Novak Corp. lends Sunland Company $63600 on August 1, 2017, accepting a 9-month, 15% interest note. If Novak Corp. prepa...
Novak Corp. lends Sunland Company $63600 on August 1, 2017, accepting a 9-month, 15% interest note. If Novak Corp. prepares its financial statements as of December 31, 2017, what adjusting entry must it make?
|
a. Interest Receivable |
3975 |
||
|
Interest Revenue |
3975 |
||
|
b. Notes Receivable |
3975 |
||
|
Interest Revenue |
3975 |
||
|
c. Cash |
3975 |
||
|
Interest Revenue |
3975 |
||
|
d. Accounts Receivable |
3975 |
||
|
Interest Receivable |
3975 |
||
Homework Answers
Answer- If Novak Corp. prepares its financial statements as of December 31, 2017, the adjusting entry will be=
| Date | Accounts Titles & Explanation | Debit | Credit |
| $ | $ | ||
| Dec-31 | Interest Receivable | 3975 | |
| 2017 | Interest Revenue ($63600*15%)*5 months/12 months | 3975 | |
| (Being entry recorded for interest revenue) |
Add Answer to:
Novak Corp. lends Sunland Company $63600 on August 1, 2017, accepting a 9-month, 15% interest note. If Novak Corp. prepa...
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
33. Yang Company lends Dobbs Industies $40,000 on August 1, 2017, accepting a 9-mon note. (a)...
33. Yang Company lends Dobbs Industies $40,000 on August 1, 2017, accepting a 9-mon note. (a) What is the total amount of interest that Dobbs will owe to Yang Company? (b) When Yang prepares its financial statements on December 31, 2017, what adjusting journal entry wil it need to make? Assume no interests accruals have been recorded since August 1, 2017. (c) What entry will Yang make to record the collection of the note and interest at its maturity date?...
32. Garber Company lends Newell Company $20,000 on April 1, accepting a four-month, 6% interest note....
32. Garber Company lends Newell Company $20,000 on April 1, accepting a four-month, 6% interest note. Garber Company prepares financial statements on April 30. What adjusting entry should be made before the financial statements can be prepared? Accrual Accounting!!! A) Note Receivable 20,000 Cash 20,000 B) Interest Receivable Interest Revenue 100 C) Cash Interest Revenue 100 D) Interest Receivable Interest Revenue 300
Young Company lends Dobson industries $40,000 on August 1, 2019, accepting a 9- month, 12% interest...
Young Company lends Dobson industries $40,000 on August 1, 2019, accepting a 9- month, 12% interest note. If Young accrued interest at its December 31, 2019 year- end, what entry must it make to record the collection of the note and interest at its maturity date? Question 3 Homogeneous goods are perfect complements similar but not identical always inferior goods perfect substitutes
Sheffield Corp ends Riverbed industries 554000 on August 1 2032 accepting a month, 125erest it make...
Sheffield Corp ends Riverbed industries 554000 on August 1 2032 accepting a month, 125erest it make to record the collection of the note and interes a turity came> Sheed Corp accrued at December 31, 2022 year-end, what entry must Notes Recevable Interest Revenue Not Receivable Interest Receivable interesave 54000 Notes Receivable Interest Rece Interest Revenge 2160 58860
Cheyenne Corp.receives a $16000, 9-month, 8% promissory note from Novak Corp. in settlement of an open...
Cheyenne Corp.receives a $16000, 9-month, 8% promissory note from Novak Corp. in settlement of an open accounts receivable. What entry will Cheyenne Corp. make upon receiving the note? Notes Receivable 16960 16000 Accounts Receivable-Novak Corp. Interest Revenue 960 Notes Receivable 16000 Accounts Receivable-Novak 16000 Corp. Notes Receivable 16960 Accounts Receivable-Novak 16960 Corp. Notes Receivable 16000 Interest Receivable 960 16000 Accounts Receivable-Novak Corp. Interest Revenue 960
please help with these accounting problems! all questions please and thank you! 19. Rosen Company receives...
please help with these accounting problems! all questions please
and thank you!
