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Bank of Costa Mesa agrees to lend the OCC Company $600,000 on January 1st. OCC Company...
QUESTION 34 Fog County Bank agrees to lend the Strong Brick Company $500,000 on January 1....
QUESTION 34 Fog County Bank agrees to lend the Strong Brick Company $500,000 on January 1. Strong Brick Company signs a $500,000, 6%, 9-month note. The entry made by Strong Brick Company on January 1 to record the proceeds and issuance of the note is A. Cash 500,000 Interest Expense 22,500 Notes Payable 522,500 500,000 B. Cash Notes Payable 500,000 C. Interest Expense Cash Notes Payable 22,500 477,500 500,000 500,000 22,500 D. Cash Interest Expense Notes Payable Interest Payable 500,000...
Q1- Castle National bank agrees to lend SR 100,000 on march1, 2017, to land pace company....
Q1- Castle National bank agrees to lend SR 100,000 on march1, 2017, to land pace company. If landscape signs a SR 100,000, 6%, four- month note. On the due date payment made with interest. Pass journal entries. Q2 – Al Rajhi bank agrees to lend SR 200,000 in March 1, 2017, to Aramco Company. If Aramco signs a SR 200,000 6%, for semi-annual note. Pass the journal entries on interest and note. Q3- Al Rajhi bank agrees to lend SR...
Moss County Bank agrees to lend the Sheridan Company $410000 on January 1. Sheridan Company signs...
Moss County Bank agrees to lend the Sheridan Company $410000 on January 1. Sheridan Company signs a $410000, 6%, 9-month note. What is the adjusting entry required if Sheridan Company prepares financial statements on June 30? A Interest Expense 12300 Cash 12300 B Interest Payable 12300 Cash 12300 C Interest Expense 12300 Interest Payable 12300 D Interest Payable 12300 Interest Expense 12300
Question 5 0.6 points Save Answer Moss County Bank agrees to lend the Sadowski Brick Company $500,000 on January 1....
Question 5 0.6 points Save Answer Moss County Bank agrees to lend the Sadowski Brick Company $500,000 on January 1. Sadowski Brick Company signs a $500,000, 6%, 12-month note. What is the adjusting entry required if Sadowski Brick Company prepares financial statements on June 302 Dr.Interest Expense.... 15,000 Cr Interest Payable.... 15,000 Dr.Interest Expense....... ... 15,000 CrCash................................. 15,000 Dr. Interest Payable... 15,000 C.Cash... 15,000 Dr. Interest Payable.......... 15,000 Crinterest Expense 15,000
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.
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
On April 12, Hong Company agrees to accept a 60-day, 10%, $6,500 note from Indigo Company...
On April 12, Hong Company agrees to accept a 60-day, 10%, $6,500 note from Indigo Company to extend the due date on an overdue accounts payable. What is the journal entry needed to record the transaction by Indigo Company? Help Save & Exit Multiple Choice Debit Notes Payable $6,500, credit Accounts Payable $6,500 Debit Cash $6,500credit Notes Payable $6,500. Debit Accounts Receivable $6,500, credit Notes Payable $6.500, Debit Accounts Payable $6.500, credit Notes Payable $6,500 Debit Sales $6,500: credit Notes...
what is the correct answer? with explanation On April 12, Hong Company agrees to accept a...
what is the correct answer?
with explanation
On April 12, Hong Company agrees to accept a 60-day, 10%, $5,500 note from Indigo Company to extend the due date on an overdue accounts payable. What is the journal entry needed to record the transaction by Indigo Company? Multiple Choice O Debit Accounts Payable $5,500, credit Notes Payable $5,500 O Debit Notes Payable $5,500, credit Accounts Payable $5,500. O Debit Accounts Receivable $5,500, credit Notes Payable $5,500 O Debit Cash $5,500; credit...
Problem 13-1 Bank loan; accrued interest L013-2] Blanton Plastics, a household plastic product manufacturer, borrowed $8...
