Bramble Corp. had the following transactions involving notes payable. July 1, 2019 Borrows 56,500 from First National Bank by signing at 9-month, 8% note. Nov. 1 2019 Borrows 67,800 from Lyon County State Bank by signing a 3 month, 6% note Dec. 31 2019 Prepares adjusting entries  Feb. 1 2020 Pays principal and interest to Lyon County State Bank. Apr 1 2020 Pays principal and interest to First National Bank.  Prepare journal entries for each of the transactions.

Q: Selkirk Company obtained a $15,000 note receivable from a customer on January 1, 2021. The note,…

A: Given information is: Selkirk Company obtained a $15,000 note receivable from a customer on January…

Q: On January 1, 2021, Julee Enterprises borrows $30,000 to purchase a new Toyota Highlander by…

A: Journal entry for the issuance of notes payable:- Date General Journal Debit Credit Jan 01,…

Q: The following selected transactions relate to liabilities of United Insulation Corporation. United’s…

A: Solution:- Preparation of appropriate journal entries through the maturity of each liability as…

Q: Whispering Winds Corp. had the following transactions involving notes payable. July 1, 2022 Borrows…

A: S No Account tittles and Explanation Amount Amount 01-Jul-19 cash  $       55,000        8%…

Q: On Septèmber 1, 2021, Trinoma Entertainment borrowed P24,000,000 cash to fund à new Fun Park. The…

A: Journal entry shows the recording of transactions during an accounting year and every transaction…

Q: Sunland Company had the following transactions involving notes payable. July 1, 2022   Borrows…

A: Note payable is a kind of loan which is repaid after certain period of time with specific rate of…

Q: On April 1, 2020, Rasheed Company assigns $400,000 of its accounts receivable to the Third National…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Waleed Company had the following transactions involving notes payable.   Aug. 1, 2020 Borrows…

A: Journal Entries along with the calculation if shown below:

Q: On August 31, 2018, BetsyTotten borrowed $1,000 from Iowa State Bank. Totten signed a note payable,…

A: Journal: Recording of a business transactions in a chronological order.

Q: On December 31, 2019, the Notes Payable account at Vanessa’s Boutique Shop had a balance of $62,800.…

A: Interest which has been accrued but which was not paid as on the balance sheet date is to recorded…

Q: Swifty Company had the following select transactions. Apr. 1. 2020 Accepted Goodwin Company's…

A: Accrued interest on Dec 31, 2020 = Face value of notes x rate of interest x no. of months/12 =…

Q: . Prepare the journal entries of Clear Glass to record the preceding information, the related…

A: Discounting the note implies, the realization of a note amount for a discount before the due date of…

Q: On April 1, 2020, NYC Corporation secures a loan with a finance company, using its accounts…

A: Formula: Finance charge amount = Receivable amount x % of charge

Q: C.S. Lewis Company had the following transactions involving notes payable. July 1, 2012 Borrows…

A: Notes Payable: Notes Payable refers to a liability where a borrower records a written promise to…

Q: You company provided the following information on Dec. 31, 2019: Accounts Payable Bank note payable…

A: Current Liabilities are those liabilities which are due and payable within one year. Out of the…

Q: Skysong, Inc. had the following transactions involving notes payable. July 1, 2022   Borrows…

A: Interest accrued on Dec. 31, 2022 = (52500*8%*6/12)+(63000*6%*2/12) = $2100 + 630  = $2730

Q: On September 1, 2018, Packaging Company. Borrowed OR 1,200,000 cash from Bank Muscat. The company…

A: The Notes payable or Accounts payable is a liability in which the borrower records a written promise…

Q: C.S.Vaughn Company had these transactions involving notes payable. July 1, 2022 Borrows $51,500 from…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: On October 1, Eli's Carpet Service borrows $125,000 from First District Bank on a 3-month, $125,000,…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Selkirk Company obtained a $15,000 note receivable from a customer on January 1, 2021. The note,…

A: Discounting of receivables: It is a method of financing. In this method, a company can finance…

Q: Sandhill Co. borrows $65,600 on July 1 from the bank by signing a $65,600, 8%, one-y (a) Prepare the…

A: From July 1 to December 31 = 6 months So interest is accrued for 6 months on December 31.

