Homework Answers
Correct answer--------------Debit notes payable $9600, debit interest expense $112, Credit cash $9712
Working
Entry will look like this
| General Journal | Debit | Credit |
| Notes payable | $ 9,600 | |
| Interest expense ((9600 x 7%)/360 x 60) | $ 112 | |
| Cash | $ 9,712 |
Interest will be for 60 days . Cash paid includes notes payable liability and interest accrued on note.
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Help Save & Exit On April 12, Hong Company agrees to accept a 60-day, 7%, $9,600...
On April 12, Hong Company agrees to accept a 60-day, 7%, $9,600 note from Indigo Company...
On April 12, Hong Company agrees to accept a 60-day, 7%, $9,600 note from Indigo Company to extend the due date on an overdue account. What is the journal entry that Indigo Company would make, when it records payment of the note on the maturity date? (Use 360 days a year.)
On April 12, Hong Company agrees to accept a 60-day, 10%, $6,500 note from Indigo Company...
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what is the correct answer? with explanation On April 12, Hong Company agrees to accept a...
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what is the correct answer?
with explanation
On April 12, Hong Company agrees to accept a 60-day, 10%, $5,500 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 O Debit Accounts Payable $5,500, credit Notes Payable $5,500 O Debit Notes Payable $5,500, credit Accounts Payable $5,500. O Debit Accounts Receivable $5,500, credit Notes Payable $5,500 O Debit Cash $5,500; credit...
I am doing 5700*10%*60/360 but keep getting the wrong
numbers
14 Ch.9 &10 (90 min.) i Help Save & Exit On April 12. Hong Company agrees to accept a 60 day, 8%, $5,700 note from Indigo Company to extend the due date on an overdue account. What is the journal entry that Indigo Company would make, when it records payment of the note on the maturity date? (Use 360 days a year.) Multiple Choice ESTE O Debit Notes Payable $5,700,...
above are all the drop down options for the fill
in
Help Save & Exit Sub Merry Maidens Cleaning generally charges $270 for a detailed cleaning of a normal size home. However, to generate additional business, Merry Maidens is offering a new customer discount of 10%. On May 1, Ms. E. Pearson has Merry Maidens clean h and pays cash equal to the discounted price. Required: Record the revenue earned by Merry Maidens Cleaning on May 1. (If no entry...
17) Jasper makes a $89,000, 90-day, 7% cash loan to Clayborn Co. Jasper's entry to record the transaction should be: A) Debit Notes Receivable for $89,000; credit Cash $89,000. B) Debit Notes Payable $89,000: credit Accounts Payable $89,000. C) Debit Accounts Receivable $89,000; credit Notes Receivable $89,000. D) Debit Notes Receivable $89.000; credit Sales $89,000. E) Debit Cash $89,000; credit Notes Receivable for $89,000. 18) Jasper makes a $50,000, 90-day, 9,0% cash loan to Clayborn Co. Jasper's entry to record...
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