Homework Answers
As the Turner Manufacturing has lend the money and received the 6% Note Receivable, it will record adjusting entry of interest income on note on the reporting income.
Time period for Interest in 2012 = August 1,2021 to December 31,2021 i.e. 5 Months
Interest Income = $21,000*6%*5 months/12 months = $525.
The Journal entry will be Debit to Interest Receivable i.e. increase in asset and credit to Interest income i.e. recording of income by $525.
Hence, Option D is the correct answer.
Add Answer to:
On August 1, 2021, Turner Manufacturing lends cash and accepts a $21,000 note receivable that offers...
On February 1, 2021, Sanger Corp. lends cash and accepts a $7.000 note receivable that offers...
On February 1, 2021, Sanger Corp. lends cash and accepts a $7.000 note receivable that offers 18% interest and is due in six months. What would Sanger record on August 1, 2021, when the borrower pays Sanger the correct amount owed? (Do not round intermediate calculations.) 7,630 420 7,210 7.000 7.000 A Cash Interest Revenue Notes Receivable B. Cash Accounts Receivable C. Cash Interest Revenue Notes Receivable D. Cash Notes Receivable 2,630 630 7. eee 7,630 7,630 Multiple Choice OA...
On February 1, 2021, Miter Corp. lends cash and accepts a $3,900 note receivable that offers...
On February 1, 2021, Miter Corp. lends cash and accepts a $3,900 note receivable that offers 12% interest and is due in six months. How much interest revenue will Miter Corp. report during 2021? (Do not round intermediate calculations.)
On September 1, 2021, Middleton Corp. lends cash and accepts a $2,900 note receivable that offers...
On September 1, 2021, Middleton Corp. lends cash and accepts a $2,900 note receivable that offers 9% interest and is due in six months. How much interest revenue will Middleton Corp. report during 2021?
Crimson Inc. recorded credit sales of $881,000, of which $590,000 is not yet due, $200,000 is...
Crimson Inc. recorded credit sales of $881,000, of which $590,000 is not yet due, $200,000 is past due for up to 180 days, and $91,000 is past due for more than 180 days. Under the aging of receivables method, Crimson Inc. expects it will not collect 5% of the amount not yet due, 18% of the amount past due for up to 180 days, and 22% of the amount past due for more than 180 days. The allowance account had...
only final answers no explaining 10. On August 1, 2018. Turner Manufacturine lends cash and accepts...
only final answers no explaining
10. On August 1, 2018. Turner Manufacturine lends cash and accepts a $6,000 note receivable that offers 870 interest and is due in twelve months. How would Turner record the year-end adjustment to accrue interest on December 31, 2018? 360 480 A. Interest Revenue 360 Interest Receivable B. Interest Receivable 480 Interest Revenue c. Interest Receivable 360 Interest Revenue DJInterest Receivable 1200 Interest Revenue 360 200 11. The cost of the goods that a company...
On September 1, 2015, Middleton Corp. lends cash and accepts a $6,000 note receivable that offers...
On September 1, 2015, Middleton Corp. lends cash and accepts a $6,000 note receivable that offers 15% interest and is due in six months. How much interest revenue will Middleton Corp report during 2016
On February 1, 2015, Sanger Corp. lends cash and accepts a $4,000 note receivable that offers...
On February 1, 2015, Sanger Corp. lends cash and accepts a $4,000 note receivable that offers 20% interest and is due in six months. What would Sanger record on August 1, 2015, when the borrower pays Sanger the correct amount owed?
5 questions TZ CILJ At December 31, Gill Co, reported accounts receivable of $232,000 and an...
5 questions
TZ CILJ At December 31, Gill Co, reported accounts receivable of $232,000 and an alowance for uncollectible accounts of $950 (credit before any adjustments An analysis of accounts receivable suggests that the allowance for uncollectible accounts should be 5% of accounts receivable. The amount of the adjustment for uncollectible accounts would be: Help Save & Exit At December 31, GH Co. reported accounts receivable of $227,000 and an allowance for uncollectible accounts of $1.500 (debit before any adjustments...
0 minutes (proctoring enabled) Savod Help Save & Exit On February 1, 2018, Sanger Corp. lends...
0 minutes (proctoring enabled) Savod Help Save & Exit On February 1, 2018, Sanger Corp. lends cash and accepts a $7,500 note receivable that offers 16% interest and is due in six months. What would Sanger record on August 1, 2018, when the borrower pays Sanger the correct amount owed? (Do not round intermediate calculations.) Multiple Choice 10 8,100 Cash Interest Revenue Notes Receivable 400 7,700 Cash 8,100 Interest Revenue Notes Receivable 600 7.500 Multiple Choice 8,100 Cash Interest Revenue...
