1. Journalize all entries for Team Bank related to the note for 2018 and 2019. 2. Which party has a a. note receivable? b. note payable? c. interest revenue? d. interest expense? 3. Suppose that Kendall Warner defaulted on the note. What entry would Team record for the dishonored note?
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- A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest ExpenseChemical 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?On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan. Refer to RE6-10. On December 31, Jordan Inc. received 50,000 on assigned accounts. Prepare Jordans journal entries to record the cash receipt and the payment to McLaughlin.
- On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.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 amountArvan Patel is a customer of Bank's Hardware Store. For Mr. Patel's latest purchase on January 1, 2018, Bank's Hardware issues a note with a principal amount of $560,000, 13% annual interest rate, and a 24-month maturity date on December 31, 2019. Record the journal entries for Bank’s Hardware Store for the following transactions. If an amount box does not require an entry, leave it blank. A. Note issuance. B. Subsequent interest entry on December 31, 2018. C. Honored note entry at maturity on December 31, 2019.
- Arvan Patel is a customer of Bank's Hardware Store. For Mr. Patel's latest purchase on January 1, 2018, Bank's Hardware issues a note with a principal amount of $560,000, 12% annual interest rate, and a 24-month maturity date on December 31, 2019. Record the journal entries for Bank's Hardware Store for the following transactions. If an amount box does not require an entry, leave it blank. A. Note issuance. B. Subsequent interest entry on December 31, 2018. C. Honored note entry at maturity on December 31, 2019. A. Jan. 1, 2018 В. Dec. 31, 2018 С. Dec. 31, 2019 II II 1II II II III|Arvan Patel is a customer of Bank's Hardware Store. For Mr. Patel's latest purchase on January 1, 2018, Bank's Hardware issues a note with a principal amount of $530,000, 12% annual interest rate, and a 24-month maturity date on December 31, 2019. Record the journal entries for Bank's Hardware Store for the following transactions. If an amount box does not require an entry, leave it blank. A. Note issuance. B. Subsequent interest entry on December 31, 2018. C. Honored note entry at maturity on December 31, 2019. A. Jan. 1, 2018 В. Dec. 31, 2018 С. Dec. 31, 2019Arvan Patel is a customer of Bank's Hardware Store. For Mr. Patel's latest purchase on January 1, 2018, Bank's Hardware issues a note with a principal amount of $510,000, 12% annual interest rate, and a 24-month maturity date on December 31, 2019. Record the journal entries for Bank’s Hardware Store for the following transactions. If an amount box does not require an entry, leave it blank. A. Note issuance. B. Subsequent interest entry on December 31, 2018. C. Honored note entry at maturity on December 31, 2019. A. Jan. 1, 2018 - Select - - Select - - Select - - Select - B. Dec. 31, 2018 - Select - - Select - - Select - - Select - C. Dec. 31, 2019 - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select -
- 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.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. 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.)…