Notes Payable Prepare the necessary journal entries for the following transactions: (a)​On September 1, Lore Company borrowed $150,000 from National Bank on a 6-month, 8% note. (b)​On December 31, Lore Company accrued interest (assume adjusting entries are only made at the end of the year).

Q: Sunland Company borrows $47,600 on July 1 from the bank by signing a $47,600, 13%, one-year note…

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

Q: On November 7, Mura Company borrows $150,000 cash by signing a 90-day, 10%, $150,000 note payable.…

A: Accrued interest is the term of accounting which states the interest amount that has been incurred…

Q: onita Company borrows $39,000 on July 1 from the bank by signing a $39,000, 8%, one-year note…

A: Solution a: journal entry to record the proceeds of the note: Accounts title Debit Credit Cash…

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 February 1, Year 1, a company with an August 31 fiscal year-end takes out a five-year, $6,000,000…

A:

Q: adjusting entry should be made

A: Interest revenue = Amount of note receivable * Rate of interest * Number of months expired/12 months…

Q: On June 1, Bramble Company borrows $85,500 from First Bank on a 6-month, $85,500, 8% note. 1.Prepare…

A: A note payable is a promissory note issued by the company for raising an amount of money. A fixed…

Q: On November 1, Bahama Cruise Lines borrows $3.1 million and issues a six-month, 9% note payable.…

A: Journal entry:-Way of recording any transaction of a company with debit and credit side. It works on…

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: The following selected transactions relate to liabilities of Company A. Company A's fiscal year ends…

A: From February 1 to May 1 = 3 months So the interest on the note is due for 3 months on May 1.

Q: On December 1, Williams Company borrowed $50,000 cash from Second National Bank by signing a 90-day.…

A: Note payable is a form of debt taken by the company on which business has to pay interest on…

Q: Lyon County Bank agrees to lend the Grimwood Brick company $100,000 on January 1. Grimwood Brick…

A: Adjusting entries are prepared at the end of the accounting period in order to ensure the accrual…

Q: On October 1, 2010, the company deposits 36.000 TL in a bank account for 1 year at 5%. Which entry…

A: Step 1 Calculation of Accrued Interest revenue for 3 months                 Accrued Interest for…

Q: ABC Company borrows money under various loan agreement involving notes discounted and notes…

A: As per accrual basis of accounting, all expenses and incomes of the business for the particular…

Q: 20Y7 Dec. 7. Received from Unitarian Clothing and Bags Co., on account, a $60,000, 60-day, 7% note…

A: Interest = Amount of notes receivables * Rate of interest * number of days / 360 Number of days from…

Q: Selected accounts from WooHoo Company's adjusted trial balance for the year ended December 31…

A: Liabilities Section of classified balance sheet   Liabilities due and payable within one year are…

Q: Listen Admire County Bank agrees to lend Givens Brick Company $600,000 on January 1. Givens Brick…

A: ADJUSTING ENTRIES REFERS TO A SET OF JOURNAL ENTRIES RECORDED TO HAVE AN UPDATED AND ACCURATE…

Q: A company purchased a certificate of deposit (a short-term investment that pays interest to the…

A:

Q: Wildhorse Co. borrows $68,400 on July 1 from the bank by signing a $68,400, 8%, 1-year note payable.…

A: Interest accrued on dec 31 = face value of note x rate of interest x 6/12 = $64,800  x 8% x 6/12 =…

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: QUESTION 1 On March 1, ABC Corporation invests $75,000 in a 9-month Certificate of Deposit (CD) that…

A: Adjusting entries are often made at the end of an accounting period. However, depending on the…

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: -21. Received from McKenna Outer Wear Co., on account, a $72,000, 60-day, 9% note dated November 21…

A: Journal entry         Date account and explanation Debit Credit Nov 21,2013 Notes receivable…

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: Required information (The following information applies to the questions displayed below.) On…

A: January 1::Issue of note payable.... Assets Cash=Liability Note payable.. Cash Account…

Q: On December 1, Daw Co. accepts a $10,000, 45-day, 6% note from a customer. (1) Prepare the year-end…

A: Accrued interest = Face value of notes x rate of interest x no. of days in calendar year/ 360 days…

Q: C.S. Carla Vista Company had the following transactions involving notes payable. July 1, 2022…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: need help with 1D, Feb 14.! Received Todd’s payment of principal and interest on the note dated…

A: As per the accrual principal, revenue and expenses need to be accounted in the period in which they…

Q: A firm borrowed USD 30,000 on November 1 signing an interest-bearing note due in 90 days. The annual…

A: Adjusting journal entry are those entries which are recorded at the end of the year to make…

Q: Jesse Company adjusts its accounts monthly and closes its accounts on December 31. On October 31,…

A: Notes Payable: Notes Payable refers to a liability where a borrower records a written promise to…

Q: On September 1, 2021, Alled Moving Corp. borrows $90,000 cash from First National Bank. Alled signs…

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

Q: Harper Company lends Hewell Company $64,800 on March 1, accepting a four-month, 8% interest note.…

A: Interest Receivable A/C dr. $200 Interest A/C credit $200 Interest Receivable is an asset and when…

Q: On December 1, Daw Co. accepts a $10,000, 45-day, 6% note from a customer. (1) Prepare the year-end…

A: Given information is: Value of note = $10000 Period = 45 days Interest rate = 6% Interest revenue on…

Q: Journalize the following transactions of Trapper Jon’s Productions. Assume 360 days in a year. If an…

A: Interest accrued on Note = Face value of notes x rate of interest x No. of days/360 days =…

Q: The following transactions are from Ohlm Company. (Use 360 days a year.)   Year 1 Dec.   16…

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

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: Issuing Notes Payable On September 30, Bello International borrows $320,000 from Chase Bank with a…

A: Prepare journal entry:

Q: 7. )River Ridge Music School borrowed $30,000 from the bank signing a 6%, 6-month note on November…

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

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

A: Interest on notes = Notes payable x rate of interest x days/360 = $210,000*6%*45/360 = $1,575

Q: On December 1, Daw Co. accepts a $28,000, 45-day, 6% note from a customer. (1) Prepare the year-end…

A: The journal keeps the record of transactions in the form of debit and credit. The assets and…

Q: Ivanhoe Company borrows $48,000 on July 1 from the bank by signing a $48,00O, 14%, 1-year note…

A: Bonds are considered a financial instrument used to raise finance for the organization. It is also…

Q: On October 1, Black Company receives a 4% interest bearing note from Reese Company to settle a…

A: Accounts receivable = $19400 Periods remaining in the current year = 3 months Interest rate = 4% per…

Q: The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1 December 16 Accepted…

A: 1. Interest Recognition - Interest is the income earned by the issuer of the notes on the account.…

Q: On June 1, Sunland Company borrows 108,000 from First Bank on a 6 month, $108,000, 8% note.…

A: Journal entry: It is also called as book of original entry. All financial transactions occurred in a…

Q: On March 1, the Garner Corporation borrowed $75,000 from the First Bank of Midlothian on a 1-year,…

A: Calculate interest expense:Interest expense = Notes payable * Interest rate * Time periodInterest…

Q: On December 1, Daw Company accepts a $46,000, 45-day, 9% note from a customer. (1) Prepare the…

A: Solution: In case of Note receivable, Interest is accrued at the period period for the fraction of…

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

A: A journal entry is used to record day-to-day transactions of the business by debiting and crediting…