On February 1, 2022, Hoya Kentinana Co. owed money to it’s supplier, the money tree, Inc. in the amount of $1,200. Hoya knows it will not be able to pay the amount by the invoice due date of 2/15, s it asks to issue a 2 month note payable to the money tree for the amount due. The money tree accepts, and Hoya’s entry will include a credit to which account? Cash Note payable accounts receivable interest expense
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On February 1, 2022, Hoya Kentinana Co. owed money to it’s supplier, the money tree, Inc. in the amount of $1,200. Hoya knows it will not be able to pay the amount by the invoice due date of 2/15, s it asks to issue a 2 month note payable to the money tree for the amount due. The money tree accepts, and Hoya’s entry will include a credit to which account?
Cash
Note payable
accounts receivable
interest expense
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- Grandview, Incorporated uses the allowance method. At December 31, 2021, the company's balance sheet reports Accounts Receivable, Net in the amount of $27, 200. On January 2, 2022, Grandview writes off a $ 2,400 customer account balance when it becomes clear that the customer will never pay. What is the amount of Accounts Receivable, Net after the write-off? a $27, 200 b $2,400 c $29, 600 d $24, 800On October 1, 2025, Sheffield, Inc. assigns $1,160,700 of its accounts receivable to Tamarisk National Bank as collateral for a $747,900 note. The bank assesses a finance charge of 3% of the receivables assigned and interest on the note of 9%. Prepare the October 1 journal entries for both Sheffield and Tamarisk. (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 the amount is entered. Do not indent manually. List all debit entries before credit entries.)During 2021, LeBron Corporation accepts the following notes receivable. 1. On April 1, LeBron provides services to a customer on account. The customer signs a fourmonth, 9% note for $7,000. 2. On June 1, LeBron lends cash to one of the company’s vendors by accepting a six-month, 10% note for $11,000. 3. On November 1, LeBron accepts payment for prior services by having a customer with a past-due account receivable sign a three-month, 8% note for $6,000. Required: Record the acceptance of each of the notes receivable.
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