On December 1, a company signed a $6,000, 90-day, 5% 
Q: On October 1, a company borrowed $200,000 on a two-year, 12% note, with interest and principal to be… A: Given: Principal = $200,000 Interest rate = 12% From Oct 1 to Dec 31 = 3 months Q: On June 1, Davis Inc. issued an $84,000, 5%, 120-day note payable to Garcia Company. Assume that the… A: Answer: The exact answer is $1,061 . So the nearest option to $1,061 is option D - $1,050 . Q: A company grants a payment extension to its customer by converting that $15,000 accounts payable to… A: Interest on 45 days note for 30 days 115000*12%*30/360=$150 Q: On December 1, 20x1 a company borrowed P100,000 by signing a six-month note that specifies interest… A: Definition: Adjusting entries: Adjusting entries are those entries that are recorded at the end of… Q: On July 1, 2020 Walker Inc. signed a $600,000, 15 month, 10% note payable. At due date, the… A: This is based on bill of exchange, in the given case since note is payable in 15 months and the same… Q: Saad Company has the following obligations at December 31: (a). A note payable for $10,000 due in 18… A: A current liability is a liability which are to be settled within one year/ 12 months or within one… Q: Slack Inc. borrowed $320,000 on April 1. The note requires interest at 12% and principal to be paid… A: Accrual basis: Accrual basis is a method of accounting. In this method recording of revenues are… Q: On June 1, Davis Inc. issued an $76,100, 12%, 120-day note payable to Garcia Company Assume that the… A: No. of days for which interest to be recognized in the following year = Total days of notes - total… Q: On August 1, a $60,000, 7%, 3-year installment note payable is issued by a company. The note… A: Principal =$60,000 Interest =$60,000×7% =4200 Principal + interest paid in 31 July =… Q: On June 1, Davis Inc. issued an $85,500, 10%, 120-day note payable to Garcia Company Assume that the… A: Calculate the total interest as follows: Interest = Bonds amount * interest rate Interest = $85,500… Q: MFT Company borrowed P10,000 from the bank signing a 9%, 3-month note on September 1. Principal and… A: Amount borrowed = $10,000 Interest rate = 9% Interest expense = 10,000 x 9% x 1/12 = 75 Q: On October 1, Black Company receives a 10% interest-bearing note from Reese Company to settle a… A: The interest revenue is the interest earned for the period on the note receivable, etc. Q: Hanna Company borrows $80,000 on July 1 from the bank by signing an $80,000, 10% one year note… A: Journal: Journal is the book of original entry. Journal consists of the day-to-day financial… Q: Reality Corporation borrowed $175,000 on April 1. The note requires interest at 12% and principal to… A: Interest that should be recognised is interest expense for the period.That is interest accrued for… Q: As promise for future payment, Carlock Systems received a six-month, 12% note for $50,000 from a… A: Interest revenue = Notes receivables x rate of interest x months/12 Q: On June 1, Davis Inc. issued an $84,000, 5%, 120-day note payable to Garcia Company. Assume that the… A: Solution: Days in current year = June 30 - June 1 = 29 days Days in following year = 120 - 29 = 91… Q: Justin Company signed a $90,000, three-month, 9% note payable, on December 1. If the accounting… A: Interest accrued on December 31= Face value of bonds x rate of interest x no. of month/12 = $90000 x… Q: On June 8, Alton Co. issued an $77,100, 7%, 120-day note payable to Seller Co. Assume that the… A: Interest: An interest is the cost of the funds loaned to the business by any lender. Q: On September 1, Purifier Company borrowed $12,000 on a 6-month, 4%, short-term note payable. How… A: Interest expense recorded on December 3 = Amount borrowed x rate of interest x No. of months / 12… Q: On September 30, Year 1, Royal Flush Pluming, Inc., issued a $10,000, 6%, 5-month note. For the year… A: Interest Expense: An interest expense is the expense which is incurred by a company, business or… Q: On November 7, Mura Company borrows $160,000 cash by signing a 90-day, 8%, $160,000 note payable.… A: Click to see the answer Q: A company needs to record six months of accrued interest on a four-year, 12%, $12,000 promissory… A: Interest expense accrued = Promissory note payable x rate of interest x months/12 Q: A company borrowed 20.000 TL from the bank signing a 9%, 3-month note on September 1. Principal and… A: >The adjusting entries are made at the end of period to provide for correct balances for various… Q: A business issued a 60-day, 10% note for $80,000 to a creditor on account. Journalize the entries to… A: In the above question we have asked to pass journal entries at the time of issuance of notes payable… Q: On January 1, Luther Co. issued a $1,000,000, 8%, 5-year installment note payable. The first note… A: Notes Payable:- It is a Current liability where one person is liable to pay and another one is… Q: On June 1, Davis Inc. issued an $81,200, 8%, 120-day note payable to Garcia Company Assume that the… A: Interest revenue = face value of not x rate of interest x No. of days / 360 days Q: At 31 December 20X5 the following require inclusion in a company's financial statements: On 1… A: Interest on loan=Loan amount×Rate=$12,000×2%=$240 Q: A company has a $5,000, 6%, 3-month note ceivable on its books that was issued May 1. ne amount of… A: The note receivable is the current asset for the business. The Accrued interest is the interest that… Q: On December 1, 20x1 a company borrowed P100,000 by signing a six-month note that specifies interest… A: Borrowing means where company has taken loan from outsider and pay interest and principal amount on… Q: On July 8, Jones Inc. issued an $66,300, 11%, 120-day note payable to Miller Company. Assume that… A: Accrued interest: Accrued interest is the outstanding interest