Metlock, Inc. Iends Grouper industries $45600 on August 1, 2022, accepting a 9-month, 15% interest note. If Metlock, Inc. prepares inancial statements as of December 31, 2022, what adjusting entry must it make? Notes Receivable 2850 Interest 2850 Revenue Interest 2850 Receivable Interest 2850 Revenue Cash 2850 Interest 2850 Revenue Accounts 2850 Receivable Interest 2850 Receivable
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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, 2019Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms of the note show a maturity date of 36 months, and an annual interest rate of 8%. What is the accumulated interest entry if 9 months have passed since note establishment?Windsor, Inc. lends Flint industries $43200 on August 1, 2022, accepting a 9-month, 6% interest note. If Windsor, Inc. accrued interest at its December 31, 2022 year-end, what entry must it make to record the collection of the note and interest at its maturity date?
- Sheffield Corp. lends Riverbed industries $54000 on August 1, 2022, accepting a 9-month, 15% interest note. If Sheffield Corp. prepares its financial statements as of December 31, 2022, what adjusting entry must it make? Accounts Receivable 3375 Interest Receivable 3375 Interest Receivable 3375 Interest Revenue 3375 O Cash 3375 Interest Revenue 3375 O Notes Receivable 3375 Interest Revenue 3375Windsor, Inc. lends Flint industries $43200 on August 1, 2022, accepting a 9-month, 6% interest ncte. If Windsor, Inc. accrued interest at its December 31, 2022 year-end, what entry must it make to record the collection of the note and interest at its maturity date? e Cash 45144 Notes Receivable 43200 Interest Revenue 1944 Cash 45144 Notes Receivable 45144 Notes Receivable 43200 Interest Receivable 1080 Interest Revenue 864 Cash 45144 Cash 45144 Notes Receivable 43200 Interest Receivable 1080 Interest Revenue 864Sunland Company lends Monty industries $49200 on August 1, 2022, accepting a 9-month, 9% interest note. If Sunland Company accrued interest at its December 31, 2022 year-end, what entry must it make to record the collection of the note and interest at its maturity date?
- Erza Company has a P180,000, 10%, 90-day note receivable outstanding at December 31. The note is dated December 1, 2020. The appropriate adjusting entry is made to record accrued interest on the note at year-end. What is the correct adjusting entry on December 31 of the current year? Debit Interest Revenue and credit Interest Receivable, P4,500 Debit Interest Receivable and credit Interest Revenue, P1,500 Debit Interest Receivable and credit Interest Revenue, P4,500 Debit Interest Revenue and credit Interest Receivable, P1,500Problem: ABC Company issued a promissory note to RCBC Bank. Details from the promissory note are as follows: Date of note: November 1, 2020 Term of note: 180 days Principal: P120,000 Interest rate: 12% Determine the following: 1. What is the account to be credited on the adjusting entry on December 31, 2020? 2. How much is the amount to be credited on December 31, 2020? 3. How much is the total interest expense for the full term of the note.1. Costco Wholesale Corporation borrows $640,000 on September 1, 2021. Costco signs a nine- month, 6% promissory note. Interest is payable at maturity. Costco's year-end is December 31. 1. Record the issuance of the note by Costco. 2. Record the appropriate adjusting entry for the note by Costco on December 31, 2021. 3. Record the payment of the note by Costco at maturity on May 31, 2022. Date Account Name Debit Credit 9/1 [no1] 12/31 [no1] [no1] 5/31 [no1] [no1] [no1] [no1]
- Vaughn Manufacturing lends Pina Colada industries $51600 on August 1, 2022, accepting a 9-month, 12% interest note. If Vaughn Manufacturing accrued interest at its December 31, 2022 year-end, what entry must it make to record the collection of the note and interest at its maturity date? Cash 56244 Notes Receivable 51600 Interest Revenue 4644 Cash 56244 Notes Receivable 51600 Interest Receivable 2580 Interest Revenue 2064 Cash 56244 Notes Receivable 56244 Notes Receivable 51600 Interest Receivable 2580 Interest Revenue 2064 Cash 56244Starr Corporation loaned P90,000 to another corporation on December 1, 2021 and received a 3-month, 6% interest-bearing note with a face value of P90,000. What adjusting entry should Starr make on December 31, 2021? a. Debit Interest Receivable and credit Interest Revenue, P1,350. b. Debit Cash and credit Interest Revenue, P450. c. Debit Interest Receivable and credit Interest Revenue, P450. d. Debit Cash and credit Interest Receivable, P1,350.Kingbird Finance Company lends Blossom Industries $49200 on August 1, 2025, accepting a 9-month, 12% Interest note. If Kingbird prepares its financial statements as of December 31, 2025, what adjusting entry must it make? O Interest Receivable 2460 Interest Revenue Notes Receivable Interest Revenue Cash Interest Revenue 2460 2460 2460 Accounts Receivable 2460 Interest Receivable. 2460 2460 2460