Entries for notes payable Bennett Enterprises issues a $612,000, 30-day, 6%, note to Spectrum Industries for merchandise inventory. Assume a 360-day year. If required, round your answers to the nearest dollar.If an amount box does not require an entry, leave it blank. a.  Journalize Bennett Enterprises’ entries to record: the issuance of the note. the payment of the note at maturity. 1. Inventory  fill in the blank aff4bdfd404a000_2 fill in the blank aff4bdfd404a000_3   Notes Payable  fill in the blank aff4bdfd404a000_5 fill in the blank aff4bdfd404a000_6 2. Notes Payable  fill in the blank aff4bdfd404a000_8 fill in the blank aff4bdfd404a000_9   Interest Expense  fill in the blank aff4bdfd404a000_11 fill in the blank aff4bdfd404a000_12   Cash

Q: Cosimo Enterprises issues a $260,000, 45-day, 5% note to Dixon Industries for merchandise…

A: Requirement a 1:Journalize the entry to record the issuance of the note:

Q: Autumn Designs & Decorators issued a 120-day, 6% note for $76,800, dated April 13 to Zebra Furniture…

A: Maturity Value of the Note = Face Value + (Face Value * Interest rate * Days of Note / 360) Interest…

Q: (Accounts and Notes Payable) The following are selected 2017 transactions of Sean Astin…

A: Requirement (a) Prepare the journal entries:

Q: Entries for Notes Payable A business issued a 45-day, 6% note for $210,000 to a creditor on account.…

A: Notes payable are a promissory note and a negotiable instrument. In this one party agree to pay a…

Q: Cosimo Enterprises issues a $260,000, 45-day, 5% note to Dixon Industries for merchandise inventory.…

A: The entries to record journal entries in the books of Cosimo enterprises are as follows

Q: On August 1, Batson Company issued a 60-day note with a face amount of $47,400 to Jergens Company…

A: SOLUTION- BOND AND NOTES PAYABLE- BONDS AND NOTE PAYABLE ARE BOTH TYPE OF LOAN . BONDS ARE USUALLY…

Q: Entries for Discounted Note Payable A business issued a 30-day note for $48,000 to a creditor on…

A: Introduction: A note payable is a promissory note in writing. Under this agreement, a borrower…

Q: Autumn Designs & Decorators issued a 120-day, 9% note for $48,000, dated April 13 to Zebra Furniture…

A: Interest on Note = Face value of note x rate of interest x No. of days/360 days =48000*9%*120/360 =…

Q: I want answer for these questions with typing please. Thanks   On October 30, 2018, Muscat Co.…

A: Journalize the company’s purchase of merchandise, accrual interest expense on December 31, and the…

Q: Bennett Enterprises issues a $400,000, 90-day, 5% note to Spectrum Industries for merchandise…

A: Notes Payable - Notes Payable is the promissory notes issued by the supplier against promise to pay…

Q: Bennett Enterprises issues a $372,000, 60-day, 6%, note to Spectrum Industries for merchandise…

A: Interest on Notes = Face value of Notes x rate of interest x no. of days/360 = $372000*6%*60/360 =…

Q: Entries for Notes Receivable Autumn Designs & Decorators issued a 120-day, 5% note for $93,000,…

A: Computation of due date is as follows:

Q: Entries for Notes Receivable Autumn Designs & Decorators issued a 120-day, 5% note for $93,000,…

A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…

Q: A business issued a 90-day, 5% note for $24,000 to a creditor on account. The company uses a 360-day…

A: Total Interest = face value of notes x interest rate x no. of days/360 days = $24000*5%*90/360 =…

Q: June 23 Received a $48,000, 90-day, 8% note dated June 23 from Radon Express Co. on account. Sept.…

A: Note Receivable :- It is a written promise to receive money in the future date.  This amount…

Q: Autumn Designs & Decorators issued a 120-day, 5% note for $93,000, dated April 13 to Zebra Furniture…

A: Introduction: Journals: Recoding of a business transactions in a chronological order. First step in…

Q: Bennett Enterprises issues a $660,000, 45-day, 9%, note to Spectrum Industrièš för merchandls Assume…

A: Journal is the book of original entry in which all the transactions of the business are recorded…

Q: A business issued a 30-day, 7% note for $75,600 to a creditor on account. The company uses a 360-day…

A: In a journal entry for issuance of the note, the creditor will be debited, and the note payable will…

Q: Bennett Enterprises issues a $648,000, 60-day, 9%, note to Spectrum Industries for merchandise…

A: Definition:   Journal entry: Journal entry is a set of economic events which can be measured in…

Q: Journalize the following entries on the books of the borrower and creditor. (Assume a 360-day year…

A: Journal- It refers to the primary books of account under which entries/transactions are recorded in…

Q: A business issued a 90-day note for $57,000 to a bank. The note was discounted at 6%. Assume a…

A: Interest expense = Face value of Notes x rate of discount x No. of days /360 =57000*6%*90/360 = $855

Q: Journalize Laughlin Enterprises’ entries to record:

A: Record the entries in the books of L enterprise as follows: Resultant Table:

Q: Note Receivable Hasty and Tasty Foodservice received a 120-day, 8% note for $48,000, dated April 9,…

A: a.Calculation of due date of the note: Thus, August 7 will be the due date of the note.

