On May 16, 2016, Reliable Company received a 90-day, 8 percent, $6,600 interest-bearing note from White...
On May 16, 2016, Reliable Company received a 90-day, 8 percent, $6,600 interest-bearing note from White Company in settlement of White's past-due account. On June 30, Reliable discounted this note at Fargo Bank and Trust. The bank charged a discount rate of 13 percent. On August 15, Reliable received a notice that White had paid the note and the interest on the due date. Prepare the entries in general journal form to record these transactions. (Use 360 days a year. Round your intermediate calculations and final answers to 2 decimal places.)
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On May 16, 2016, Reliable Company received a 90-day, 8 percent,
$6,600 interest-bearing note from White...
On May 16, 2019, Safeway Company received a 90-day, 9 percent, $6,000 interest-bearing note from Black...
On May 16, 2019, Safeway Company received a 90-day, 9 percent,
$6,000 interest-bearing note from Black Company in settlement of
Black's past-due account. On June 30, Safeway discounted this note
at Fargo Bank and Trust. The bank charged a discount rate of 14
percent. On August 15, Safeway received a notice that Black had
paid the note and the interest on the due date.
Required: Prepare the entries in general journal form to record
these transactions.
Analyze: If the company...
Check m 3. Problem 16.5A Recording the receipt, discounting, and payment of notes receivable. LO 16-3,...
Check m 3. Problem 16.5A Recording the receipt, discounting, and payment of notes receivable. LO 16-3, 16-4, 16-6, 16-7 25 points On May 16, 2019, Safeway Company received a 90-day, 8 percent, $6,200 interest beraring note from Black Company in settlement of Black's past-due account. On June 30, Safeway discounted this note at Fargo Bank and Trust. The bank charged a discount rate of 13 percent. On August 15, Safeway recelved a notice that Black had paid the note and...
8 On October 29, 2019, the Berkeley Company accepted a 60-day, 9 percent note from Devon...
8 On October 29, 2019, the Berkeley Company accepted a 60-day, 9 percent note from Devon Reed in settlement of his past- due account for $22,000. On November 28, Berkeley Company discounted the note at the Security Bank. The bank charged a discount rate of 12 percent. 1. What is the maturity date of the note? 2. What is the maturity value of the note? (Assume 360 days in a year. Do not round Intermediate calculations.) 3. How many days...
Exercise 16.6 Recording receipt of a note receivable and subsequent discounting of the note. LO 16-7...
Exercise 16.6 Recording receipt of a note receivable and subsequent discounting of the note. LO 16-7 On June 3, 2019, Alaska State Company received a $5,000, 60 day, 12 percent note from Samuel Adams, a customer whose account was past due. The note was discounted on June 18, 2019 at the Second State Bank and Trust. The bank charged a discount rate of 14%. 1. Prepare the journal entries regarding this note. (Use 360 days a year. Round your answers...
After being held for 30 days, a 90-day 15% interest bearing note receivable was discounted at...
After being held for 30 days, a 90-day 15% interest bearing note receivable was discounted at M & T Bank at 18%. The proceeds received from the bank upon discounting would be the: a) Maturity value less the discount at 18%. b) Maturity value plus the discount at 18%. c) Face value less the discount at 18%. d) Face value plus the discount at 18%.
Jamestown Industries issued a $10,000, 90-day, noninterest-bearing note payable to the bank on December 1, 2016....
Jamestown Industries issued a $10,000, 90-day, noninterest-bearing note payable to the bank on December 1, 2016. At the date of discount, the bank's discount rate was 18 percent. The company would prepare which of the following journal entries on December 31, 2018: a) Interest Expense 150 Interest Payable 150 b)Interest Expense 150 Discount on Notes Payable 150 c)Interest Payable 150 Note Payable 150 d)Interest Expense 150 Cash 150
bn June 3, 2019, Alaska State Company received a $5,400, 45-day, 12 percent note from Samuel...
bn June 3, 2019, Alaska State Company received a $5,400, 45-day, 12 percent note from Samuel Adams, a customer whose account was past due. If Samuel Adams dishonored the note receivable discounted by Alaska State, assuming the bank deducted the maturity value of the dishonored note plus a $40 service charge from Alaska State's bank account on the due date of the note. Record entry for dishonor of Samuel Adams discounted note. Note: Enter debits before credits. Date General Journal...
The January 1, 2016 trial balance for the Tyrell Company is found on the trial balance...
The January 1, 2016 trial balance for the Tyrell Company is
found on the trial balance tab. The beginning balances are assumed.