Problem 13-1 Bank loan; accrued interest L013-2] Blanton Plastics, a household plastic product manufacturer, borrowed $8 million cash on October 1, 2018, to provide working capital f year-end production. Blanton issued a four-month, 6% promissory note to L&T Bank under a prearranged short-term line of credit. Interest on the note was payable at maturity. Each firm's fiscal period is the calendar year. Required 1. Prepare the journal entries to record (a) the issuance of the note by Blanton Plastics and...
On November 1, 2018, ABC Company borrowed $900,000 on a bank note for 8 months. The...
On November 1, 2018, ABC Company borrowed $900,000 on a bank note for 8 months. The bank discounted the note at 5%. The journal entry to record this loan would include a: 5. A. debit to interest expense for $30,000 B. debit to discount on notes payable for $45,000 C. credit to notes payable for $870,000 D. credit to notes payable for $930,000 E. debit to cash for $870,000
QUESTION 34 Fog County Bank agrees to lend the Strong Brick Company $500,000 on January 1. Strong Brick Company signs a $500,000, 6%, 9-month note. The entry made by Strong Brick Company on January 1 to record the proceeds and issuance of the note is A. Cash 500,000 Interest Expense 22,500 Notes Payable 522,500 500,000 B. Cash Notes Payable 500,000 C. Interest Expense Cash Notes Payable 22,500 477,500 500,000 500,000 22,500 D. Cash Interest Expense Notes Payable Interest Payable 500,000...
Question 5 0.6 points Save Answer Moss County Bank agrees to lend the Sadowski Brick Company $500,000 on January 1. Sadowski Brick Company signs a $500,000, 6%, 12-month note. What is the adjusting entry required if Sadowski Brick Company prepares financial statements on June 302 Dr.Interest Expense.... 15,000 Cr Interest Payable.... 15,000 Dr.Interest Expense....... ... 15,000 CrCash................................. 15,000 Dr. Interest Payable... 15,000 C.Cash... 15,000 Dr. Interest Payable.......... 15,000 Crinterest Expense 15,000
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 April 12, Hong Company agrees to accept a 60-day, 10%, $6,500 note from Indigo Company to extend the due date on an overdue accounts payable. What is the journal entry needed to record the transaction by Indigo Company? Help Save & Exit Multiple Choice Debit Notes Payable $6,500, credit Accounts Payable $6,500 Debit Cash $6,500credit Notes Payable $6,500. Debit Accounts Receivable $6,500, credit Notes Payable $6.500, Debit Accounts Payable $6.500, credit Notes Payable $6,500 Debit Sales $6,500: credit Notes...
what is the correct answer?
with explanation
On April 12, Hong Company agrees to accept a 60-day, 10%, $5,500 note from Indigo Company to extend the due date on an overdue accounts payable. What is the journal entry needed to record the transaction by Indigo Company? Multiple Choice O Debit Accounts Payable $5,500, credit Notes Payable $5,500 O Debit Notes Payable $5,500, credit Accounts Payable $5,500. O Debit Accounts Receivable $5,500, credit Notes Payable $5,500 O Debit Cash $5,500; credit...
Problem 13-1 Bank loan; accrued interest L013-2] Blanton Plastics, a household plastic product manufacturer, borrowed $8 million cash on October 1, 2018, to provide working capital f year-end production. Blanton issued a four-month, 6% promissory note to L&T Bank under a prearranged short-term line of credit. Interest on the note was payable at maturity. Each firm's fiscal period is the calendar year. Required 1. Prepare the journal entries to record (a) the issuance of the note by Blanton Plastics and...
On November 1, 2018, ABC Company borrowed $900,000 on a bank note for 8 months. The bank discounted the note at 5%. The journal entry to record this loan would include a: 5. A. debit to interest expense for $30,000 B. debit to discount on notes payable for $45,000 C. credit to notes payable for $870,000 D. credit to notes payable for $930,000 E. debit to cash for $870,000
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