oftWEivable/Notes Payable X b JOURNAL ENTRIES (NOTE ISSUEL X +moodle.cw.edu/mod/quiz/attempt.php?attempt3=56737&cmid%3733537Graphics has the following notes payable transactions. Record these transactions ineneral journal.July 5lssued a $3,500 note to Roma Ceramic Inc. The 10%, 60-day note is in fullpayment of an account payable.9Borrowed $5,000 from the bank sighing a 6%, 90-day note.11Paid $500 cash and issued a $2,000, 8% 30-day note to Design Center inpayment of an account payable.Aug. 5Borrowed $3,600 for 30 days from the bank on a non-interest-bearing note.The discount rate is 10%.Sept. 3Paid the principal and interest due on the $3,500 note to Roma Ceramic Inc.Oct. 3Paid the interest due on the $5,000 note to the bank and renewed theprincipal for 30 days at 7%.GENERAL JOURNALPage 1PostDateDescriptionRef.DebitCreditbecause we are The Colle10mdioplayyas

Note: In the given question it is assume that there is 360 days in a year.

Answered: oft WE ivable/Notes Payable X b JOURNAL…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter17: Accounting For Notes And Interest

Section: Chapter Questions

Problem 3CE

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Note receivable Prefix Supply Company received a 120-day, 7% note for $84,000, dated April 12 from a customer on account. Assume 360-days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note. $ c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. E
Use the journals provided in the assignment file to journalize the notes receivable transactions below. Nov. 2 - Received cash for the maturity value of a notes receivable for $400.00 plus $15.00 interest. Receipt 49 Nov. 10 - Accepted a 60-day, 9% note from Paula Jones for an extension of time on her account, $2,000.00. Note NR13 Nov. 20 - Accepted a 90-day, 8% note from George Robbins for an extension of time on his account, $3,000.00. Note NR14 Nov. 27 - Received cash for the maturity value of a notes receivable for $1,000.00 plus $30.00 interest. Receipt 51
TB MC Qu. 07-134 (Algo) On July 9, Mifflin Company receives... On July 9, Mifflin Company receives a $10,200, 90-day, 6% note from customer Payton Summers to replace an account receivable. What entry should be made by Mifflin on July 9 to record receipt of the note? Multiple Choice Debit Notes Receivable $10,402; credit Interest Revenue $202; credit Accounts Receivable-P. Summers $10,200. Debit Accounts Receivable-P. Summers $10,200; credit Sales $10,200. Debit Notes Receivable $10,200; credit Sales $10,200. Debit Notes Receivable $10,200; credit Accounts Receivable-P. Summers $10,200. ( Prev 10 of 20 Next > 1069 MAR 15 éty MacBook Air F2 F3 F4 ES F6 F7 F8 %23 24 3 4 6 7 8.
Note Receivable Maggiano Supply Company received a 120-day, 6% note for $420,000, dated June 12, from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note.$ c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Cash Notes Receivable Interest Revenue
Entries for Notes Receivable Autumn Designs & Decorators issued a 120-day, 5% note for $93,000, dated April 13 to Zebra Furniture Company on account. Assume a 360-day year when calculating interest. a. Determine the due date of the note. b. Determine the maturity value of the note.$fill in the blank 28a784fcdfa8f9b_2 c1. Journalize the entry to record the receipt of the note by Zebra Furniture. If an amount box does not require an entry, leave it blank. fill in the blank 6f2377033fbef92_2 fill in the blank 6f2377033fbef92_3 fill in the blank 6f2377033fbef92_5 fill in the blank 6f2377033fbef92_6 c2. Journalize the entry to record the receipt of payment of the note at maturity. If an amount box does not require an entry, leave it blank. fill in the blank c12f99fe5012fd4_2 fill in the blank c12f99fe5012fd4_3 fill in the blank c12f99fe5012fd4_5 fill in the blank c12f99fe5012fd4_6 fill in the blank c12f99fe5012fd4_8…
Journalize the following transaction: Mar. 1 Received a 60-day, note for $24, 000 dated today from Toy Co. on account Apr. 30 Received amount due on note above. Apr. 30 Received a 90-day , 10% note for $4,800, dated April 30, from Bear Co. on account. May 10 Discounted the note dated April 30 at Third National Bank at a discount rate of 10%.
Rosen Company receives a $9,000, 3-month, 6% promissory note from Bay Company in settlement of an open accounts receivable. What entry will Rosen Company make upon receiving the note? Group of answer choices DR Notes Receivable 9,000; CR Accounts Receivable—Bay Company 9,000 DR Notes Receivable 9,135; CR Accounts Receivable—Bay Company 9,000; CR Interest Revenue 135 DR Notes Receivable 5,000; DR Interest Receivable 135; CR Accounts Receivable—Bay Company 9,000; CR Interest Revenue 135 DR Notes Receivable 9,135 ; CR Accounts Receivable—Bay Company 9,135
Entries for Notes Receivable Autumn Designs & Decorators issued a 120-day, 6% note for $30,000, dated April 13 to Zebra Furniture Company on account. Assume a 360-day year when calculating interest. Question Content Area a. Determine the due date of the note. b. Determine the maturity value of the note.$fill in the blank 9a5f4f073f8df8f_2 Question Content Area c1. Journalize the entry to record the receipt of the note by Zebra Furniture. If an amount box does not require an entry, leave it blank. blank Notes Receivable Notes Receivable Accounts Receivable-Autumn Designs Decorators Accounts Receivable-Autumn Designs Decorators Question Content Area c2. Journalize the entry to record the receipt of payment of the note at maturity. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - - Select - - Select -
Tamarisk, Inc. receives a $10500, 3-month, 8% promissory note from Nash's Trading Post, LLC in settlement of an open accounts receivable. What entry will Tamarisk, Inc. make upon receiving the note? A.Notes Receivable 10500 Accounts Receivable-Nash's Trading Post, LLC 10500 B.Notes Receivable 10500 Interest Receivable 210 Accounts Receivable-Nash's Trading Post, LLC 10500 Interest Revenue 210 OC.Notes Receivable 10710 Accounts Receivable-Nash's Trading Post, LLC 10710 D.Notes Receivable 10710 Accounts Receivable-Nash's Trading Post, LLC 10500 Interest Revenue 210
On April 12, Hong Company agrees to accept a 60-day, 10%, $6,100 note from Indigo Company to extend the due date on an overdue accounts payable. What is the journal entry needed to record the transaction by Indigo Company? Multiple Choice 28 Debit Notes Payable $6,100; credit Accounts Payable $6,100. Debit Accounts Payable $6100; credit Notes Payable $6,10. Debit Accounts Recelvable $6,100; eredit Notes Payable $6,100. Debit Sales $6,100; credit Notes Payable $6,100. Debit Cash $6,100: credit Notes Payable $6,100.
14 Accepted a 60-day, 9% note for $62,400 from Dry Creek Co. on account Apr. 3 Received the interest due from Trina Gelhaus and a new 120-day, 10% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account Use a compound journal entry with debits belore credits) May 11 Received from Bradford & Co. the amount due on the note of March 12. 13. Dry Creek Co. dishonored its note dated March 14. July 12 Received from Dry Creek Co. the amount owed on the dishonored note, plus interest for 60 days at 12% computed on the maturity value of the note Aug 1. Received from Trina Gelhaus the amount due on her note of April 3. Oct 5 Sold merchandise on account to Halloran Co, $14,900 The cost of the merchandise sold was $8.940 15 Received from Halloran Co. the amount of the invoice of October 5 Required: Journalize the entries to record the transactions Refer to the Chart of Accounts for exact wording of account tiles Assume a 360-day year w…

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