expense in the accounting period as… Q: Reality Corporation borrowed $175,000 on April 1. The note requires interest at 12% and principal to… A: From April 1 to December 31 = 9 months Interest has been accrued for 9 months. Q: On November 1, Alan Company signed a 120-day, 12% note payable, with a face value of $19,800. What… A: Concept used: Q: Calculating Accrued Interest Likert Company received a 90 day, six percent note receivable for… A: Calculation of the accrued interest on December 31:Note: Number of days interest accrued from… Q: On October 1, Black Company receives a 6% interest-bearing note from Reese Company to settle a… A: Interest revenue = Accounts receivable * Rate of interest * Month / 12 Q: At year end, Rei company issued a P2,000,000 face amount note payable in exchange for services… A: Price of the bonds = Present value of principal + Present value of interest payments Q: On July 8, Jones Inc. issued an $71,300, 10%, 120-day note payable to Miller Company. Assume that… A: Definition: Accrued interest: Accrued interest is the outstanding interest expense in the… Q: On December 1, Daw Co. accepts a $34,000, 45-day, 9% note from a customer. (1) Prepare the year-end… A: Journal entry the process of recording the business transactions in the books of accounts for the… Q: Company K borrowed $10,000 on November 1. The note has an interest rate of 8% and a term of 120… A: Notes are a form of debt or loan for the business, on which it has to make regular interest… Q: On October 1, 2010, the company deposits 12.000 TL in a bank account for 1 year at 10%. Which entry… A: Interest Revenue = Deposit amount * Rate * Period Q: On July 8, Jones Inc. issued an $72,300, 7%, 120-day note payable to Miller Company. Assume that the… A: Solution: Jones Inc should recognize the interest expense for 23 days. = From July 8 to July 31= 23… Q: For each of the following situations, indicate the amount shown as current or long-term liability on… A: a) Long-term notes payable are similar to short-term interest-bearing notes payable except the term… Q: For each of the following situations, indicate the amount shown as current or long-term liability on… A: The current liability is the liability which is to be paid off within one year. Q: On October 1, 2010, the company deposits 12.000 TL in a bank account for 1 year at 10%. Which entry… A: Accrued revenues are those revenues which are earned but not received in the business. These are… Q: An analysis of a company's estimated liability account revealed the following information: Sales of… A: The warranty expense refers to the cost expected to be incurred for repair or replacement after the… Q: On July 1, 2021, a company loans one of its employees $27,000 and accepts a eight-month, 8% note… A: Click to see the answer Q: On December 1, 2021, Liang Chemical provides services to a customer for $90,000. In payment for the… A: Please find below all the journal entries - Q: Hadley Industries warrants its products for one year. The estimated product warranty expense is 4%… A: Estimated warranty liability = 4% of sales = $210000 x 4%… Q: A business issued a 120-day, 6% note for $10,000 to a creditor on account. The company uses a… A: Accounts payable (liability) of $10,000 have been issued a note of $10,000. This is done in order to… Q: On January 1, 2021, Nantucket Ferry borrowed $14,600,000 cash from BankOne and issued a four-year,… A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.… Q: Lachgar Industries warrants its products for one year. The estimated product warranty is 4% of… A: Estimated liabilities Under warranties = $210,000 x 4% Estimated liabilities Under warranties =… Knowledge Booster Learn more about Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below. Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual interest rate of 3.5%, due in 6 months. What journal entry is created when Jain honors the note? A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest Expense Everglades Consultants takes out a loan in the amount of $375,000 on April 1. The terms of the loan include a repayment of principal in eight, equal installments, paid annually from the April 1 date. The annual interest rate on the loan is 5%, recognized on December 31. (Round answers to the nearest cent, if needed.) A. Compute the interest recognized as of December 31 in year 1. B. Compute the principal due in year 1. Recommended textbooks for you Cornerstones of Financial Accounting ISBN:9781337690881 Author:Jay Rich, Jeff Jones Publisher:Cengage Learning Financial Accounting ISBN:9781337272124 Author:Carl Warren, James M. Reeve, Jonathan Duchac Publisher:Cengage Learning Principles of Accounting Volume 1 ISBN:9781947172685 Author:OpenStax Publisher:OpenStax College Quickbooks Online Accounting ISBN:9780357391693 Author:Owen Publisher:Cengage Intermediate Accounting: Reporting And Analysis ISBN:9781337788281 Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach Publisher:Cengage Learning Financial And Managerial Accounting ISBN:9781337902663 Author:WARREN, Carl S. Publisher:Cengage Learning, Cornerstones of Financial Accounting ISBN:9781337690881 Author:Jay Rich, Jeff Jones Publisher:Cengage Learning Financial Accounting ISBN:9781337272124 Author:Carl Warren, James M. Reeve, Jonathan Duchac Publisher:Cengage Learning Principles of Accounting Volume 1 ISBN:9781947172685 Author:OpenStax Publisher:OpenStax College Quickbooks Online Accounting ISBN:9780357391693 Author:Owen Publisher:Cengage Intermediate Accounting: Reporting And Analysis ISBN:9781337788281 Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach Publisher:Cengage Learning Financial And Managerial Accounting ISBN:9781337902663 Author:WARREN, Carl S. Publisher:Cengage Learning, |
On december 1 victoria company signed a 90 day 6
Copyright © 2024 toptenid.com Inc.