On April 1, 2021, a company loans one of its suppliers $57,000 and accepts a 29-month, 13% note receivable. Calcula...
On April 1, 2021, a company loans one of its suppliers $57,000 and accepts a 29-month, 13% note receivable. Calculate the amount of interest revenue the company will recognize in 2021 2022, and 2023. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar.) 2021 2022 2023 Amount of interest revenue < Prev 5 of 40 !!! Next >
On February 1, 2021, Sanger Corp. lends cash and accepts a $7.000 note receivable that offers 18% interest and is due in six months. What would Sanger record on August 1, 2021, when the borrower pays Sanger the correct amount owed? (Do not round intermediate calculations.) 7,630 420 7,210 7.000 7.000 A Cash Interest Revenue Notes Receivable B. Cash Accounts Receivable C. Cash Interest Revenue Notes Receivable D. Cash Notes Receivable 2,630 630 7. eee 7,630 7,630 Multiple Choice OA...
Crimson Inc. recorded credit sales of $881,000, of which $590,000 is not yet due, $200,000 is past due for up to 180 days, and $91,000 is past due for more than 180 days. Under the aging of receivables method, Crimson Inc. expects it will not collect 5% of the amount not yet due, 18% of the amount past due for up to 180 days, and 22% of the amount past due for more than 180 days. The allowance account had...
only final answers no explaining
10. On August 1, 2018. Turner Manufacturine lends cash and accepts a $6,000 note receivable that offers 870 interest and is due in twelve months. How would Turner record the year-end adjustment to accrue interest on December 31, 2018? 360 480 A. Interest Revenue 360 Interest Receivable B. Interest Receivable 480 Interest Revenue c. Interest Receivable 360 Interest Revenue DJInterest Receivable 1200 Interest Revenue 360 200 11. The cost of the goods that a company...
5 questions
TZ CILJ At December 31, Gill Co, reported accounts receivable of $232,000 and an alowance for uncollectible accounts of $950 (credit before any adjustments An analysis of accounts receivable suggests that the allowance for uncollectible accounts should be 5% of accounts receivable. The amount of the adjustment for uncollectible accounts would be: Help Save & Exit At December 31, GH Co. reported accounts receivable of $227,000 and an allowance for uncollectible accounts of $1.500 (debit before any adjustments...
0 minutes (proctoring enabled) Savod Help Save & Exit On February 1, 2018, Sanger Corp. lends cash and accepts a $7,500 note receivable that offers 16% interest and is due in six months. What would Sanger record on August 1, 2018, when the borrower pays Sanger the correct amount owed? (Do not round intermediate calculations.) Multiple Choice 10 8,100 Cash Interest Revenue Notes Receivable 400 7,700 Cash 8,100 Interest Revenue Notes Receivable 600 7.500 Multiple Choice 8,100 Cash Interest Revenue...
On April 1, 2021, a company loans one of its suppliers $57,000 and accepts a 29-month, 13% note receivable. Calculate the amount of interest revenue the company will recognize in 2021 2022, and 2023. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar.) 2021 2022 2023 Amount of interest revenue < Prev 5 of 40 !!! Next >
Most questions answered within 3 hours.
-
The pH of a sample of water from a river is 5.0. A
sample of effluent from...
asked 4 minutes ago -
At the beginning of the period, the Fabricating Department
budgeted direct labor of $136,500 and equipment...
asked 31 minutes ago -
Please answer all
____ 28. Rent control is usually
justified on the grounds that it protects...
asked 31 minutes ago -
PARTS A-D HAVE BEEN ANSWERED. WAS TOLD TO REPOST. ONLY ANSWER
PARTS E and F.
A...
asked 49 minutes ago -
2) You are given the task of finding a representation for a
circle in a drawing...
asked 1 hour ago -
STUDY QUESTION: Does use of diet drug fen-phen
(fenfluramine-phentermine) cause valvular heart disease?
HINT: Valvular heart...
asked 1 hour ago -
1. An object weighing 40 N rests on a surface. The coefficient
of friction is 0.35....
asked 3 hours ago -
Investor company owns 35% of investee company voting stock and
accounts for the investment under the...
asked 4 hours ago -
The number of major faults on a randomly chosen 1 km stretch of
highway has a...
asked 4 hours ago -
Consider the competitive environment of Starbuck's, Progressive
Insurance, a manufacturing firm with low turnover, or a...
asked 5 hours ago -
3. Gains from trade
Consider two neighbouring island countries called Euphoria and
Contente. They each have...
asked 7 hours ago -
A business executive has the option to invest money in two
plans: Plan A guarantees that...
asked 9 hours ago