Homework Answers
Answers
| Date | Accounts title | Debit | Credit |
| 01-Oct | Cash | $20,000 | |
| Notes Payable | $20,000 | ||
| (to record borrowing) | |||
| 31-Dec | Interest Expense | $600 | |
| Interest Payable ($ 20000 x 12% x 3/12) | $600 | ||
| (to record 3 months interest accrued) | |||
| 01-Apr | Notes Payable | $20,000 | |
| Interest Payable ($ 20000 x 12% x 3/12) | $600 | ||
| Interest Expense ($20000 x 12% x 3/12) | $600 | ||
| Cash | $21,200 | ||
| (to record honoring of note) |
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borrowed $20,000 from bank by signing 6-month, 12% note 10/1 12/31 adjusting entry 4/1 honored note
Leonard Fournette Limited borrowed $500,000 from the Jaguar National Bank by signing a 6-month, 12% annual...
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Sunland Company borrowed $50,400 on November 1, 2017, by signing a $50,400, 9%, 3-month note. Prepare...
Sunland Company borrowed $50,400 on November 1, 2017, by signing
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Date
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A company borrowed money from a bank by signing a three-month note payable in the amount of $15,000 on December 1. The note requires the company to pay interest at an annual rate of 8%. The company records adjusting entries on December 31. The adjusting entry that the company should record for accrued interest on December 31 would include a debit to interest expense for O $100. O $300. O $1,200 O $900. $160.
On June 1, Pearl Ltd borrows $20,000 from their bank by signing a 2 month, 12%, interest-bearing note. Prepare the necessary entries below associated with the note payable on the books of Pearl Ltd. Required: (a) Prepare the entry on June 1 when the note was issued. (b) Prepare any adjusting entries necessary on 30 June in order to prepare the monthly financial statements. Assume no other interest accrual entries have been made. (c) Prepare the entry to record payment...
Question 38 2 pts Rotten Company borrowed $50,000 from the bank by signing a 6%, 3-month note on September 1. Principal and interest are payable to the bank on December 1. If the company prepares monthly financial statements, the adjusting entry that the company should make for interest on September 30 would be T А 1 debit Cash, $750; credit Interest Payable. $750 debit Interest Expense, $3,000; credit Interest Payable, $3,000 debit Note Payable, $3,000 credit Cash, $3,000 debit Interest...
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a $50,400, 9%, 3-month note. Prepare Sunland’s November 1, 2017,
entry; the December 31, 2017, annual adjusting entry; and the
February 1, 2018, entry. (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
amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
11/1/17
12/31/17
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