What is the entry for this transaction? March 6: Mr. collected $30,000 of the 1/1/2020 balance of the note receivable from Mayor Quimby. The interest rate was 15% and the Note was written on July 1th, 2019
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What is the entry for this transaction?
March 6: Mr. collected $30,000 of the 1/1/2020 balance of the note receivable from Mayor Quimby. The interest rate was 15% and the Note was written on July 1th, 2019
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- Arvan Patel is a customer of Banks Hardware Store. For Mr. Patels latest purchase on January 1, 2018, Banks Hardware issues a note with a principal amount of $480,000, 13% annual interest rate, and a 24-month maturity date on December 31, 2019. Record the journal entries for Banks Hardware Store for the following transactions. A. Note issuance B. Subsequent interest entry on December 31, 2018 C. Honored note entry at maturity on December 31, 2019.On August 1, 2022, Colombo Company's treasurer signed a note promising to pay $121,800 on December 31, 2022. The proceeds of the note were $114,600. Record the journal entry to show the effects of signing the note and the receipt of the cash proceeds on August 1, 2022. Record the journal entry to show the effects of recording interest expense for the month of September. Record the journal entry to show the effects of repaying the note on December 31, 2022.Is my journal entry correct re: the following line item? March 6: Mr. Burns collected $30,000 of the 1/1/2020 balance of the note receivable from Mayor Quimby. The interest rate was 15% and the Note was written on July 1th, 2019 6-Mar Cash $ 32,250 Interest Income $ 2,250 Notes Receivable- Mayor Quimby $ 30,000
- 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?On October 1, 2024, Green Corporation loans one of its employees $26,000 and accepts a 12-month, 8% note receivable. Calculate the amount of interest revenue Green will recognize in 2024 and 2025.On August 31, 2018, BetsyTotten borrowed $1,000 from Iowa State Bank. Totten signed a note payable, promising to paythe bank principal plus interest on August 31, 2019. The interest rate on the note is 6%. Theaccounting year of Iowa State Bank ends on June 30, 2019. Journalize Iowa State Bank’s (a)lending money on the note receivable at August 31, 2018, (b) accrual of interest at June 30, 2019,and (c) collection of principal and interest at August 31, 2019, the maturity date of the note.
- March 6: Mr. collected $30,000 of the 1/1/2020 balance of the note receivable from Mayor Quimby. The interest rate was 15% and the Note was written on July 1th, 2019 Is this journal entry correct for this transaction? CASH Debit 32,250 INTEREST REVENUE Credit (30,000*15%*6/12) 2,250 Notes Receivable - Mayor Quimby Credit 30,000Maggie Sharrer Company borrows $88,500 on September 1, 2022, from Sandwich State Bank by signing an $88,500, 12%, one-year note. What is the accrued interest at December 31, 2022?On November 1, 2019, Edwin Inc. borrowed cash and signed a $60,000, 1-year note payable. 1. Compute the following items assuming (a) an interest-bearing note at 12%, (b) a non-interest-bearing note discounted at 12%: a. cash received b. effective interest rate c. interest expense for 2019 2. Prepare the journal entries for Edwin under each case for 2019 and 2020. 3. Next Level Why is the effective rate higher for the non-interest-bearing note?
- On October 1, 2021, Oberley Corporation loans one of its employees $24,000 and accepts a 12-month, 10% note receivable. Calculate the amount of interest revenue Oberley will recognize in 2021 and 2022.On October 1, 2021, Pastina signed a $50,400 note that requires interest to paid annually on September 30 at 12% and will have principal due in 10 years. What is the journal entry and the amount to be entered in the journal?Dan Dayle started a business by issuing an $83,000 face value note to First State Bank on January 1, 2018. The note had a 6 percent annual rate of interest and a five-year term. Payments of $19,704 are to be made each December 31 for five years. Required What portion of the December 31, 2018, payment is applied to interest expense and principal? What is the principal balance on January 1, 2019? What portion of the December 31, 2019, payment is applied to interest expense and principal?
