Homework Answers
| Accounts and Explanation | Debit | Credit |
| Cash | $5,010.75 | |
| Discount on Note Receivable | $114.75 | |
| Interest Income | $25.50 | |
| Note Receivable | $5,100.00 | |
| Working | ||
| Maturity Value | $5,100 | |
| $5,000 + ($5,000 × 0.12 × 60/360) | ||
| Discount | $89.25 | |
| ($5,100 × 0.14 × 45/360) | ||
| Proceeds | $5,010.75 | |
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Exercise 16.6 Recording receipt of a note receivable and subsequent discounting of the note. LO 16-7...
Check m 3. Problem 16.5A Recording the receipt, discounting, and payment of notes receivable. LO 16-3,...
Check m 3. Problem 16.5A Recording the receipt, discounting, and payment of notes receivable. LO 16-3, 16-4, 16-6, 16-7 25 points On May 16, 2019, Safeway Company received a 90-day, 8 percent, $6,200 interest beraring note from Black Company in settlement of Black's past-due account. On June 30, Safeway discounted this note at Fargo Bank and Trust. The bank charged a discount rate of 13 percent. On August 15, Safeway recelved a notice that Black had paid the note and...
bn June 3, 2019, Alaska State Company received a $5,400, 45-day, 12 percent note from Samuel...
bn June 3, 2019, Alaska State Company received a $5,400, 45-day, 12 percent note from Samuel Adams, a customer whose account was past due. If Samuel Adams dishonored the note receivable discounted by Alaska State, assuming the bank deducted the maturity value of the dishonored note plus a $40 service charge from Alaska State's bank account on the due date of the note. Record entry for dishonor of Samuel Adams discounted note. Note: Enter debits before credits. Date General Journal...
CHECK MY WOK On June 3, 2019, Alaska State Company received a $5,400, 45 day, 12...
CHECK MY WOK On June 3, 2019, Alaska State Company received a $5,400, 45 day, 12 percent note from Samuel Adams, a customer whose account was past due. If Samuel Adams dishonored the note receivable discounted by Alaska State, assuming the bank deducted the maturity value of the dishonored note plus a $10 service charge from Alaska State's bank account on the due date of the note. Prepare the entries in general journal form that Alaska State Company would make...
On May 16, 2016, Reliable Company received a 90-day, 8 percent, $6,600 interest-bearing note from White...
On May 16, 2016, Reliable Company received a 90-day, 8 percent, $6,600 interest-bearing note from White Company in settlement of White's past-due account. On June 30, Reliable discounted this note at Fargo Bank and Trust. The bank charged a discount rate of 13 percent. On August 15, Reliable received a notice that White had paid the note and the interest on the due date. Prepare the entries in general journal form to record these transactions. (Use 360 days a year....
On May 16, 2019, Safeway Company received a 90-day, 9 percent, $6,000 interest-bearing note from Black...
On May 16, 2019, Safeway Company received a 90-day, 9 percent,
$6,000 interest-bearing note from Black Company in settlement of
Black's past-due account. On June 30, Safeway discounted this note
at Fargo Bank and Trust. The bank charged a discount rate of 14
percent. On August 15, Safeway received a notice that Black had
paid the note and the interest on the due date.
Required: Prepare the entries in general journal form to record
these transactions.
Analyze: If the company...
Recording Entries for the Discounting of a Note Receivable Aerobic Sports Company completed the following 2020...
Recording Entries for the Discounting of a Note
Receivable
Aerobic Sports Company completed the following 2020 transactions
related to a note receivable.
Prepare the journal entries, including any interest earned, that
Aerobic Sports Company should make on February 1, 2020, and March
1, 2020.
Note: Round your answers to the nearest whole
dollar.
a. February 1, 2020—Received a $520,000, 9%, interest-bearing,
six-month note from Temple Company for land that had a carrying
value of $156,000.
. INILUTY LULU ILIVU T...
The notes receivable held by the Tuttle Company on August 3, 2019, are summarized below. On...
The notes receivable held by the Tuttle Company on August 3, 2019, are summarized below. On August 4, 2019, Tuttle discounted all of these notes at Community Bank and Trust at a discount rate of 12 percent. Note No. Date Face Amount Period Interest Rate 31 Apr. 4, 2019 $ 33,000 6 months 10 % 32 June 11, 2019 17,100 120 days 7 % 33 July 31, 2019 14,800 60 days 12 % Required: Compute the net proceeds received from...
8 On October 29, 2019, the Berkeley Company accepted a 60-day, 9 percent note from Devon...
8 On October 29, 2019, the Berkeley Company accepted a 60-day, 9 percent note from Devon Reed in settlement of his past- due account for $22,000. On November 28, Berkeley Company discounted the note at the Security Bank. The bank charged a discount rate of 12 percent. 1. What is the maturity date of the note? 2. What is the maturity value of the note? (Assume 360 days in a year. Do not round Intermediate calculations.) 3. How many days...
