The main issue I'm having with this problem is the interest receivable entry, for some reason,...
The main issue I'm having with this problem is the interest receivable entry, for some reason, I cant seem to get it right.
Record the collection of the Lopez note at its maturity in 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
| Nov. 1 | Loaned $13,200 cash to Manny Lopez on a 12 month, 10% note. |
|
Date |
Account Titles and Explanation |
Debit |
Credit |
|---|---|---|---|
|
Nov. 1 |
Cash |
enter a debit amount |
enter a credit amount |
|
Interest Receivable |
enter a debit amount |
enter a credit amount |
|
|
Interest Revenue |
enter a debit amount |
enter a credit amount |
|
|
Notes Receivable |
enter a debit amount |
enter a credit amount |
Homework Answers
|
Date |
Account Titles and Explanation |
Debit |
Credit |
|---|---|---|---|
|
Nov. 1 |
Cash |
14520 | |
|
Interest Receivable (13200*10%*2/12) |
220 | ||
|
Interest Revenue |
1100 | ||
|
Notes Receivable |
13200 |
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The main issue I'm having with this problem is the interest receivable entry, for some reason,...
My main issue with this following problem is the Interest Receivable and the Interest Revenue, I...
My main issue with this following problem is the Interest Receivable and the Interest Revenue, I got everything else correct but I am unsure about these two. Thank you for your help! Bramble Corp. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $13,200 cash to Manny Lopez on a 12 month, 10% note. Dec. 11 Sold goods...
Oriole Supply Co. has the following transactions related to notes receivable during the last 2 months...
Oriole Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $23,500 cash to Manny Lopez on a 12-month, 12% note. Dec, 11 Sold goods to Ralph Kremer, Inc., receiving a $61.200, 90-day, 10% note. Received a $97,200, 180 day, 8% note in exchange for Joe Fernetti's outstanding accounts receivable. 31 Accrued interest revenue on all notes...
*Exercise 9-12 a-b Skysong Supply Co. has the following transactions related to notes receivable during the last 2 mont...
*Exercise 9-12 a-b Skysong Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. Nov. 1 Dec. 11 16 31 Loaned $27,600 cash to Manny Lopez on a 12-month, 10% note. Sold goods to Ralph Kremer, Inc., receiving a $81,000, 90-day, 8% note. Received a $82,080, 180 day, 10% note in exchange for Joe Fernetti's outstanding accounts receivable. Accrued interest...
Exercise 8-12 a-b Elburn Supply Co. has the following transactions related to notes receivable during the...
Exercise 8-12 a-b Elburn Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. Nov, 1 Dec. 11 Loaned $30,000 cash to Manny Lopez on a 12 month, 10% note. Sold goods to Ralph Kremer, Inc., receiving a $6,750, 90-day, 8% note. Received a $4,000, 180 day, 9% note in exchange for Joe Fernetti's outstanding accounts receivable. 16 31 Accrued...
Exercise 8-12 a-b Elburn Supply Co. has the following transactions related to notes receivable during the...
Exercise 8-12 a-b Elburn Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $30,000 cash to Manny Lopez on a 12 month, 10% note. Dec. 11 Sold goods to Ralph Kremer, Inc., receiving a $6,750, 90-day, 8% note. 16 Received a $4,000, 180 day, 9% note in exchange for Joe Fernetti’s outstanding accounts receivable. 31 Accrued...
Exercise 9-12 a-b Kingbird Supply Co. has the following transactions related to notes receivable during the...
Exercise 9-12 a-b
Kingbird Supply Co. has the following transactions related to notes
receivable during the last 2 months of 2020. The company does not
make entries to accrue interest except at December 31.
Nov. 1
Loaned $25,200 cash to Manny Lopez on a 12-month, 10%
note.
Dec. 11
Sold goods to Ralph Kremer, Inc., receiving a $65,250, 90-day,
8% note.
16
Received a $65,280, 180 day, 10% note in exchange for Joe
Fernetti’s outstanding accounts receivable.
31
Accrued interest...
Please try to keep the same format! Exercise 9-12 a-b Sheridan Supply Co. has the following...
Please try to keep the same format!
Exercise 9-12 a-b Sheridan Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. Nov. 1 Dec. 11 16 31 Loaned $21,600 cash to Manny Lopez on a 12-month, 10% note. Sold goods to Ralph Kremer, Inc., receiving a $54,000, 90-day, 8% note. Received a $53,280, 180 day, 10% note in exchange for...
