Homework Answers
Journal entry
| Date | General Journal | Debit | Credit |
| July 1 | Notes receivable | 63000 | |
| Cash | 63000 | ||
| Dec 31 | Interest receivable (63000*8%*6/12) | 2520 | |
| Interest revenue | 2520 | ||
| July 1 | Cash | 5040 | |
| Interest revenue | 2520 | ||
| interest receivable | 2520 | ||
| July 1 | Cash | 63000 | |
| Notes receivable | 63000 | ||
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The following transactions took place for Smart Solutions Inc. 2017 a. July 1 Loaned $63,000 to...
The following transactions took place for Smart Solutions Inc. 2017 .. July 1 Loaned $62,000 to...
The following transactions took place for Smart Solutions Inc. 2017 .. July 1 Loaned $62,000 to an employee of the company and received back a one-year, 10 percent note. b. Dec. 31 Accrued interest on the note. 2018 c. July 1 Received interest on the note. (No interest has been recorded since December 31.) d. July 1 Received principal on the note. Required: Prepare the journal entries that Smart Solutions Inc. would record for the above transactions. (If no entry...
The following transactions took place for Smart Solutions Inc 2017 a. July 1 Loaned $69,000 to...
The following transactions took place for Smart Solutions Inc 2017 a. July 1 Loaned $69,000 to an employee of the company and received back a one-year, 8 percent note. b. Dec. 31 Accrued interest on the note. 2018 Ouly 1 Received Interest on the note. (No interest has been recorded since December 31.) d. July 1 Received principal on the note. Required: Prepare the journal entries that Smart Solutions Inc. would record for the above transactions. (If no entry is...
The following transactions took place for Smart Solutions inc c. July 1 to $75. to p lore of the co . Dec. 31 Recrun...
The following transactions took place for Smart Solutions inc c. July 1 to $75. to p lore of the co . Dec. 31 Recrund interest on the note n ceived a year, 30 percentate interest has been recorded since December 31.) c. Duty July Received interest on the note 1 Received principal on the te Required: Prepare the journal entries that Smart Solutions in would record for the above transactions. If no entry is required for a transaction/event, select "No...
On January 1, 2017, Eagle borrows $31,000 cash by signing a four-year, 8% installment note.. The...
On January 1, 2017, Eagle borrows $31,000 cash by signing a four-year, 8% installment note.. The note requires four equal payments of $9,360, consisting of accrued interest and principal on December 31 of each year from 2017 through 2020. (Round your intermediate calculations and finel answers to the nearest dollar amount.) Prepare the journal entries for Eagle to record the loan on January 1, 2017, and the four payments from December 31, 2017, through December 31, 2020. View transaction list...
C&S Marketing (CSM) recently hired a new marketing director, Jeff Otos, for its downtown Minneapolis office....
C&S Marketing (CSM) recently hired a new marketing director, Jeff Otos, for its downtown Minneapolis office. As part of the arrangement, CSM agreed on February 28, 2018, to advance Jeff $55,000 on a one-year, 7 percent note, with interest to be paid at maturity on February 28, 2019. CSM prepares financial statements on June 30 and December 31. Prepare the journal entry CSM will make when the note is established, accrue interest on June 30 and December 31, and the...
On December 15, 2017, Lisbeth Inc. (a U.S. company purchases merchandise inventory from a foreign supplier...
On December 15, 2017, Lisbeth Inc. (a U.S. company purchases merchandise inventory from a foreign supplier for 50,000 schillings. Lisbeth agrees to pay in 45 days after it sells the merchandise. Lisbeth makes sales rather quickly and pays the entire obligation on January 25, 2018. Currency exchange rates for 1 schilling are as follows: 0.30 December 15, 2017 December 31, 2017 917 January 25, 2018 January 31, 2018 Prepare all journal entries for Lisbeth Company in connection with this purchase...
The following transactions took place for Smart Solutions Ltd. 2009 July Loaned $17000 to an employee...
The following transactions took place for Smart Solutions Ltd. 2009 July Loaned $17000 to an employee of the company and received 1 back a one-year, 10.4 percent note. Dec. 31 2010 July Received interest and principal on the note. (No interest has Accrued interest on the note. 1 been recorded since December 31.) Required: Prepare the journal entries that Smart Solutions Ltd. would record for the above transactions. (Round all final answers to the nearest dollar amount. Omit the "$"...
Check my Prepare joumal entries to record the above transactions for Emerson Corporation (If no entry...
Check my Prepare joumal entries to record the above transactions for Emerson Corporation (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) July 15 Declared a cash dividend payable to common stockholders of $174,000. Aug. 15 Date of record is August 15 for the cash dividend declared on July 15. Aug. 31 Paid the dividend declared on July 15. View transaction list Journal entry worksheet 2 3 Record the declaration of...
Prepare journal entries to record the above transactions for Emerson Corporation. (If no entry is required...
Prepare journal entries to record the above transactions for Emerson Corporation. (If no entry is required for a transaction/event. select "No journal entry required" in the first account field.) July 15 Declared a cash dividend payable to common stockholders of $167,000. Aug. 15 Date of record is August 15 for the cash dividend declared on July 15. Aug. 31 Paid the dividend declared on July 15. Journal entry worksheet < 1 2 3 Record the declaration of a cash dividend...