Exercise 7-14 Honoring a note LO P4 Following are transactions for Vitalo Company Nov. 1 Accepted...
Exercise 7-14 Honoring a note LO P4 Following are transactions for Vitalo Company Nov. 1 Accepted a $5,000, 180-day, 6% note from Kelly White in granting a time extension on her past-due account receivable Dec. 31 Adjusted the year and accounts for the accrued interest earned on the white note. Apr. 30 White honored her note when presented for payment. Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to...
Exercise 7-12 Notes receivable transactions LO P4 Following are selected transactions of Danica Company for 2016...
Exercise 7-12 Notes receivable transactions LO P4 Following are selected transactions of Danica Company for 2016 and 2017. 2016 Dec. 13 Accepted a $26,000, 45-day, 10% note dated December 13 in granting Miranda Lee a time extension on her past-due account receivable 31 Prepared an adjusting entry to record the accrued interest on the Lee note. 2017 Jan. 27 Received Lee's payment for principal and interest on the note dated December 13. Mar. 3 Accepted a $20,000, 8%, 90-day note...
Check m 3. Problem 16.5A Recording the receipt, discounting, and payment of notes receivable. LO 16-3, 16-4, 16-6, 16-7 25 points On May 16, 2019, Safeway Company received a 90-day, 8 percent, $6,200 interest beraring note from Black Company in settlement of Black's past-due account. On June 30, Safeway discounted this note at Fargo Bank and Trust. The bank charged a discount rate of 13 percent. On August 15, Safeway recelved a notice that Black had paid the note and...
bn June 3, 2019, Alaska State Company received a $5,400, 45-day, 12 percent note from Samuel Adams, a customer whose account was past due. If Samuel Adams dishonored the note receivable discounted by Alaska State, assuming the bank deducted the maturity value of the dishonored note plus a $40 service charge from Alaska State's bank account on the due date of the note. Record entry for dishonor of Samuel Adams discounted note. Note: Enter debits before credits. Date General Journal...
CHECK MY WOK On June 3, 2019, Alaska State Company received a $5,400, 45 day, 12 percent note from Samuel Adams, a customer whose account was past due. If Samuel Adams dishonored the note receivable discounted by Alaska State, assuming the bank deducted the maturity value of the dishonored note plus a $10 service charge from Alaska State's bank account on the due date of the note. Prepare the entries in general journal form that Alaska State Company would make...
On May 16, 2019, Safeway Company received a 90-day, 9 percent,
$6,000 interest-bearing note from Black Company in settlement of
Black's past-due account. On June 30, Safeway discounted this note
at Fargo Bank and Trust. The bank charged a discount rate of 14
percent. On August 15, Safeway received a notice that Black had
paid the note and the interest on the due date.
Required: Prepare the entries in general journal form to record
these transactions.
Analyze: If the company...
Recording Entries for the Discounting of a Note
Receivable
Aerobic Sports Company completed the following 2020 transactions
related to a note receivable.
Prepare the journal entries, including any interest earned, that
Aerobic Sports Company should make on February 1, 2020, and March
1, 2020.
Note: Round your answers to the nearest whole
dollar.
a. February 1, 2020—Received a $520,000, 9%, interest-bearing,
six-month note from Temple Company for land that had a carrying
value of $156,000.
. INILUTY LULU ILIVU T...
8 On October 29, 2019, the Berkeley Company accepted a 60-day, 9 percent note from Devon Reed in settlement of his past- due account for $22,000. On November 28, Berkeley Company discounted the note at the Security Bank. The bank charged a discount rate of 12 percent. 1. What is the maturity date of the note? 2. What is the maturity value of the note? (Assume 360 days in a year. Do not round Intermediate calculations.) 3. How many days...
Exercise 7-14 Honoring a note LO P4 Following are transactions for Vitalo Company Nov. 1 Accepted a $5,000, 180-day, 6% note from Kelly White in granting a time extension on her past-due account receivable Dec. 31 Adjusted the year and accounts for the accrued interest earned on the white note. Apr. 30 White honored her note when presented for payment. Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to...
Exercise 7-12 Notes receivable transactions LO P4 Following are selected transactions of Danica Company for 2016 and 2017. 2016 Dec. 13 Accepted a $26,000, 45-day, 10% note dated December 13 in granting Miranda Lee a time extension on her past-due account receivable 31 Prepared an adjusting entry to record the accrued interest on the Lee note. 2017 Jan. 27 Received Lee's payment for principal and interest on the note dated December 13. Mar. 3 Accepted a $20,000, 8%, 90-day note...
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