Waleed Company had the following transactions involving notes payable.   Aug. 1, 2020 Borrows $200,000 from National Bank of Oman by signing a 9-month,   12% note. Dec. 1, 2020 Borrows $120,000 from Dhofar Bank by signing a 3-month, 10% note. Dec. 31, 2020 Prepares adjusting entries. March 1, 2021 Pays principal and interest to Dhofar Bank. May 1, 2021 Pays principal and interest to National Bank of Oman.   Instructions   Prepare journal entries for each of the transactions.

Q: On March 1, 2018, Bodie Co. accepted a $7,900 face value note as evidence of a loan it made to T…

A: Solution: Time period in 2018 = March 1 to Dec 31 = 10 months Face value of note = $7,900 Interest…

Q: Coronado Music Store borrowed $33600 from the bank signing a 10%, 3-month note on September 1.…

A: Working notes Monthly principal amount $33600 / 12 = 2800 Monthly interest  2800 * 10% = 280 When an…

Q: Sheffield Company had the following select transactions. Apr. 1, 2020   Accepted Goodwin Company’s…

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

Q: Whispering Winds Corp. had the following transactions involving notes payable. July 1, 2022 Borrows…

A: S No Account tittles and Explanation Amount Amount 01-Jul-19 cash  $       55,000        8%…

Q: On March 1, 2021, X Co. assigns $60,000 of its accounts receivable as a collateral for a loan from…

A: Interest = 47000* 1% = 470 Principal repayment = 10,000

Q: Bramble Corp. had the following transactions involving notes payable. July 1, 2019 Borrows 56,500…

A: Notes payable is a negotiable instrument signed by the promisor who agreed to pay a certain amount…

Q: Sunland Company had the following transactions involving notes payable. July 1, 2022   Borrows…

A: Note payable is a kind of loan which is repaid after certain period of time with specific rate of…

Q: On April 1, 2020, Rasheed Company assigns $400,000 of its accounts receivable to the Third National…

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

Q: Sheffield Corp. had the following transactions involving notes payable. July 1, 2020   Borrows…

A: Note payable is a written promissory note, under which the borrower promises to pay the lender a sum…

Q: On January 1, 2018, a business borrowed $18,000 on a five-year, 5% note payable. At December 31,…

A: Interest accrued on December 31, 2018 = Amount borrowed x rate of interest x period = $18,000 x 5% x…

Q: The Beatles Company only prepares financial statements on December 31, its year-end. The Beatles…

A: Balance sheet: Balance Sheet is one of the financial statements that summarize the assets, the…

Q: On August 31, 2018, BetsyTotten borrowed $1,000 from Iowa State Bank. Totten signed a note payable,…

A: Journal: Recording of a business transactions in a chronological order.

Q: Abardeen Corporation borrowed $136,000 from the bank on October 1, 2018. The note had an 7 percent…

A: Abardeen Corporation borrowed $136,000 from the bank on October 1, 2018. The note had an 7 percent…

Q: During 2021, LeBron Corporation accepts the following notes receivable. 1. On April 1, LeBron…

A: Meaning of Notes Receivable: It is an asset of company that includes a promissory note from another…

Q: . Prepare the journal entries of Clear Glass to record the preceding information, the related…

A: Discounting the note implies, the realization of a note amount for a discount before the due date of…

Q: On December 31, 2020, Sheridan Company has $5970000 of short-term notes payable due on February 14,…

A: ANSWER : Correct option is- $840,000.

Q: On April 1, 2020, NYC Corporation secures a loan with a finance company, using its accounts…

A: Formula: Finance charge amount = Receivable amount x % of charge

Q: On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $21 million cash…

A: Given information is: On August 1, 2021, Trico Technologies, an aeronautic electronics company,…

Q: On January 1, 2018, a business borrowed $15,000 on a five-year, 6% note payable. At December 31,…

A: On December 31, 2018, entry will be passed for booking of interest accrued for the year 2018.…

Q: C.S. Lewis Company had the following transactions involving notes payable. July 1, 2012 Borrows…

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

Q: Arvan Patel is a customer of Bank’s Hardware Store. For Mr. Patel’s latest purchase on January 1,…

A: Total interest on Note = face value of note x rate of interest x no. of years = $459,505 x 14% x 2…

Q: On September 1, 2021, Middleton Corp. lends cash and accepts a $1,200 note receivable that offers 6%…