Q: Entries for notes payable Bennett Enterprises issues a $432,000, 60-day, 8%, note to Spectrum…

A: Notes Payables issue: If a company wishes to acquire a loan from a lender or prolong payment terms…

Q: Entries for notes payable Bull City Industries is considering issuing a $100,000, 7% note to a…

A: Interest on Note = Principal * Interest rate * Time

Q: Entries for Notes Receivable Valley Designs issued a 90-day, 6% note for $48,000, dated April 17,…

A: Average due date: Due date is the date when the amount of bill is payable and the average due date…

Q: Bennett Enterprises issues a $580,000, 45-day, 6% note to Spectrum Industries for merchandise…

A:

Q: Ramsey Company issues an $550,000, 45-day note to Buckner Company for merchandise inventory. Buckner…

A: Given:Issue price of notes = $550,000Tim period = 45 daysBuckner’s discount rate = 4%As the rate of…

Q: Journalize the following entries on the books of Winston Co. for August 1, September 1, and November…

A: Interest expense = Notes payable x rate of interest x days/360 = $75000*6%*90/360 = $1,125

Q: Entries for Discounting Notes Payable Ramsey Company issues an $800,000, 45-day note to Buckner…

A: Journal entries in the Books of Ramsey's Company

Q: Entries for Notes Receivable Spring Designs & Decorators issued a 120-day, 4% note for $60,000,…

A: Answer a) Calculation of Maturity date of note Maturity date of note will be 120 days from April 13…

Q: Entries for Notes Receivable Valley Designs issued a 90-day, 8% note for $78,000, dated April 22,…

A: Notes receivable are a balance sheet item, that records the value of promissory notes and its refers…

Q: Ramsey Company issues an $800,000, 45-day note to Buckner Company for merchandise inventory. Buckner…

A: a) Prepare journal entry to be recorded by Ramsey

Q: 2 Notes Payable On December 1, 2019, Insto Photo Company purchased merchandise, invoice price…

A: Journal entry: A journal entry is a record of the business transactions within the accounting books…

Q: Bennett Enterprises issues a $384,000, 45-day, 7%, note to Spectrum Industries for merchandise…

A: Interest on Note = Face value x arte of interest x no. of days / 360 days = $384,000 x 7% x 45/360 =…

Q: Bennett Enterprises issues a $852,000, 60-day, 9%, note to Spectrum Industries for merchandise…

A: Notes payable can be defined as the long-term liabilities that a company owes its financiers such as…

Q: Journalize the selected transactions. Assume 360 days per year. Description choices are: Accounts…

A: The journal entries are prepared to record day to day transactions of the business on regular basis.…

Q: GreatJob Company buys and sells home appliances and uses the perpetual inventory system. The company…

A: Journal is the book of accounts where monetary transactions are recorded in the chronological order.…

Q: Entries for Discounting Notes Payable Ramsey Company issues an $800,000, 45-day note to Buckner…

A: Solution:- a) Journalize Ramsey’s entries to record as follows under:- Working note:- Interest…

Q: A business issued a 120-day, 15% note for $83,000 to a creditor on account. Journalize the entries…

A: Increase in assets should be debited and decrease in assets should be credited. Increase in…

Q: inventory system and the merchandise originally cost $31,000. On February 1, R. Mark gave Golden a…

A: Journals are the books of prime entry. All the transactions are recorded at the initial stage here…

Q: HANDOUT PROBLEM for CURRENT LIABILITIES I. Prepare journal entries for the following chronological…

A: Journal Entry Purpose of providing the journal entry to enter the required transaction in accordance…

Q: Pedroni Enterprises issues a $260,000, 45 day 5 % note to Zorzi Industries for merchandise inventory…

A: Note acts as a promissory note through which issuers promise to receiver that he or she will repay…

Q: Bennett Enterprises issues a $400,000, 90-day, 5% note to Spectrum Industries for merchandise…

A: Notes payable is a liability account in the balance sheet which can be classified as either…

Q: Bennett Enterprises issues a $480,000, 45-day, 9%, note to Spectrum Industries for merchandise…

A: Interest on Note = Face value of note x rate of interest x no. of days/360 = $480000 x 9% x 45/360 =…

Q: Entries for notes payable Bennett Enterprises issues a $684,000, 30-day, 6%, note to Spectrum…

A: Note payable :— Note Payable is Liability in nature. It represent Under Current Liabilities in the…

Q: Presented below is a list of possible transactions. 1.   Purchased inventory for $80,000 on account…

A: Accounting equation: Assets = Liabilities + Owners' equity

Q: Laughlin Enterprises issues a $130,000, 45-day, 6% note to Morrison Industries for merchandise…

A: Interest on Notes = Face value of note x rate of interest x no. of days / 360 days = $130,000 x 6% x…

Q: utumn Designs & Decorators issued a 120-day, 7% note for $65,400, dated April 13 to Zebra Furniture…

A: Answer a) The due date of note received will be 120 days from the date of issue of note (i.e., April…