Homework Answers
| Account Titles and Explanation | Debit | Credit |
| Cash | $395,000 | |
| Finance Fee | $5,000 | |
| Loan Payable | $400,000 | |
| Accounts Receivable | $500,000 | |
| Accounts Receivable Assigned | $500,000 | |
| Cash | $300,000 | |
| Accounts Receivable | $300,000 | |
| Interest Expense | $48,000 | |
| Interest Payable | $48,000 | |
| Interest Payable | $48,000 | |
| Cash | $48,000 | |
| Loan Payable | $300,000 | |
| Cash | $300,000 |
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QUESTION 10 On October 1·2018, watergate Hotels borrowed $400 at 12% interest and pledged S50,00 in...
"8. On September 1, 2018, Mason Company borrowed $300,000 at 10% interest and pledged $400,000 in...
"8. On September 1, 2018, Mason Company borrowed $300,000 at 10% interest and pledged $400,000 in accounts receivables as collateral. Additionally, Mason was charged a finance fee equal to 1% of the accounts receivable assigned. At the end of December, $200,000 of the assigned receivables were collected and remitted to the lender along with accrued interest. Prepare journal entries to record the borrowing, the assignment of receivables, the collection on the receivables , and the recognition of interest expense. "
On September 1, 2018, Mason Company borrowed $300,000 at 10% interest and pledged $400,000 in accounts...
On September 1, 2018, Mason Company borrowed $300,000 at 10% interest and pledged $400,000 in accounts receivables as collateral. Additionally, Mason was charged a finance fee equal to 1% of the accounts receivable assigned. At the end of December, $200,000 of the assigned receivables were collected and remitted to the lender along with accrued interest. Prepare journal entries to record the borrowing, the assignment of receivables, the collection on the receivables , and the recognition of interest expense. "
On September 1, 2018, Mason Company borrowed $300,000 at 10% interest and pledged $400,000 in accounts...
On September 1, 2018, Mason Company borrowed $300,000 at 10% interest and pledged $400,000 in accounts receivables as collateral. Additionally, Mason was charged a finance fee equal to 1% of the accounts receivable assigned. At the end of December, $200,000 of the assigned receivables were collected and remitted to the lender along with accrued interest. Prepare journal entries to record the borrowing, the assignment of receivables, the collection on the receivables , and the recognition of interest expense. "
On September 1, 2018, Creeks Company borrowed $300,000 at 10% interest and pledged $400,000 in accounts...
On September 1, 2018, Creeks Company borrowed $300,000 at 10% interest and pledged $400,000 in accounts receivables as collateral. Additionally, Creeks was charged a finance fee equal to 1% of the accounts receivable assigned. At the end of December, $200,000 of the assigned receivables were collected and remitted to the lender along with accrued interest. Prepare journal entries to record the borrowing, the assignment of receivables, the collection on the receivables , and the recognition of interest expense. "
On December 1, 2021, General Mole borrowed $400,000 at 12% interest and pledged $500,000 in accounts...
On December 1, 2021, General Mole borrowed $400,000 at 12% interest and pledged $500,000 in accounts receivable as collateral. Additionally, General Mole was charged a finance fee equal to 1% of the accounts receivable assigned. At the end of December, $300,000 of the assigned receivables were collected and remitted to the lender along with accrued interest. Required: Prepare journal entries to record the borrowing, the assignment of receivables, the collection on the receivables, and the recognition of interest expense. (If...
On December 1, 2018, General Mole borrowed $400,000 at 12% interest and pledged $500,000 in accounts...
On December 1, 2018, General Mole borrowed $400,000 at 12% interest and pledged $500,000 in accounts receivable as collateral. Additionally, General Mole was charged a finance fee equal to 1% of the accounts receivable assigned. At the end of December, $300,000 of the assigned receivables were collected and remitted to the lender along with accrued interest. Required: Prepare journal entries to record the borrowing, the assignment of receivables, the collection on the receivables, and the recognition of interest expense. (If...
On June 30, 2021, the High Five Surfboard Company had outstanding accounts receivable of $800,000. On July 1, 2021, the company borrowed $650,000 from the Equitable Finance Corporation and signed a promissory note. Interest at 10% is payable monthly. The
On June 30, 2021, the High Five Surfboard Company had outstanding accounts receivable of $800,000. On July 1, 2021, the company borrowed $650,000 from the Equitable Finance Corporation and signed a promissory note. Interest at 10% is payable monthly. The company assigned specific receivables totaling $800,000 as collateral for the loan. Equitable Finance charges a finance fee equal to 1.2% of the accounts receivable assigned.Required:Prepare the journal entry to record the borrowing on the books of High Five Surfboard. (If...
On December 1, 2021, General Mole borrowed $400,000 at 12% interest and pledged $500,000 in accounts receivable as collateral. Additionally, General Mole was charged a finance fee equal to 1% of the accounts receivable assigned. At the end of December, $300,000 of the assigned receivables were collected and remitted to the lender along with accrued interest. Required: Prepare journal entries to record the borrowing, the assignment of receivables, the collection on the receivables, and the recognition of interest expense. (If...
On December 1, 2018, General Mole borrowed $400,000 at 12% interest and pledged $500,000 in accounts receivable as collateral. Additionally, General Mole was charged a finance fee equal to 1% of the accounts receivable assigned. At the end of December, $300,000 of the assigned receivables were collected and remitted to the lender along with accrued interest. Required: Prepare journal entries to record the borrowing, the assignment of receivables, the collection on the receivables, and the recognition of interest expense. (If...
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