Homework Answers
| Dec 7 | Notes Receivable | 75000 | ||
| Accounts Receivable-Unitarian Clothing& Bags co. | 75000 | |||
| Dec 31 | Interest Receivable | 150 | =75000*3%*24/360 | |
| Interest Revenue | 150 | |||
| Dec 31 | Interest Revenue | 150 | ||
| Income Summary | 150 | |||
| Feb 5 | Cash | 75375 | ||
| Interest Receivable | 150 | |||
| Interest Revenue | 225 | =75000*3%*36/360 | ||
| Notes Receivable | 75000 |
Add Answer to:
please help me solve this Entries for Notes Receivable, Including Year-End Entries The following selected transactio...
The following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing:
EX 8-22 Entries for notes receivable, including year-end entries The following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing:2007 Dec. 7. Received from Unitarian Clothing & Bags Co., on account, a $75,000, 60-day, 3% note dated December 7. 31. Recorded an adjusting entry for accrued interest on the note of December 7. 31. Recorded the closing entry for interest revenue.2008 Feb. 5. Received payment of note and interest from Unitarian Clothing & Bags Co. Journalize the entries to record the...
00000 Chapter 8 Homework Entries for Bad Debt Expense Under the Direct Write-Off and Allowance Methods...
00000 Chapter 8 Homework Entries for Bad Debt Expense Under the Direct Write-Off and Allowance Methods Commu Casebolt Company wrote off the follo accounts receivable as uncollectible for the first year of its operations ending December 31: Customer Amount Shawn Brooke $4,650 Eve Denton 5,180 Art Malloy 11,050 Cassie Yost 9,120 Total $30,000 a. Journalize the write-offs under the direct write-off method. If an amount box does not require an entry, leave it blank. Accounts Receivable x Accounts Receivable-Shawn Brooke...
1. Periodic inventory by three methods; cost of goods sold The units of an item available...
1. Periodic inventory by three methods; cost of goods sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 50 units at $98 Mar. 10 Purchase 70 units at $110 Aug. 30 Purchase 10 units at $118 Dec. 12 Purchase 70 units at $120 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the ending inventory cost and the cost...
The following selected transactions were completed by Fasteners Inc. Co., a supplier of buttons and zippers...
The following selected transactions were completed by Fasteners Inc. Co., a supplier of buttons and zippers for clothing: 20Y3 Nov. 21. Received from McKenna Outer Wear Co., on account, a $96,000, 60-day, 3% note dated November 21 in settlement of a past due account. Recorded an adjusting entry for accrued interest on the note of November 21. Dec. 31. 2014 Jan. 20. Received payment of note and interest from McKenna Outer Wear Co. Journalize the entries to record the transactions....
The following selected transactions were completed by Fasteners Inc. Co., a supplier of buttons and zippers for clothing:
The following selected transactions were completed by Fasteners Inc. Co., a supplier of buttons and zippers for clothing: 20Y3 Nov. 21 Received from McKenna Outer Wear Co., on account, a $54,000, 60-day, 7% note dated November 21 in settlement of a past due account. Dec. 31 Recorded an adjusting entry for accrued interest on the note of November 21. 20Y4 Jan. 20 Received payment of note and interest from McKenna Outer Wear Co. Journalize the entries to record the transactions for the year 20Y3. If no entry...
Problem 9-5A Analyzing and journalizing notes receivable transactions LO C2, C3, P4 The following selected transactions...
Problem 9-5A Analyzing and journalizing notes receivable transactions LO C2, C3, P4 The following selected transactions are from Ohlm Company. (Use 360 days a year.) 2016 Dec. 16 Accepted a $14,700, 60-day, 98 note dated this day in granting Danny Todd a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Todd note. 2017 Feb. 14 Received Todd's payment of principal and interest on the note dated December 16. Mar....
Problem 9-5A Analyzing and journalizing notes receivable transactions LO C2, C3, P4 The following selected transactions...
Problem 9-5A Analyzing and journalizing notes receivable transactions LO C2, C3, P4 The following selected transactions are from Ohlm Company. (Use 360 days a year.) 2016 Dec. 16 Accepted a $12,500, 60-day, 8% note dated this day in granting Danny Todd a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Todd note. 2017 Feb. 14 Received Todd's payment of principal and interest on the note dated December 16. Mar....
Problem 9-5A Analyzing and journalizing notes receivable transactions LO C2, C3, P4 The following selected transactions...
Problem 9-5A Analyzing and journalizing notes receivable transactions LO C2, C3, P4 The following selected transactions are from Ohlm Company (Use 360 days a year.) 2016 Dec. 16 Accepted a $10,100, 60-day, 6 note dated this day in granting Danny Todd a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Todd note. 2017 Feb. 14 Received Todd's payment of principal and interest on the note dated December 16. Mar....
Notes Receivable Entries The following data relate to notes receivable and interest for Owens Co., a...
Notes Receivable Entries The following data relate to notes receivable and interest for Owens Co., a financial services company. (All notes are dated as of the day they are received.) Assume 360 days in a year. Mar. 8. Received a $78,000, 6%, 60-day note on account. 31. Received a $8,400, 7%, 90-day note on account. May 7. Received $78,780 on note of March 8. 16. Received a $52,800, 8%, 90-day note on account. June 11. Received a $24,000, 9%, 30-day...
