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please help! Martinez Co. borrowed $50,400 on March 1 of the current year by signing a...
Calculator Martinez Co. borrowed $68,400 on March 1 of the current year by signing a 60-day,...
Calculator Martinez Co. borrowed $68,400 on March 1 of the current year by signing a 60-day, 12%, interest-bearing note. Assuming a 360-day year, when the note is paid on April 30, the entry to record the payment should include a ______ . Round your answer to the nearest whole dollar. a. debit to Interest Payable for $1,368 b. debit to Interest Expense for $1,368 c. credit to Cash for $68,400 d. credit to Cash for $76,608
On January 26, Nova Co. borrowed cash from Conrad Bank by issuing a 90-day note with a face amount of $50,400
Proceeds from Notes Payable On January 26, Nova Co. borrowed cash from Conrad Bank by issuing a 90-day note with a face amount of $50,400. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 7% b. Determine the proceeds of the note, assuming the note is discounted at 7%.
On the first day of January, Builders Company borrowed $3,000 on a one-year note payable bearing...
On the first day of January, Builders Company borrowed $3,000 on a one-year note payable bearing interest at 9% per year. The note specifies that principal and interest must be paid in at the end of the one-year period. On June 30, the adjusted trial balance will show Interest Payable of OA $270 debit OB. $270 Credit OC 5135 credit OD $135 del 32 WN CO Click to select your answer 9 0 S 4. 7 6 5 2 3...
New Microsoft Word Document Review View Help Search - 21 AoBbccdd Aabbccbd AaBba AaBbc AaB Aabbcc...
New Microsoft Word Document Review View Help Search - 21 AoBbccdd Aabbccbd AaBba AaBbc AaB Aabbcc Abod Abbcod 1 Normal 1 No Spac... Heading 1 Heading 2 Title Subtitle Subtle Em.. Emphasis Paragraph Styles A business borrowed $52,936 on March 1 of the current year by signing a 30 day, 12% interest bearing note. Assuming a 360-day year, when the note is paid on March 31, the entry to record the payment should include a debit to Interest Payable for...
Keesha Co. borrows $200,000 cash on November 1, 2017, by signing a 120-day, 10% note with...
Keesha Co. borrows $200,000 cash on November 1, 2017, by signing a 120-day, 10% note with a face value of $200,000. 1. On what date does this note mature? (Assume that February has 28 days) O March 27, 2018. O March 28, 2018. O March 29, 2018. March 30, 2018. O March 01, 2018 2. & 3. What is the amount of interest expense in 2017 and 2018 from this note? (Use 360 days a year. Round final answers to...
Sunland Company borrowed $50,400 on November 1, 2017, by signing a $50,400, 9%, 3-month note. Prepare...
Sunland Company borrowed $50,400 on November 1, 2017, by signing
a $50,400, 9%, 3-month note. Prepare Sunland’s November 1, 2017,
entry; the December 31, 2017, annual adjusting entry; and the
February 1, 2018, entry. (If no entry is required,
select "No Entry" for the account titles and enter 0 for the
amounts. Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
11/1/17
12/31/17
2/1/18
Keesha Co. borrows $120,000 cash on November 1 of the current year by signing a 150-day,...
Keesha Co. borrows $120,000 cash on November 1 of the current year by signing a 150-day, 11%, $120,000 note. 1. On what date does this note mature? 2. & 3. What is the amount of interest expense in the current year and the following year from this note? 4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity Complete this question by entering your...
Keesha Co. borrows $150,000 cash on December 1 of the current year by signing a 90...
Keesha Co. borrows $150,000 cash on December 1 of the current year by signing a 90 day, 9%, $150,000 note. 1. On what date does this note mature? 2. & 3. What is the amount of interest expense in the current year and the following year from this note? 4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity. Complete this question by entering...
Required information [The following information applies to the questions displayed below.] Tyrell Co. entered into the...
Required information [The following information applies to the questions displayed below.] Tyrell Co. entered into the following transactions involving short-term liabilities in 2017 and 2018. 2017 Apr. 20 Purchased $35,500 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 8% annual interest along with paying $500 in cash. July 8 Borrowed $63,000 cash from NBR Bank by signing a...
Tyrell Co, entered into the following transactions involving short-term liabilities in 2016 and 2017 2016 Apr....
Tyrell Co, entered into the following transactions involving short-term liabilities in 2016 and 2017 2016 Apr. 20 Purchased $38.500 of merchandise on credit from Locust, terns 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 81 annual interest along with paying $3,500 in cash. July 8 Borrowed $66,000 cash from NSR Bank by signing a 120-day, 128 interest-bearing note with a face value of $66,000. Paid...
On the first day of January, Builders Company borrowed $3,000 on a one-year note payable bearing interest at 9% per year. The note specifies that principal and interest must be paid in at the end of the one-year period. On June 30, the adjusted trial balance will show Interest Payable of OA $270 debit OB. $270 Credit OC 5135 credit OD $135 del 32 WN CO Click to select your answer 9 0 S 4. 7 6 5 2 3...
New Microsoft Word Document Review View Help Search - 21 AoBbccdd Aabbccbd AaBba AaBbc AaB Aabbcc Abod Abbcod 1 Normal 1 No Spac... Heading 1 Heading 2 Title Subtitle Subtle Em.. Emphasis Paragraph Styles A business borrowed $52,936 on March 1 of the current year by signing a 30 day, 12% interest bearing note. Assuming a 360-day year, when the note is paid on March 31, the entry to record the payment should include a debit to Interest Payable for...
Keesha Co. borrows $200,000 cash on November 1, 2017, by signing a 120-day, 10% note with a face value of $200,000. 1. On what date does this note mature? (Assume that February has 28 days) O March 27, 2018. O March 28, 2018. O March 29, 2018. March 30, 2018. O March 01, 2018 2. & 3. What is the amount of interest expense in 2017 and 2018 from this note? (Use 360 days a year. Round final answers to...
Sunland Company borrowed $50,400 on November 1, 2017, by signing
a $50,400, 9%, 3-month note. Prepare Sunland’s November 1, 2017,
entry; the December 31, 2017, annual adjusting entry; and the
February 1, 2018, entry. (If no entry is required,
select "No Entry" for the account titles and enter 0 for the
amounts. Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
11/1/17
12/31/17
2/1/18
Keesha Co. borrows $120,000 cash on November 1 of the current year by signing a 150-day, 11%, $120,000 note. 1. On what date does this note mature? 2. & 3. What is the amount of interest expense in the current year and the following year from this note? 4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity Complete this question by entering your...
Keesha Co. borrows $150,000 cash on December 1 of the current year by signing a 90 day, 9%, $150,000 note. 1. On what date does this note mature? 2. & 3. What is the amount of interest expense in the current year and the following year from this note? 4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity. Complete this question by entering...
Tyrell Co, entered into the following transactions involving short-term liabilities in 2016 and 2017 2016 Apr. 20 Purchased $38.500 of merchandise on credit from Locust, terns 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 81 annual interest along with paying $3,500 in cash. July 8 Borrowed $66,000 cash from NSR Bank by signing a 120-day, 128 interest-bearing note with a face value of $66,000. Paid...
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