19. Rosen Company receives a $9,000, 3-month, 6% promissory note from Bay Company in settlement of an open accounts receivable. What entry will Rosen Company make upon receiving the note? A) Notes Receivable 9,135 Accounts Receivable-Bay Company 9,135 B) Notes Receivable 9,135 Accounts Receivable-Bay Company 9,000 Interest Revenue 135 C) Notes Receivable 9,000 Interest Receivable 135 Accounts Receivable Bay Company 9,000 Interest Revenue 135 D) Notes Receivable 9,000...
Time 02:46 / Remaining in PRIN. OF ACCT IS Question 8 CALCULATOR Pina Colada Corp. lends...
Time 02:46 / Remaining in PRIN. OF ACCT IS Question 8 CALCULATOR Pina Colada Corp. lends Whispering Winds Corp. $56400 on April 1, accepting a four-month, 15% interest note. Pina Colada Corp. prepares financial statements on April 30 adjusting entry should be made before the financial statements can be prepared? Interest Receivable 705 Interest Revenue 705 Note Receivable Cash 56400 56400 O Cash 705 Interest Revenue 705 Interest Receivable 2115 Interest Revenue 2115
The trial balance for Novak Corp. on August 31 is as follows: Novak Corp. Trial Balance...
The trial balance for Novak Corp. on August 31 is as follows: Novak Corp. Trial Balance August 31, 2020 Debit Credit $6,900 3,000 1,950 21,300 141,000 $20,304 12,000 Cash Prepaid insurance Supplies Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Accounts payable Unearned rent revenue Notes payable Common shares Retained earnings Dividends 3,240 4,400 4,600 78,000 81,000 4,250 4,850 71,000 49,314 Rent revenue Salaries and wages expense Insurance expense Interest expense Utilities expense Repairs and maintenance expense 10,500 3,900 8,300...
Orole Company lends Riverbed industries 554000 on January 1, 2022, accepting 9-month that it will eventually...
Orole Company lends Riverbed industries 554000 on January 1, 2022, accepting 9-month that it will eventually be able to collect the debt, which of the following entries should most interest note Riverbed ly be made by Orole? shoot the note and does not pay at maturity but Oriol expects Accounts Receivable Notes Receivable 54000 Interest Revenue O Cash Nos Receivable Accounts Receivable Neces Recevable Interest Recevable Accounts Receivable Notece
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
33. Yang Company lends Dobbs Industies $40,000 on August 1, 2017, accepting a 9-mon note. (a) What is the total amount of interest that Dobbs will owe to Yang Company? (b) When Yang prepares its financial statements on December 31, 2017, what adjusting journal entry wil it need to make? Assume no interests accruals have been recorded since August 1, 2017. (c) What entry will Yang make to record the collection of the note and interest at its maturity date?...
32. Garber Company lends Newell Company $20,000 on April 1, accepting a four-month, 6% interest note. Garber Company prepares financial statements on April 30. What adjusting entry should be made before the financial statements can be prepared? Accrual Accounting!!! A) Note Receivable 20,000 Cash 20,000 B) Interest Receivable Interest Revenue 100 C) Cash Interest Revenue 100 D) Interest Receivable Interest Revenue 300
Young Company lends Dobson industries $40,000 on August 1, 2019, accepting a 9- month, 12% interest note. If Young accrued interest at its December 31, 2019 year- end, what entry must it make to record the collection of the note and interest at its maturity date? Question 3 Homogeneous goods are perfect complements similar but not identical always inferior goods perfect substitutes
Sheffield Corp ends Riverbed industries 554000 on August 1 2032 accepting a month, 125erest it make to record the collection of the note and interes a turity came> Sheed Corp accrued at December 31, 2022 year-end, what entry must Notes Recevable Interest Revenue Not Receivable Interest Receivable interesave 54000 Notes Receivable Interest Rece Interest Revenge 2160 58860
Cheyenne Corp.receives a $16000, 9-month, 8% promissory note from Novak Corp. in settlement of an open accounts receivable. What entry will Cheyenne Corp. make upon receiving the note? Notes Receivable 16960 16000 Accounts Receivable-Novak Corp. Interest Revenue 960 Notes Receivable 16000 Accounts Receivable-Novak 16000 Corp. Notes Receivable 16960 Accounts Receivable-Novak 16960 Corp. Notes Receivable 16000 Interest Receivable 960 16000 Accounts Receivable-Novak Corp. Interest Revenue 960
please help with these accounting problems! all questions please
and thank you!
