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On January 1, a company lends $90,000 to a customer for one year at a 7%...
A company lends its supplier $151,000 for 3 years at a 7% annual interest rate. Interest...
A company lends its supplier $151,000 for 3 years at a 7% annual interest rate. Interest payments are to be made twice a year. The entry to record this lending transaction includes a debit to: Multiple Choice Cash and a credit to Notes Payable for $151,000. Notes Receivable and a credit to Cash for $151,000. Interest Receivable and a credit to Interest Revenue for $5,285. Cash and a credit to Interest Revenue for $10,570.
The Last Bank lends money to a customer on a six month note. The bank accrues...
The Last Bank lends money to a customer on a six month note. The bank accrues interest on the note at the end of the year. The journal entry would include: Group of answer choices a debit to Interest Receivable and a credit to Interest revenue a debit to Interest Revenue and a credit to Interest Receivable a debit to Cash and a credit to Interest Revenue a debit to Cash and a credit to Interest Payable
A company lends its supplier $175,000 for 3 years at a 7 % annual interest rate....
A company lends its supplier $175,000 for 3 years at a 7 % annual interest rate. Interest payments are to be made twice a year. The entry to record this lending transaction includes a debit to: Multiple Choice Notes Receivable and a credit to Cash for $175,000 Interest Receivable and a credit to Interest Revenue for $6,125 Cash and a credit to Interest Revenue for $12.250 Cash and a credit to Notes Payable for $175,000 Help Save & Wrangler Inc....
Harper Company lends Hewell Company $160,000 on December 1, accepting a four- month, 6% interest note....
Harper Company lends Hewell Company $160,000 on December 1, accepting a four- month, 6% interest note. Harper Company prepares financial statements on December 31. What adjusting entry should be made before the financial statements can be prepared? debit cash 200, credit interest revenue 200 debit interest receivable 800, credit interest revenue 800 O debit interest receivable 200, credit interest revenue debit note receivable 40,000, credit cash 40,000
everything currently entered is wrong. please help! Consider the following transactions for Huskies Insurance Company: a....
everything currently entered is wrong. please help!
Consider the following transactions for Huskies Insurance Company: a. Equipment costing $36,600 is purchased at the beginning of the year for cash. Depreciation on the equipment is $6,100 per year. b. On June 30, the company lends its chief financial officer $41,000; principal and interest at 7% are due in one year c. On October 1, the company receives $12,400 from a customer for a one-year property insurance policy. Deferred Revenue is credited....
Consider the following transactions for Huskies Insurance Company: 1. Equipment costing $36,000 is purchased at the...
Consider the following transactions for Huskies Insurance Company: 1. Equipment costing $36,000 is purchased at the beginning of the year for cash. Depreciation on the equipment is $6,000 per year. 2. On June 30, the company lends its chief financial officer $40,000; principal and interest at 6% are due in one year. 3. On October 1, the company receives $12,000 from a customer for a one-year property insurance policy. Deferred Revenue is credited. Required: For each item, record the necessary...
A company receives interest on a $90,000, 8%, 5-year note receivable each April 1. At December...
A company receives interest on a $90,000, 8%, 5-year note receivable each April 1. At December 31, 2020, the following adjusting entry was made to accrue interest receivable: Interest Receivable ............................................................... 5,400 Interest Revenue ...................................................... 5,400 Assuming that the company does use reversing entries, what entry should be made on April 1, 2021 when the annual interest payment is received? Cash ....................................................................................................1,800 Interest Revenue ...................................................... 1,800 Cash ....................................................................................................5,400 Interest Revenue .........................................................................................5,400 Cash ............................................................. 7,200 Interest Receivable..................................................5,400 Interest Revenue.....................................................1,800 Cash ....................................................................................................7,200...
