Prepare the entry to accrue the interest on June 3
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Kelly Jones and Tami Crawford borrowed $10,500 on a 7-month, 8% note from Gem State Bank to open their business, Oriole’s Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023.
Prepare the entry to accrue the interest on June 3
Date
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Account Titles and Explanation
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Debit
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Credit
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---|---|---|---|
June 30
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- Anderson Air is a customer of Handler Cleaning Operations. For Anderson Airs latest purchase on January 1, 2018, Handler Cleaning Operations issues a note with a principal amount of $1,255,000, 6% annual interest rate, and a 24-month maturity date on December 31, 2019. Record the journal entries for Handler Cleaning Operations for the following transactions. A. Entry for note issuance B. Subsequent interest entry on December 31, 2018 C. Honored note entry at maturity on December 31, 2019Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual interest rate of 3.5%, due in 6 months. What journal entry is created when Jain honors the note?Notes Payable and Effective Interest On November 1,2019, Edwin Inc. borrowed cash and signed a 60,000, 1-year note payable. Required: Compute the following items assuming (a) an interest-bearing note at 12%, (b) a non-interest-bearing note discounted at 12%: cash received effective interest rate interest expense for 2019 Prepare the journal entries for Edwin under each case for 2019 and 2020. Next Level Why is the effective rate higher for the non-interest-bearing note?
- On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10% interest rate. Each annual payment is in the amount of $39,569 and payment is due each Dec. 31. What is the journal entry on Jan. 1 to record the cash received and on Dec. 31 to record the annual payment? (You will need to prepare the first row in the amortization table to determine the amounts.)Kelly Jones and Tami Crawford borrowed $26,000 on a 7-month, 6% note from Gem State Bank to open their business, Pharoah’s Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. what is the entry to record the receipt of the funds from the loan? what is the entry to accrue the interest on June 30?Kelly Jones and Tami Crawford borrowed $10,500 on a 7-month, 8% note from Gem State Bank to open their business, Oriole’s Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. Prepare the entry to record the receipt of the funds from the loan. Date Account Titles and Explanation Debit Credit June 1 enter an account title to record the receipt of the funds from the loan on June 1enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amountenter a debit amount enter a credit amountenter a credit amount enter an account title to record the receipt of the funds from the loan on June 1enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amountenter a debit amount
- Kelly Jones and Tami Crawford borrowed $12,000 on a 7-month, 6% note from Gem State Bank to open their business, Cullumber's Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. (a) Prepare the entry to record the receipt of the funds from the loan. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation June 11 Debit CreditKelly Jones and Tami Crawford borrowed $30,000 on a 7-month, 9% note from Gem State Bank to open their business, Crane’s Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. Prepare the entry to record the receipt of the funds from the loan. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 1 enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amount enter a credit amount enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amount enter a credit amount eTextbook and Media List of Accounts Prepare the entry to accrue the interest on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and…Kelly Jones and Tami Crawford borrowed $33,000 on a 7-month, 6% note from Gem State Bank to open their business, Crane’s Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. Prepare the entry to record the receipt of the funds from the loan. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 1 enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amount enter a credit amount enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amount enter a credit amount eTextbook and Media List of Accounts Prepare the entry to accrue the interest on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)…
- Kelly Jones and Tami Crawford borrowed $30,000 on a 7-month, 9% note from Gem State Bank to open their business, Crane’s Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. Correct answer iconYour answer is correct. Prepare the entry to record the receipt of the funds from the loan. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 1 enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amount enter a credit amount enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amount enter a credit amount eTextbook and Media List of Accounts Partially correct answer iconYour answer is partially correct. Prepare the entry to accrue the interest on June 30. (Credit account titles…Jason and Matthew borrowed $38.400 on a 7-month, 5% note from Gem State Bank to open their business, Blossom's Coffee House The money was borrowed on June 1, 2025, and the note matures January 1, 2026. (a) ✓ Your answer is correct. Prepare the entry to record the receipt of the funds from the loan. (List all debit entries before credit entries, Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts) Date ne 1, 2025 Account Titles and Explanation (b) Question 5 of 12 Cash Date Notes Payable eTextbook and Medial Prepare the entry to accrue the interest on June 30, (List all debit entries before credit entries. Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts) Account Titles and Explanation Debit 38400 Credit Debit…Anthony and Kevin borrowed $18,000 on a 7-month, 10% note from Gem State Bank to open their business, Sandhill's Coffee House. The money was borrowed on June 1, 2025, and the note matures January 1, 2026. (a) (b) (c) (d) Prepare the entry required on January 1, 2026, when the loan is paid back. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts) Date Account Titles and Explanation Debit 5 Cr