A: Interest revenue for the period from September 1, 2021 to December 31, 2021 will be recognized in…

Q: Skysong, Inc. had the following transactions involving notes payable. July 1, 2022   Borrows…

A: Interest accrued on Dec. 31, 2022 = (52500*8%*6/12)+(63000*6%*2/12) = $2100 + 630  = $2730

Q: Keesha Company borrows $115,000 cash on November 1 of the current year by signing a 180-day, 11%,…

A: Introduction: A promissory note, also known as a note, is a written promise to pay a sum of money at…

Q: How much cash did Thunder Company receive from the bank? *

A: Given information is: On September 1, 2020, Thunder Company received an P80,000, 12%, 120-day note…

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: On April 1, Ringo Company borrowed $20,000 from its bank by issuing a 9%, 12-month note, with the…

A: Under such type of loan arrangement as in the given case, the borrower obtains certain amount of…

Q: The company obtained a loan from bank amounting to P7,500,000 on November 1, 2020. On the same date,…

A: Accrued Interest Expenses:-These are those expenses that have been incurred but yet not paid. These…

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

A: Notes payable: It is an instrument where the borrower borrows the money from the lender and issues…

Q: OJO Company obtained a loan from a Rural Bank for P420,000 on November 16, 2020. On the same date,…

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…

Q: Sombrero Inc. provided the following information on December 31, 2021: Accounts payable... Bank note…

A: Current liability:  It is the  obligations  that are due and is to be paid to creditors within one…

Q: Travel borrowed $33,000 on September ​1, 2018​, by signing a​ one-year note payable to State One…

A: Given that, loan amount = $33000 date of borrowal = 1 Sep 2018 Interest payment for 3 months = $355

Q: On January 1, 2018, a business borrowed $18,000 on a five-year, 5% note payable. At December 31,…

A:

Q: ds to Ralph Kremer, Inc., receiving a $ 36,000, 90-day, 6% note. 16 Received a $ 21,600, 180…

A: A journal entry is a record of a commercial transaction in an organization's accounting system.When…

Q: On January 1, 2018, a business borrowed $18,000 on a five-year, 5% note payable. At December 31,…

A:

Q: On November 1, 2021, a firm issues a $10,000 6% 6-month note payable. Interest is paid with the…

A: Adjusting Entry – Adjusting Entries are the entries that make the accrual principle work for the…

Q: Gallery located in Maine produces journals and photo albums. On May 1, 2021, G borrowed $250,000…

A: Accrued interest on Dec 31, 2021 = Face value of Note x rate of interest x No. of months/12 =…

Q: Assuming the customer’s borrowing rate is 5%, prepare all journal entries for 2019 and 2020 under…

A: At first, we will find out the present value of the note payable.

Q: On February 1, 2021, a company loans one of its employees $21,000 and accepts a nine-month, 8% note…

A: Interest = Principal x rate of interest x no. of months/12 months

Q: On October1, 2020 Sue's Carpet Service borrows $ 125.000from the Bank on a 3-month, $ 125.000, 8%…

A: Given: Amount borrowed = $125,000 Period = 3 months Rate = 8%

Q: Ayayai Supply Co. has the following transactions related to notes receivable during the last 2…

A: A journal entry is a record of a company's financial activities kept in its accounting books. The…

Q: On June 1, 2018, Bodie Co. accepted a $9,300 face value note as evidence of a loan it made to T…

A: Solution: Interest revenue will be recognized in 2018 will be interest for 7 months that is from…

Q: Swifty Company had the following select transactions. Apr. 1, 2020   Accepted Goodwin Company’s…

A: Journal entries refers to the systematic documentation of the financial transactions of a company in…

Q: On June 1, Granulite Inc borrows $150,000 from the bank by signing a 2-month, 2.0% bank loan.…

A: Journal Entries - It refers to the primary books of accounts in which transactions are recorded in…

Q: ,000 on November 1, 2020. On the same date, the company issued a 60 day, 12% promissory note to the…

A: When the interest expense is accrued for the period, it becomes an obligation and is transferred to…

Q: . Lewis Company had the following transactions involving notes payable. July 1, 2014 Borrows…

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

Q: During 2021, Wildhorse Co. borrowed cash from Sandhill Co. by issuing notes payable as follows: 1.…

A: Maintenance of books of account is very important for a business organisation. This process is known…