Record the collection of the Lopez note at its maturity in 2021. (Credit account titles are...
Record the collection of the Lopez note at its maturity in 2021. (Credit account titles are automatically indented when amount is entered. Do not in Date Account Titles and Explanation Debit Credit Nov. 1 Click if you would like to Show Work for this question: Open Show Work URCES Exercise 9-12 a-b (Part Level Submission) Tamarisk Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to...
jasmine supply Co. has the following transaction related to Record the collection of the Bull note...
jasmine supply Co. has the following transaction related
to
Record the collection of the Bull note at its maturity in 2021. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Nov. 1 Exercise 212 a-b Jasmine's Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. Nov. 1 Loaned $24,000 cash to Simone Buil on a 1-year, 7% note. Dec....
On April 1, 2017, BLANK Company assigns $504,100 of its accounts receivable to the BLANK Bank...
On April 1, 2017, BLANK Company assigns $504,100 of its accounts
receivable to the BLANK Bank as collateral for a $314,000 loan due
July 1, 2017. The assignment agreement calls for BLANK company to
continue to collect the receivables. BLANK Bank assesses a finance
charge of 4% of the accounts receivable, and interest on the loan
is 10% (a realistic rate of interest for a note of this type).
Prepare the April 1, 2017, journal entry for BLANK Company.
(If...
Oriole Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $23,500 cash to Manny Lopez on a 12-month, 12% note. Dec, 11 Sold goods to Ralph Kremer, Inc., receiving a $61.200, 90-day, 10% note. Received a $97,200, 180 day, 8% note in exchange for Joe Fernetti's outstanding accounts receivable. 31 Accrued interest revenue on all notes...
*Exercise 9-12 a-b Skysong Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. Nov. 1 Dec. 11 16 31 Loaned $27,600 cash to Manny Lopez on a 12-month, 10% note. Sold goods to Ralph Kremer, Inc., receiving a $81,000, 90-day, 8% note. Received a $82,080, 180 day, 10% note in exchange for Joe Fernetti's outstanding accounts receivable. Accrued interest...
Exercise 8-12 a-b Elburn Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. Nov, 1 Dec. 11 Loaned $30,000 cash to Manny Lopez on a 12 month, 10% note. Sold goods to Ralph Kremer, Inc., receiving a $6,750, 90-day, 8% note. Received a $4,000, 180 day, 9% note in exchange for Joe Fernetti's outstanding accounts receivable. 16 31 Accrued...
Exercise 9-12 a-b
Kingbird Supply Co. has the following transactions related to notes
receivable during the last 2 months of 2020. The company does not
make entries to accrue interest except at December 31.
Nov. 1
Loaned $25,200 cash to Manny Lopez on a 12-month, 10%
note.
Dec. 11
Sold goods to Ralph Kremer, Inc., receiving a $65,250, 90-day,
8% note.
16
Received a $65,280, 180 day, 10% note in exchange for Joe
Fernetti’s outstanding accounts receivable.
31
Accrued interest...
Please try to keep the same format!
Exercise 9-12 a-b Sheridan Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. Nov. 1 Dec. 11 16 31 Loaned $21,600 cash to Manny Lopez on a 12-month, 10% note. Sold goods to Ralph Kremer, Inc., receiving a $54,000, 90-day, 8% note. Received a $53,280, 180 day, 10% note in exchange for...
Record the collection of the Lopez note at its maturity in 2021. (Credit account titles are automatically indented when amount is entered. Do not in Date Account Titles and Explanation Debit Credit Nov. 1 Click if you would like to Show Work for this question: Open Show Work URCES Exercise 9-12 a-b (Part Level Submission) Tamarisk Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to...
jasmine supply Co. has the following transaction related
to
Record the collection of the Bull note at its maturity in 2021. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Nov. 1 Exercise 212 a-b Jasmine's Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. Nov. 1 Loaned $24,000 cash to Simone Buil on a 1-year, 7% note. Dec....
On April 1, 2017, BLANK Company assigns $504,100 of its accounts
receivable to the BLANK Bank as collateral for a $314,000 loan due
July 1, 2017. The assignment agreement calls for BLANK company to
continue to collect the receivables. BLANK Bank assesses a finance
charge of 4% of the accounts receivable, and interest on the loan
is 10% (a realistic rate of interest for a note of this type).
Prepare the April 1, 2017, journal entry for BLANK Company.
(If...
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