journal entries is correct when a business entity purchases land costing $45,000 by signing a one-year note payable
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| Which of the following |
-
Land 45,000 Accounts payable 45,000 -
Land 45,000 Notes payable 45,000 -
Cash 45,000 Notes payable 45,000 -
Notes payable 45,000 Land 45,000
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- Notes Receivable Metzler Communications designs and programs a website for a local business. Metzler charges $46,000 for the project, and the local business signs an 8% note January 1, 2019. Required: 1. Prepare the journal entry to record the sale on January 1, 2019. 2. Determine how much interest Metzler will receive if the note is repaid on October 1, 2019. 3. Prepare Metzlers journal entry to record the cash received to pay off the note and interest on October 1, 2019.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 amountwhat will be the journel entry to record the issue of note of $30,000 to a creditor wo has agreed to pay the amount on the specified terms as per the note agreement
- Lincraft Corp. reports a current ratio of 3-to-1 in its 20X2 financial statements. The statement of financial position shows current assets of $3,140,500 and current liabilities of $1,064,100. Lincraft has accounts receivable of $1,299,300. The company transfers $1,002,000 of these accounts receivable to a financial institution. There are $35,200 of bad debts associated with these accounts receivable, an amount that is already in the allowance for doubtful accounts. Proceeds of $898,250 are received from the transfer. The transfer is on a non-notification basis, which means that the customers pay Lincraft and Lincraft then remit the cash to the financial institution. The customers pay $946,000 to Lincraft on schedule, $35,200 is written off to the allowance at the appropriate time, and the cash remittance is forwarded to the financial institution. Required: 1. Record all journal entries for the sequence of events assuming: a. The transfer is recorded as a sale/derecognition. (If no…Remix Company included the following in its notes receivable as of December 31, 2021: Notes receivable from sale of land 880,000 Notes receivable from consultation 1,200,000 Notes receivable from sale of equipment 1,600,000 The following transaction during 2021 and other information relate to the company’s note receivable: On January 1, 2021, Remix Company sold a tract of land to Future Company. The land, purchased 10 years ago, was carried on Remix’s books at P500,000. Remix received a noninterest-bearing note for P880,000 from Future. The note is due on December 31, 2023. There was no established exchange price for the land. The prevailing interest rate for this note on January 1, 2021 was 10%. On January 1, 2021, Remix Company received a 5%, P1,200,000 promissory note in exchange for the consultation services rendered. The note will mature on December 31, 2024, with interest receivable every December The fair value of the…eBook Show Me How Proceeds from Notes Payable On January 26, Vibrant Co. borrowed cash from Conrad Bank by issuing a 60-day note with a face amount of $39,600. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 6%. b. Determine the proceeds of the note, assuming the note is discounted at 6%. Check My Work Email Instructor Save and Exit Previous Submit Assignme
- Journal entries a. $30,000 cash was borrowed on a five-year 10% note payable, dated 5/1/2021. b. $13,000 cash was paid for land. c. Earned $118,000 in service revenues for 2020. $53,000 on account and the remainder in cash. d. Purchased Inventory with $15,000 cash. e. Sold $12,000 of inventory for $17,000 cash. f. Issued 4,000 additional shares of $0.50 par value common stock for cash at $1 per share on 1/2/2021. g. Incurred $114,000 in miscellaneous operating expenses for 2021, $20,000 on credit and the rest paid in cash. h. Collected $34,000 owned on account. i. Purchased $17,000 supplies on account. j. Paid $26,000 accounts payable. k. A piece of equipment costing $3,000 was stolen. The insurance company reimbursed the company $1,000. The accumulated depreciation on the equipment amounted to $1,000 l. Bid on a $2,000 one-year service contract. If accepted, work is to begin on 2/1/2022. m. $103,000 was paid for employee wages. This included wages owed from 2021. n. Declared and paid…Purchased equipment for OR5,400, paying OR1,000 down and signing a two-year, 10% note for the balance. . Journal entry will be: Equipment 5,400 Notes payable 5,400 Select one: 1. True 2.FalseTitle Gorilla Supply Company received a 120-day, 5% note for $150,000, dated March 27 from a customer on.. Description Gorilla Supply Company received a 120-day, 5% note for $150,000, dated March 27 from a customer on account.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.View Solution:Gorilla Supply Company received a 120 day 5 note for 150 000
- < Entries for discounted note payable A business issued a 60-day note for $39,000 to a bank. The note was discounted at 6%. Assume a 360 days in a year. a. Journalize the entry to record the issuance of the note. If an amount box does not require an entry, leave it blank. If necessary, round your answers to one decimal place. 000 000 b. Journalize the entry to record the payment of the note at maturity. If an amount box does not require an entry, leave it blank. E A ACurrent Attempt in Progress Admire County Bank agrees to lend Crane Brick Company $590000 on January 1. Crane Brick Company signs a $590000,6%, 9- month note. The entry made by Crane Brick Company on January 1 to record the proceeds and issuance of the note is Cash Notes Payable Cash. Interest Expense Notes Payable Interest Payable Cash Interest Expense Notes Payable Interest Expense Cash Notes Payable 590000 590000 26550 590000 26550 26550 563450 590000 590000 26550 616550 590000Entries for Discounted Note Payable A business issued a 90-day note for $57,000 to a bank. The note was discounted at 6%. Assume a 360-day year. a. Journalize the entry to record the issuance of the note. If an amount box does not require an entry, leave it blank. If necessary, round to one decimal place. fill in the blank c68ddb02d07e078_2 fill in the blank c68ddb02d07e078_3 fill in the blank c68ddb02d07e078_5 fill in the blank c68ddb02d07e078_6 fill in the blank c68ddb02d07e078_8 fill in the blank c68ddb02d07e078_9 b. Journalize the entry to record the payment of the note at maturity. If an amount box does not require an entry, leave it blank. fill in the blank 9fbf4a07707ffe0_2 fill in the blank 9fbf4a07707ffe0_3 fill in the blank 9fbf4a07707ffe0_5 fill in the blank 9fbf4a07707ffe0_6
