jasper makes a $47,000, 90-day, 7% cash loan to clayborn co. Jasper's entry to record the...
Homework Answers
| Accounts titles and explanation | Debit | Credit |
| Cash | $47822.50 | |
| ...Interest Revenue ($47,000 * 7% * 90/360) | 822.50 | |
| ...Notes Receivable | $47,000.00 | |
| (To record the collection of the note and interest) |
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jasper makes a $47,000, 90-day, 7% cash loan to clayborn co.
Jasper's entry to record the...
17) Jasper makes a $89,000, 90-day, 7% cash loan to Clayborn Co. Jasper's entry to record...
17) Jasper makes a $89,000, 90-day, 7% cash loan to Clayborn Co. Jasper's entry to record the transaction should be: A) Debit Notes Receivable for $89,000; credit Cash $89,000. B) Debit Notes Payable $89,000: credit Accounts Payable $89,000. C) Debit Accounts Receivable $89,000; credit Notes Receivable $89,000. D) Debit Notes Receivable $89.000; credit Sales $89,000. E) Debit Cash $89,000; credit Notes Receivable for $89,000. 18) Jasper makes a $50,000, 90-day, 9,0% cash loan to Clayborn Co. Jasper's entry to record...
iz Saved Jasper makes a $85,000, 90-day, 7% cash loan to Clayborn Co. Jasper's entry to...
iz Saved Jasper makes a $85,000, 90-day, 7% cash loan to Clayborn Co. Jasper's entry to record the transaction should be: Multiple Choice Debit Notes Receivable for $85,000; credit Cash $85,000. O Debit Accounts Receivable $85,000; credit Notes Receivable $85,000. Debit Cash $85,000 credit Notes Receivable for $85,000 Debit Notes Payable $85.000 credit Accounts Payable $85,000 < Prey 3 of 20 !!! Night lagt > The interest accrued on $4,000 at 6% for 45 days is: (Use 360 days a...
Jasper makes a 586000, 90-day cash loan to Clayton Co Jasper's entry to record the traction...
Jasper makes a 586000, 90-day cash loan to Clayton Co Jasper's entry to record the traction house Mul Choice (8 . O Debt Cath $26.000.creates Receivable for 6.000. O O D NO .000 .000 O • Det sectors.. Caso o Den Accounts .000 Type here to search 12121212121212121 1212/WWW/VW 21212121212121212222
Third National Bank makes a S29.000. 90-day, 90% cash loan to Equit Co. which of entry...
Third National Bank makes a S29.000. 90-day, 90% cash loan to Equit Co. which of entry that Third National Bank should record assuming Equit Co. pays the Bank the amount due on the maturity date of the note? (Use 360-day year with 30 days each month) the answer choices is the Correct journal Mutiple Choice Debit Notes Payable $29,000 Debit Interest Expense $2,610, credit Cash $31610 Debit Cash $29,652.50, credit Notes Receivable for $29 652 50 Debit Cash $31,610, credn...
Question 7 2 pts Angel makes a $25,000, 90-day, 7% cash loan to Max Co. Angel's...
Question 7 2 pts Angel makes a $25,000, 90-day, 7% cash loan to Max Co. Angel's entry to record the transaction should be: Debit Notes Receivable for $25,000; credit Cash $25,000. Debit Accounts Receivable $25,000; credit Notes Receivable $25,000. Debit Cash $25,000; credit Notes Receivable for $25.000. Debit Notes Payable $25,000: credit Accounts Payable $25,000. Debit Notes Receivable $25,000: credit Sales $25,000.
Mr. Potts issued a 90-day, 7% note for $200,000, dated February 3rd to Valley Co. on account. (Assume a 360-day year when calculating interest.)
Mr. Potts issued a 90-day, 7% note for $200,000, dated February 3rd to Valley Co. on account. (Assume a 360-day year when calculating interest.) a. Determine the due date of the note. b. Determine the interest. c. Determine the maturity value of the note. d. Journalize the entry to record the issuance of the note by Potts on Feb. 3. e. Journalize the entry to record the receipt of payment of the note at maturity by Valley Co.
TB MC Qu. 07-112 Duerr company makes... Duerr Company makes a $60,000, 60-day, 12% cash loan...
