Accounts Debit (Peso) Credit (Peso) Notes Payable, due after 10 years Prepaid Rent Chen, Capital Cash Allowance for Doubtful Accounts Property and Equipment 477 850.00 90 900,00 960 250.00 27 700.00 5 800.00 1 230 000.00
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- LO 8-3 E8-10 Recording Notes Receivable Transactions, Including Accrual Adjustment for Interest domic The following transactions took place for Smart Solutions Inc. 2020 a. July 1 b. Dec. 31 2021 c. July 1 250 06 Loaned $70,000 to employees of the company and received back one-year, 10 percent notes. shunt at las Accrued interest on the notes. d. July 1 berupa wollReceived interest on the notes. (No interest has been recorded since December 31.) ele St Received principal on the notes. noxidoa bed to Jouons tedW oli ni songly Bubanu adi 11 sqx mis bs& lo tuoms isrw Required: Prepare the journal entries that Smart Solutions Inc. would record for the above transactions.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 thehonored note at maturity date?A. Interest Revenue, Interest Expense, CashB. Interest Receivable, Cash, Notes ReceivableC. Interest Revenue, Interest Receivable, Cash, Notes ReceivableD. Notes Receivable, Interest Revenue, Cash, Interest ExpenseTB Problem 7-170 (Algo) Cordova, Incorporated, reported the following... Cordova, Incorporated, reported the following receivables in its December 31, 2023, year-end balance sheet: Current assets: Accounts receivable, net of $50,000 in allowance for uncollectible accounts Interest receivable Notes receivable Additional information: 1. The notes receivable account consists of two notes, a $100,000 note and a $280,000 note. The $100,000 note is dated October 31, 2023, with principal and interest payable on October 31, 2024. The $280,000 note is dated March 31, 2023, with principal and 8% interest payable on March 31, 2024. 2. During 2024, sales revenue totaled $2,100,000, $1,960,000 cash was collected from customers, and $39,000 in accounts receivable were written off. All sales are made on a credit basis. Bad debt expense is recorded at year-end by adjusting the allowance account to an amount equal to 8% of year-end gross accounts receivable. Required: 1. In addition to sales revenue,…
- C. Complete the following table: Value of the Deposit Mathematical Expression Used to Deposit Deposit Amount How long it will be in the account After 5 Years Find this Value 1 $350 59 months 469.74 350(1.005)" $350 58 months 350(1.005)* 467.41 $350 57 months 350(1.005)*7 3 465.08 2 months 350(1.005) 58 $350 354.50 1 month 350(1.005)' 59 $350 351.75 60 $350 O month 350 350(1.005)° d. We could find the value of the account after 5 years by adding all the values in the 4th column (if we actually extended the entire table. Why would we not want to do this? e. Use the last column to find the value of the account after 5 years. f. How much interest did Jack earn from the bank in these 5 years? g. If Jack kept saving what would the value of his account be after 10 years ? How can we adjust our answer to question e to answer this question? ..The following is the PT ABC Balance Sheet PT ABCTrial balance31 December 200X Debit (Rp) Credit (Rp) Long Term Notes Payable 155.750.000 Interest expense 13.470.000 Adjustment Data: 1.There is an installment of Rp 9,000,000 for long-term notes due next year Required: Make an adjusting entry to the account in question!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
- Which of the following accounts are used when a short-term note payable with 5% interest is honored (paid)? A. short-term notes payable, cash B. short-term notes payable, cash, interest expense C. interest expense, cash D. short-term notes payable, interest expense, interest payableYou are given the following account summary: Balance Deposit Withdrawal 1,000 1,020 1,110 Time January 1 March 1 60 100 December 31 1,050 The dollar-weighted rate of return is 8.85296, Find the date T. a. July 1 O b. August 1 C. June 1 d. October 1 e. September 1Problem 4-10 (AICPA Adapted) Rapture Company had the following information for eurrent year relating to accounta receivable: 13000 50000 4.750.000 125.000 Accounts receivable, January 1 Credit eales Collectiona from customers, excluding recovery Accounta written off Collection of accounta written off in prior year. customer credit waa not reestablished Eatimated uncollectible receivables per aging at December 31 25.000 165 000 What is the balance of accounta receivable, before allowane for doubtful accounts, on December 317 a. 1,825,000 b. 1,850,000 c. 1,950,000 d. 1,990,000
- Calculate the missing information on the revolving credit account. Interest is calculated on the unpaid or previous month's balance. (Round dollars to the nearest cent.) Monthly Payments and Credits Annual Finance Purchases New Balance Previous Periodic and Cash Advances Percentage Charge (in $) Balance Rate Rate (APR) (in $) (as a %) $1,025.61 % 1% $ $322.20 $400.00 $The interest on a $3,000, 10%, 180-day note receivable is (assume 360 days per year) O $150 O $3.300 O $300 $3000 Onmi ERCO DUTOon March 1, 20x1 Nick Co. issued a P6000, 12%note dated January 1, 20x1 in exchange an outstanding account payable of P6,000. The principal and the 6-month interest on the nore due on July 1, 20x1. On initial recognition, which of the following acounts increased? a. Prepaid Interest b. interest payable c. discount on nte payable d. interest expense