19. Rosen Company receives a $9,000, 3-month, 6% promissory note from Bay Company in settlement of an open accounts receivable. What entry will Rosen Company make upon receiving the note? A) Notes Receivable 9,135 Accounts Receivable-Bay Company 9,135 B) Notes Receivable 9,135 Accounts Receivable-Bay Company 9,000 Interest Revenue 135 C) Notes Receivable 9,000 Interest Receivable 135 Accounts Receivable Bay Company 9,000 Interest Revenue 135 D) Notes Receivable 9,000...
Time 02:46 / Remaining in PRIN. OF ACCT IS Question 8 CALCULATOR Pina Colada Corp. lends Whispering Winds Corp. $56400 on April 1, accepting a four-month, 15% interest note. Pina Colada Corp. prepares financial statements on April 30 adjusting entry should be made before the financial statements can be prepared? Interest Receivable 705 Interest Revenue 705 Note Receivable Cash 56400 56400 O Cash 705 Interest Revenue 705 Interest Receivable 2115 Interest Revenue 2115
The trial balance for Novak Corp. on August 31 is as follows: Novak Corp. Trial Balance August 31, 2020 Debit Credit $6,900 3,000 1,950 21,300 141,000 $20,304 12,000 Cash Prepaid insurance Supplies Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Accounts payable Unearned rent revenue Notes payable Common shares Retained earnings Dividends 3,240 4,400 4,600 78,000 81,000 4,250 4,850 71,000 49,314 Rent revenue Salaries and wages expense Insurance expense Interest expense Utilities expense Repairs and maintenance expense 10,500 3,900 8,300...
Orole Company lends Riverbed industries 554000 on January 1, 2022, accepting 9-month that it will eventually be able to collect the debt, which of the following entries should most interest note Riverbed ly be made by Orole? shoot the note and does not pay at maturity but Oriol expects Accounts Receivable Notes Receivable 54000 Interest Revenue O Cash Nos Receivable Accounts Receivable Neces Recevable Interest Recevable Accounts Receivable Notece
Most questions answered within 3 hours.
-
2) You are given the task of finding a representation for a
circle in a drawing...
asked 45 minutes ago -
STUDY QUESTION: Does use of diet drug fen-phen
(fenfluramine-phentermine) cause valvular heart disease?
HINT: Valvular heart...
asked 36 minutes ago -
1. An object weighing 40 N rests on a surface. The coefficient
of friction is 0.35....
asked 1 hour ago -
Investor company owns 35% of investee company voting stock and
accounts for the investment under the...
asked 2 hours ago -
The number of major faults on a randomly chosen 1 km stretch of
highway has a...
asked 3 hours ago -
Consider the competitive environment of Starbuck's, Progressive
Insurance, a manufacturing firm with low turnover, or a...
asked 4 hours ago -
3. Gains from trade
Consider two neighbouring island countries called Euphoria and
Contente. They each have...
asked 6 hours ago -
A business executive has the option to invest money in two
plans: Plan A guarantees that...
asked 8 hours ago -
Hello, can someone please help me answer this question?
How much heat is absorbed by a...
asked 8 hours ago -
. A marketing researcher conducted a survey of 25 shoppers
randomly selected at the local mall...
asked 8 hours ago -
Create an comprehensive response to the
following:
Antimicrobial agents work on a multitude of microbes (bacteria,...
asked 8 hours ago -
6.13 LAB: Step counter. Section 6.3.
A pedometer treats walking 2,000 steps as walking 1 mile....
asked 8 hours ago