its customer with cash. On December 31st, the customer repaid in cash the note receivable plus the six months of interest. Milwaukee Inc. records interest accrued monthly. What is the balance in the interest receivable account on September 30th? Your Answer: Answer We were unable to transcribe this imageWe were unable to transcribe this imageAt the beginning of 2022,...
Moses Supply Co. has the following transactions related to notes receivable during the last 2 months...
Moses Supply Co. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $60,000 cash to C. Bohr on a 12-month, 7% note. Dec. 11 Sold goods to K. R. Pine, Inc., receiving a $3,600,90-day, 8% note. 16 Received a $12,000, 180-day, 9% note to settle an open account from A. Murdock. 31 Accrued interest revenue on all...
Oriole Supply Co. has the following transactions related to notes receivable during the last 2 months...
Oriole Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $23,500 cash to Manny Lopez on a 12-month, 12% note. Dec, 11 Sold goods to Ralph Kremer, Inc., receiving a $61.200, 90-day, 10% note. Received a $97,200, 180 day, 8% note in exchange for Joe Fernetti's outstanding accounts receivable. 31 Accrued interest revenue on all notes...
Moses Supply Co. has the following transactions related to notes receivable during the last 2 months...
Moses Supply Co. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $60,000 cash to C. Bohr on a 12-month, 7% note. Dec. 11 Sold goods to K. R. Pine, Inc., receiving a $3,600, 90-day, 8% note. 16 Received a $12,000, 180-day, 9% note to settle an open account from A Murdock. 31 Accrued interest revenue on...
On August 1, 2021, Turner Manufacturing lends cash and accepts a $21,000 note receivable that offers...
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...
Hargan Corp. ages accounts receivable to estimate uncollectibles. During the year, sales totaled $150,000 and the ending balance in accounts receivable was $41,000. The aging schedule revealed $2,680 of uncollectible accounts. Prior to adjustment, allowance for uncollectible accounts had a debit balance of $80. The expense reported on the income statement for uncollectibles will be: [Please provide a purely numeric answer in rounded integers without commas, dollar signs, etc.)
Central Bank agrees to lend $500,000 on October 1, 2017 to Charlie Co. at 10 %, for 8 months, maturing on June 1, 2018. Charlie Co. prepares annual financial statements on Dec 31st. Record the journal entries as follows: Note Issuance on October 1, 2017: a. Accrued Interest at Dec 31, 2017: b. Maturity of Note on June 1, 2018; C.
On July 1st, Milwaukee Inc. issued a $720,000 note receivable due in 6 months with a 10% annual interest rate, providing its customer with cash. On December 31st, the customer repaid in cash the note receivable plus the six months of interest. Milwaukee Inc. records interest accrued monthly. What is the balance in the interest receivable account on September 30th? Your Answer: Answer We were unable to transcribe this imageWe were unable to transcribe this imageAt the beginning of 2022,...
Moses Supply Co. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $60,000 cash to C. Bohr on a 12-month, 7% note. Dec. 11 Sold goods to K. R. Pine, Inc., receiving a $3,600,90-day, 8% note. 16 Received a $12,000, 180-day, 9% note to settle an open account from A. Murdock. 31 Accrued interest revenue on all...
Oriole Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $23,500 cash to Manny Lopez on a 12-month, 12% note. Dec, 11 Sold goods to Ralph Kremer, Inc., receiving a $61.200, 90-day, 10% note. Received a $97,200, 180 day, 8% note in exchange for Joe Fernetti's outstanding accounts receivable. 31 Accrued interest revenue on all notes...
Moses Supply Co. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $60,000 cash to C. Bohr on a 12-month, 7% note. Dec. 11 Sold goods to K. R. Pine, Inc., receiving a $3,600, 90-day, 8% note. 16 Received a $12,000, 180-day, 9% note to settle an open account from A Murdock. 31 Accrued interest revenue on...
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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