Notes Receivable Entries The following data relate to notes receivable and interest for Owens Co., a...
Notes Receivable Entries The following data relate to notes receivable and interest for Owens Co., a financial services company, Assume a 360-day year. (All notes are dated as of the day they are received.) Mar. 8. Received a $33,000, 5%, 60-day note on account. 31. Received an $80,000, 7%, 90-day note on account. May 7. Received $33,275 on note of March 8. 16. Received a $72,000,7%, 90-day note on account. June 11. Received a $36,000, 6%, 45-day note on account....
00000 Chapter 8 Homework Entries for Bad Debt Expense Under the Direct Write-Off and Allowance Methods Commu Casebolt Company wrote off the follo accounts receivable as uncollectible for the first year of its operations ending December 31: Customer Amount Shawn Brooke $4,650 Eve Denton 5,180 Art Malloy 11,050 Cassie Yost 9,120 Total $30,000 a. Journalize the write-offs under the direct write-off method. If an amount box does not require an entry, leave it blank. Accounts Receivable x Accounts Receivable-Shawn Brooke...
The following selected transactions were completed by Fasteners Inc. Co., a supplier of buttons and zippers for clothing: 20Y3 Nov. 21. Received from McKenna Outer Wear Co., on account, a $96,000, 60-day, 3% note dated November 21 in settlement of a past due account. Recorded an adjusting entry for accrued interest on the note of November 21. Dec. 31. 2014 Jan. 20. Received payment of note and interest from McKenna Outer Wear Co. Journalize the entries to record the transactions....
Problem 9-5A Analyzing and journalizing notes receivable transactions LO C2, C3, P4 The following selected transactions are from Ohlm Company. (Use 360 days a year.) 2016 Dec. 16 Accepted a $14,700, 60-day, 98 note dated this day in granting Danny Todd a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Todd note. 2017 Feb. 14 Received Todd's payment of principal and interest on the note dated December 16. Mar....
Problem 9-5A Analyzing and journalizing notes receivable transactions LO C2, C3, P4 The following selected transactions are from Ohlm Company. (Use 360 days a year.) 2016 Dec. 16 Accepted a $12,500, 60-day, 8% note dated this day in granting Danny Todd a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Todd note. 2017 Feb. 14 Received Todd's payment of principal and interest on the note dated December 16. Mar....
Problem 9-5A Analyzing and journalizing notes receivable transactions LO C2, C3, P4 The following selected transactions are from Ohlm Company (Use 360 days a year.) 2016 Dec. 16 Accepted a $10,100, 60-day, 6 note dated this day in granting Danny Todd a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Todd note. 2017 Feb. 14 Received Todd's payment of principal and interest on the note dated December 16. Mar....
Notes Receivable Entries The following data relate to notes receivable and interest for Owens Co., a financial services company, Assume a 360-day year. (All notes are dated as of the day they are received.) Mar. 8. Received a $33,000, 5%, 60-day note on account. 31. Received an $80,000, 7%, 90-day note on account. May 7. Received $33,275 on note of March 8. 16. Received a $72,000,7%, 90-day note on account. June 11. Received a $36,000, 6%, 45-day note on account....
Most questions answered within 3 hours.
-
2. KopyKat is a firm that specializes in printing business cards
using the latest laser technology....
asked 14 minutes ago -
What type of stock pays dividends in arrears?
A.
Nonminus−cumulative
preferred stock
B.
Cumulative preferred stock...
asked 13 minutes ago -
Discuss what issues you see as needing to be addressed in an
organization in order to...
asked 14 minutes ago -
Why does varying input frequency to a buck converter affect the
magnitude of the output voltage...
asked 17 minutes ago -
Given the following reduction half-reactions:
Fe3+(aq)+e−→Fe2+(aq)
E∘red=+0.77V
S2O2−6(aq)+4H+(aq)+2e−→2H2SO3(aq)
E∘red=+0.60V
N2O(g)+2H+(aq)+2e−→N2(g)+H2O(l)
E∘red=−1.77V
VO+2(aq)+2H+(aq)+e−→VO2+(aq)+H2O(l)
E∘red=+1.00V
Write balanced chemica
asked 19 minutes ago -
Consider a random variable X with PDF given by f(x)=1/10 for x =
0, 1, 2,...,9....
asked 17 minutes ago -
This is QA Tester's task
What was the most heinous bug that you let slip through?...
asked 30 minutes ago -
What is the chemical equation (with states) for this
reaction in balanced and unbalanced form?
In...
asked 34 minutes ago -
In engineering and product design, it is important to consider
the weights of people so that...
asked 39 minutes ago -
The first-order decomposition of N2O5 at 328 K has a rate
constant of 1.70 × 10-3...
asked 40 minutes ago -
Do you believe that some things that fall into the category of
“pseudoscience” are worth believing...
asked 1 hour ago -
A 0.100-kg, 59.6-cm-long uniform bar has a small 0.070-kg mass
glued to its left end and...
asked 54 minutes ago