Tyrell Co. entered into the following transactions involving short-term liabilities in 2017 and 2018. 2017 Apr....
Tyrell Co. entered into the following transactions involving
short-term liabilities in 2017 and 2018.
2017
Apr.
20
Purchased $38,000 of merchandise on credit from Locust, terms
n/30. Tyrell uses the perpetual inventory system.
May
19
Replaced the April 20 account payable to Locust with a 90-day,
$35,000 note bearing 9% annual interest along with paying $3,000 in
cash.
July
8
Borrowed $54,000 cash from NBR Bank by signing a 120-day, 10%
interest-bearing note with a face value of $54,000.
__?__...
The following transactions took place for Smart Solutions Inc. 2017 .. July 1 Loaned $62,000 to an employee of the company and received back a one-year, 10 percent note. b. Dec. 31 Accrued interest on the note. 2018 c. July 1 Received interest on the note. (No interest has been recorded since December 31.) d. July 1 Received principal on the note. Required: Prepare the journal entries that Smart Solutions Inc. would record for the above transactions. (If no entry...
The following transactions took place for Smart Solutions Inc 2017 a. July 1 Loaned $69,000 to an employee of the company and received back a one-year, 8 percent note. b. Dec. 31 Accrued interest on the note. 2018 Ouly 1 Received Interest on the note. (No interest has been recorded since December 31.) d. July 1 Received principal on the note. Required: Prepare the journal entries that Smart Solutions Inc. would record for the above transactions. (If no entry is...
The following transactions took place for Smart Solutions inc c. July 1 to $75. to p lore of the co . Dec. 31 Recrund interest on the note n ceived a year, 30 percentate interest has been recorded since December 31.) c. Duty July Received interest on the note 1 Received principal on the te Required: Prepare the journal entries that Smart Solutions in would record for the above transactions. If no entry is required for a transaction/event, select "No...
On January 1, 2017, Eagle borrows $31,000 cash by signing a four-year, 8% installment note.. The note requires four equal payments of $9,360, consisting of accrued interest and principal on December 31 of each year from 2017 through 2020. (Round your intermediate calculations and finel answers to the nearest dollar amount.) Prepare the journal entries for Eagle to record the loan on January 1, 2017, and the four payments from December 31, 2017, through December 31, 2020. View transaction list...
C&S Marketing (CSM) recently hired a new marketing director, Jeff Otos, for its downtown Minneapolis office. As part of the arrangement, CSM agreed on February 28, 2018, to advance Jeff $55,000 on a one-year, 7 percent note, with interest to be paid at maturity on February 28, 2019. CSM prepares financial statements on June 30 and December 31. Prepare the journal entry CSM will make when the note is established, accrue interest on June 30 and December 31, and the...
On December 15, 2017, Lisbeth Inc. (a U.S. company purchases merchandise inventory from a foreign supplier for 50,000 schillings. Lisbeth agrees to pay in 45 days after it sells the merchandise. Lisbeth makes sales rather quickly and pays the entire obligation on January 25, 2018. Currency exchange rates for 1 schilling are as follows: 0.30 December 15, 2017 December 31, 2017 917 January 25, 2018 January 31, 2018 Prepare all journal entries for Lisbeth Company in connection with this purchase...
The following transactions took place for Smart Solutions Ltd. 2009 July Loaned $17000 to an employee of the company and received 1 back a one-year, 10.4 percent note. Dec. 31 2010 July Received interest and principal on the note. (No interest has Accrued interest on the note. 1 been recorded since December 31.) Required: Prepare the journal entries that Smart Solutions Ltd. would record for the above transactions. (Round all final answers to the nearest dollar amount. Omit the "$"...
Check my Prepare joumal entries to record the above transactions for Emerson Corporation (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) July 15 Declared a cash dividend payable to common stockholders of $174,000. Aug. 15 Date of record is August 15 for the cash dividend declared on July 15. Aug. 31 Paid the dividend declared on July 15. View transaction list Journal entry worksheet 2 3 Record the declaration of...
Prepare journal entries to record the above transactions for Emerson Corporation. (If no entry is required for a transaction/event. select "No journal entry required" in the first account field.) July 15 Declared a cash dividend payable to common stockholders of $167,000. Aug. 15 Date of record is August 15 for the cash dividend declared on July 15. Aug. 31 Paid the dividend declared on July 15. Journal entry worksheet < 1 2 3 Record the declaration of a cash dividend...
Tyrell Co. entered into the following transactions involving
short-term liabilities in 2017 and 2018.
2017
Apr.
20
Purchased $38,000 of merchandise on credit from Locust, terms
n/30. Tyrell uses the perpetual inventory system.
May
19
Replaced the April 20 account payable to Locust with a 90-day,
$35,000 note bearing 9% annual interest along with paying $3,000 in
cash.
July
8
Borrowed $54,000 cash from NBR Bank by signing a 120-day, 10%
interest-bearing note with a face value of $54,000.
__?__...
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