Q: The following transactions relate to A Inc. in 2020: Aug 1: Assigned P6,000,000 of accounts…

A: Accounts Receivable - Assigned The purpose of using the assigned account in the accounts receivable…

Q: On February 1, 2021, a company loans one of its employees $28,000 and accepts a eight-month, 7% note…

A: The note receivable is recorded as a current asset in the balance sheet of the company.  Given…

Q: On July 1, 2019, Maricris Company received a P20,000 promissory note from Jordyn Company. The annual…

A: Interest receivable: It can be defined as the interest earned on the investment made but not yet…

Q: On June 30, 2018, the High Five Surfboard Company had outstanding accounts receivable of $600,000.…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: On April 1, Ringo Company borrowed $20,000 from its bank by issuing a 9%, 12-month note, with the…

A: Under such type of loan arrangement as in the given case, the borrower obtains certain amount of…

Q: Harper Company lends Hewell Company $36,000 on March 1, accepting a four-month, 4% interest note.…

A: Interest accrued on March 31 = Amount lends x rate of interest x No. of months /12 months…

Q: On January 1, 2021, CPS Co. borrowed $340,000 cash from iLend and issued a five-year $340,000, 4%…

A: Interest Expense: The cost of debt which is incurred during a particular accounting period is called…

Q: C.S. Lewis Company had the following transactions involving notes payable. July 1, 2014 Borrows…

A: Interest accrued on Dec 31. 2019 = Amount borrowed x rate of interest x no. of months /12 Trident…

Q: On November 1, 2021, Aviation Training Corp. borrows $60,000 cash from Community Savings and Loan.…

A: Journal entry: It is prepared to record the financial and non-financial transaction of the…

Q: Travis County Bank agrees to lend Brickyard Corporation $200,000 on January 1. Brickyard signs a…

A: Supporting calculation:

Q: On October 1, 2020, Ayayai, Inc. assigns $1,263,100 of its accounts receivable to Pina National Bank…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: On September 1, 2021, Allied Moving Corp. borrows $90,000 cash from First National Bank. Allied…

A: Notes payable: It is an instrument where the borrower borrows the money from the lender and issues…

Q: Travel borrowed $33,000 on September ​1, 2018​, by signing a​ one-year note payable to State One…

A: Given that, loan amount = $33000 date of borrowal = 1 Sep 2018 Interest payment for 3 months = $355

Q: THREE FLAGS Co. borrowed $100,000 from the Bull Run Bank on September 1, 2018.  The note earns…

A: Interest accrued on December 31, 2018 = Amount borrowed x rate of interest x no. of months / 12 =…

Q: On January 1, 2018, a business borrowed $18,000 on a five-year, 5% note payable. At December 31,…

A:

Q: On January 1, 2018, a business borrowed $18,000 on a five-year, 5% note payable. At December 31,…

A:

Q: Assuming the customer’s borrowing rate is 5%, prepare all journal entries for 2019 and 2020 under…

A: At first, we will find out the present value of the note payable.

Q: On October1, 2020 Sue's Carpet Service borrows $ 125.000from the Bank on a 3-month, $ 125.000, 8%…

A: Given: Amount borrowed = $125,000 Period = 3 months Rate = 8%

Q: Swifty Company had the following select transactions. Apr. 1, 2020   Accepted Goodwin Company’s…

A: Journal entries refers to the systematic documentation of the financial transactions of a company in…

Q: On June 1, Granulite Inc borrows $150,000 from the bank by signing a 2-month, 2.0% bank loan.…

A: Journal Entries - It refers to the primary books of accounts in which transactions are recorded in…

Q: Morton Company had the following select transactions. Apr. 1, 2020 Accepted Remington Company's…

A: Answer -  Ineterest Receivables - 1. (25000*12%*9/12) = 2250 2. (15000*10%*6/12) = 750

Q: On November 1, 2021, Aviation Training Corp. borrows $44,000 cash from Community Savings and Loan.…

A: Working Note: 1. 31-Dec 2021 Interest payable account = ($44,000 *6%*2/12) = $440 2. 1-Feb 2022 =…

Q: Cavalier Company provided the following information December 31, 2019: Accounts payable Notes…

A: Definition of current liabilities: Current liabilities also called as short term liabilities. These…

Q: On November 1, 2021, Aviation Training Corp. borrows $44,000 cash from Community Savings and Loan.…

A: Notes: Accrued Interest = $44000 x 6% x 2/12 = $440 Interest expense = $44000 x 6% x 1/12 = $220

Q: . Lewis Company had the following transactions involving notes payable. July 1, 2014 Borrows…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: During 2021, Wildhorse Co. borrowed cash from Sandhill Co. by issuing notes payable as follows: 1.…

A: Maintenance of books of account is very important for a business organisation. This process is known…