TB MC Qu. 07-112 Duerr company makes... Duerr Company makes a $60,000, 60-day, 12% cash loan to Ryan Co. The note and interest to be collected at maturity is: (Use 360 days a year.) Multiple Choice $60,000. $1,200. $61,200. $58,800. $67,200.
On November 7. Mura Company borrows $360,000 cash by signing a 90 day, 9%, S360.000 note payable.
On November 7. Mura Company borrows $360,000 cash by signing a 90 day, 9%, S360.000 note payable. 1. Compute the accrued interest payable on December 31 2.&3. Prepare the journal entry to record the accrued interest expense at December 31 and payment of the note at maturity on February 5.
On November 7, Mura Company borrows $280,000 cash by signing a 90-day, 10%, $280,000 note payable.
On November 7, Mura Company borrows $280,000 cash by signing a 90-day, 10%, $280,000 note payable. 1. Compute the accrued interest payable on December 31. 2. & 3. Prepare the journal entry to record the accrued interest expense at December 31 and payment of the note at maturity on February 5.
Clayborn Company deposits all cash receipts on the day they are received and makes all cash...
Clayborn Company deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on May 31, its Cash account shows a debit balance of $18,025. Clayborn's May bank statement shows $16.600 on deposit in the bank. Determine the adjusted cash balance using the following information Deposit in transit Outstanding checks Bank service fees, not yet recorded by company A NSP check from a customer, not yet recorded by the...
17) Jasper makes a $89,000, 90-day, 7% cash loan to Clayborn Co. Jasper's entry to record the transaction should be: A) Debit Notes Receivable for $89,000; credit Cash $89,000. B) Debit Notes Payable $89,000: credit Accounts Payable $89,000. C) Debit Accounts Receivable $89,000; credit Notes Receivable $89,000. D) Debit Notes Receivable $89.000; credit Sales $89,000. E) Debit Cash $89,000; credit Notes Receivable for $89,000. 18) Jasper makes a $50,000, 90-day, 9,0% cash loan to Clayborn Co. Jasper's entry to record...
iz Saved Jasper makes a $85,000, 90-day, 7% cash loan to Clayborn Co. Jasper's entry to record the transaction should be: Multiple Choice Debit Notes Receivable for $85,000; credit Cash $85,000. O Debit Accounts Receivable $85,000; credit Notes Receivable $85,000. Debit Cash $85,000 credit Notes Receivable for $85,000 Debit Notes Payable $85.000 credit Accounts Payable $85,000 < Prey 3 of 20 !!! Night lagt > The interest accrued on $4,000 at 6% for 45 days is: (Use 360 days a...
Jasper makes a 586000, 90-day cash loan to Clayton Co Jasper's entry to record the traction house Mul Choice (8 . O Debt Cath $26.000.creates Receivable for 6.000. O O D NO .000 .000 O • Det sectors.. Caso o Den Accounts .000 Type here to search 12121212121212121 1212/WWW/VW 21212121212121212222
Third National Bank makes a S29.000. 90-day, 90% cash loan to Equit Co. which of entry that Third National Bank should record assuming Equit Co. pays the Bank the amount due on the maturity date of the note? (Use 360-day year with 30 days each month) the answer choices is the Correct journal Mutiple Choice Debit Notes Payable $29,000 Debit Interest Expense $2,610, credit Cash $31610 Debit Cash $29,652.50, credit Notes Receivable for $29 652 50 Debit Cash $31,610, credn...
Question 7 2 pts Angel makes a $25,000, 90-day, 7% cash loan to Max Co. Angel's entry to record the transaction should be: Debit Notes Receivable for $25,000; credit Cash $25,000. Debit Accounts Receivable $25,000; credit Notes Receivable $25,000. Debit Cash $25,000; credit Notes Receivable for $25.000. Debit Notes Payable $25,000: credit Accounts Payable $25,000. Debit Notes Receivable $25,000: credit Sales $25,000.
Clayborn Company deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on May 31, its Cash account shows a debit balance of $18,025. Clayborn's May bank statement shows $16.600 on deposit in the bank. Determine the adjusted cash balance using the following information Deposit in transit Outstanding checks Bank service fees, not yet recorded by company A NSP check from a customer, not yet recorded by the...
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