Tyrell Co. entered into the following transactions involving
short-term liabilities in 2016 and 2017
Prepare the journal entries related to notes and
accounts payable.
The January 1, 2016 trial balance for the Tyrell Company is found on the trial balance tab. The beginning balances are assumed Tyrell Co. entered into the following transactions involving short-term liabilities in 2016...
The notes receivable held by the Tuttle Company on August 3, 2019, are summarized below. On...
The notes receivable held by the Tuttle Company on August 3, 2019, are summarized below. On August 4, 2019, Tuttle discounted all of these notes at Community Bank and Trust at a discount rate of 12 percent. Note No. Date Face Amount Period Interest Rate 31 Apr. 4, 2019 $ 33,000 6 months 10 % 32 June 11, 2019 17,100 120 days 7 % 33 July 31, 2019 14,800 60 days 12 % Required: Compute the net proceeds received from...
Following are transactions for Vitalo Company. 1 Accepted a $6,000, 180-day, 8% note from Kelly White...
Following are transactions for Vitalo Company. Nov. 1 Accepted a $6,000, 180-day, 88 note from Kelly White in granting a time extension on her past-due account receivable. Dec. 31 Adjusted the year-end accounts for the accrued interest earned on the White note. Apr. 30 White honored her note when presented for payment. Complete the table to calculate the interest amounts at December 31st and April 3oth and use those calculated values to prepare your journal entries. (Do not round intermediate calculations. Use 360 days...
On May 16, 2019, Safeway Company received a 90-day, 9 percent,
$6,000 interest-bearing note from Black Company in settlement of
Black's past-due account. On June 30, Safeway discounted this note
at Fargo Bank and Trust. The bank charged a discount rate of 14
percent. On August 15, Safeway received a notice that Black had
paid the note and the interest on the due date.
Required: Prepare the entries in general journal form to record
these transactions.
Analyze: If the company...
Check m 3. Problem 16.5A Recording the receipt, discounting, and payment of notes receivable. LO 16-3, 16-4, 16-6, 16-7 25 points On May 16, 2019, Safeway Company received a 90-day, 8 percent, $6,200 interest beraring note from Black Company in settlement of Black's past-due account. On June 30, Safeway discounted this note at Fargo Bank and Trust. The bank charged a discount rate of 13 percent. On August 15, Safeway recelved a notice that Black had paid the note and...
8 On October 29, 2019, the Berkeley Company accepted a 60-day, 9 percent note from Devon Reed in settlement of his past- due account for $22,000. On November 28, Berkeley Company discounted the note at the Security Bank. The bank charged a discount rate of 12 percent. 1. What is the maturity date of the note? 2. What is the maturity value of the note? (Assume 360 days in a year. Do not round Intermediate calculations.) 3. How many days...
Exercise 16.6 Recording receipt of a note receivable and subsequent discounting of the note. LO 16-7 On June 3, 2019, Alaska State Company received a $5,000, 60 day, 12 percent note from Samuel Adams, a customer whose account was past due. The note was discounted on June 18, 2019 at the Second State Bank and Trust. The bank charged a discount rate of 14%. 1. Prepare the journal entries regarding this note. (Use 360 days a year. Round your answers...
bn June 3, 2019, Alaska State Company received a $5,400, 45-day, 12 percent note from Samuel Adams, a customer whose account was past due. If Samuel Adams dishonored the note receivable discounted by Alaska State, assuming the bank deducted the maturity value of the dishonored note plus a $40 service charge from Alaska State's bank account on the due date of the note. Record entry for dishonor of Samuel Adams discounted note. Note: Enter debits before credits. Date General Journal...
The January 1, 2016 trial balance for the Tyrell Company is
found on the trial balance tab. The beginning balances are assumed.
Tyrell Co. entered into the following transactions involving
short-term liabilities in 2016 and 2017
Prepare the journal entries related to notes and
accounts payable.
The January 1, 2016 trial balance for the Tyrell Company is found on the trial balance tab. The beginning balances are assumed Tyrell Co. entered into the following transactions involving short-term liabilities in 2016...
Following are transactions for Vitalo Company. Nov. 1 Accepted a $6,000, 180-day, 88 note from Kelly White in granting a time extension on her past-due account receivable. Dec. 31 Adjusted the year-end accounts for the accrued interest earned on the White note. Apr. 30 White honored her note when presented for payment. Complete the table to calculate the interest amounts at December 31st and April 3oth and use those calculated values to prepare your journal entries. (Do not round intermediate calculations. Use 360 days...
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