41. A company receives interest on a $90,000, 8%, 5-year note receivable each April 1. At...
41. A company receives interest on a $90,000, 8%, 5-year note receivable each April 1. At December 31, 2020, the following adjusting entry was made to accrue interest receivable: Interest Receivable 5,400 Interest Revenue .... 5,400 Assuming that the company does use reversing entries, what entry should be made on April 1, 2021 when the annual interest payment is received? a. Cash .1,800 Interest Revenue 1,800 b. Cash -5,400 Interest Receivable 5,400 Cash 7,200 Interest Receivable 5,400 Interest Revenue 1,800...
On January 1, a customer asked your company to convert the $200,000 they owe you into...
On January 1, a customer asked your company to convert the $200,000 they owe you into a promissory note. The amount will be due 6 months from now and you will charge them 8% interest to be paid when the principal is due. What entry will be made when the note is paid back? Note that your company has a year-end of December 31. Select one: a. Debit Cash $208,000, Credit Note Receivable $200,000, Credit Interest Revenue $8,000 b. Debit...
newconnect. meducation.com Assignment 32 Golden Eagle Company Prepares Month Home NCC Help Save & EX Assignment...
newconnect. meducation.com Assignment 32 Golden Eagle Company Prepares Month Home NCC Help Save & EX Assignment 3.2 Che Consider the following transactions for Huskles Insurance Company 1. Equipment costing $42,000 is purchased at the beginning of the year for cash. Depreciation on the equipment is $7,000 per year. 2. On June 30, the company lends its chief financial officer $50,000 principal and interest at 7% are due in one year. 3. On October 1, the company receives $16,000 from a...
A company lends its supplier $175,000 for 3 years at a 7 % annual interest rate. Interest payments are to be made twice a year. The entry to record this lending transaction includes a debit to: Multiple Choice Notes Receivable and a credit to Cash for $175,000 Interest Receivable and a credit to Interest Revenue for $6,125 Cash and a credit to Interest Revenue for $12.250 Cash and a credit to Notes Payable for $175,000 Help Save & Wrangler Inc....
Harper Company lends Hewell Company $160,000 on December 1, accepting a four- month, 6% interest note. Harper Company prepares financial statements on December 31. What adjusting entry should be made before the financial statements can be prepared? debit cash 200, credit interest revenue 200 debit interest receivable 800, credit interest revenue 800 O debit interest receivable 200, credit interest revenue debit note receivable 40,000, credit cash 40,000
everything currently entered is wrong. please help!
Consider the following transactions for Huskies Insurance Company: a. Equipment costing $36,600 is purchased at the beginning of the year for cash. Depreciation on the equipment is $6,100 per year. b. On June 30, the company lends its chief financial officer $41,000; principal and interest at 7% are due in one year c. On October 1, the company receives $12,400 from a customer for a one-year property insurance policy. Deferred Revenue is credited....
Consider the following transactions for Huskies Insurance Company: 1. Equipment costing $36,000 is purchased at the beginning of the year for cash. Depreciation on the equipment is $6,000 per year. 2. On June 30, the company lends its chief financial officer $40,000; principal and interest at 6% are due in one year. 3. On October 1, the company receives $12,000 from a customer for a one-year property insurance policy. Deferred Revenue is credited. Required: For each item, record the necessary...
41. A company receives interest on a $90,000, 8%, 5-year note receivable each April 1. At December 31, 2020, the following adjusting entry was made to accrue interest receivable: Interest Receivable 5,400 Interest Revenue .... 5,400 Assuming that the company does use reversing entries, what entry should be made on April 1, 2021 when the annual interest payment is received? a. Cash .1,800 Interest Revenue 1,800 b. Cash -5,400 Interest Receivable 5,400 Cash 7,200 Interest Receivable 5,400 Interest Revenue 1,800...
newconnect. meducation.com Assignment 32 Golden Eagle Company Prepares Month Home NCC Help Save & EX Assignment 3.2 Che Consider the following transactions for Huskles Insurance Company 1. Equipment costing $42,000 is purchased at the beginning of the year for cash. Depreciation on the equipment is $7,000 per year. 2. On June 30, the company lends its chief financial officer $50,000 principal and interest at 7% are due in one year. 3. On October 1, the company receives $16,000 from a...
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