Salalah Co.. Borrowed RO 200,000 on 1/1 2018 and issuance notes payable. The note requires interest at 12% and principal to be paid every one year. cash on 31/12/2022 is
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- Zuhoor Muscat Company borrowed RO 300,000 from the bank signing a 6%, 10-month note on September 1, 2020. The recorded amount of accrued interest expense on December 31, 2020 will be: O a. RO 300,000. b. RO 6,000. C. None of the options are corre d. RO 6,000. e. RO 15,000. NEXT PA here to search65. Borrowed P100,000 by issuing a 1-year note with 7% annual interest to Century Savings Bank on October 1, 2021. What is the adjusting entry on December 31, 2021? A. Debit: Interest Expense and Credit: Interest Payable P1,750 B. Debit: Interest Expense and Credit. Interest Payable P7,000 C. Debit: Interest Expense and Credit: Interest Payable P3,500 D. Debit: Interest Expense and Credit: Interest Payable P5,250Prepare entries for interest-bearing notes. E10.1 (LO 1), AP C.S. Lewis Company had the following transactions involving notes payable. July 1, 2022 Nov. 1, 2022 Dec. 31, 2022 Feb. 1, 2023 Apr. 1, 2023 Instructions Borrows $50,000 from First National Bank by signing a 9-month, 8% note. Borrows $60,000 from Lyon County State Bank by signing a 3-month, 6% note. Prepares annual adjusting entries. Pays principal and interest to Lyon County State Bank. Pays principal and interest to First National Bank. Prepare journal entries for each of the transactions. Prepare entries for interest-bearing notes.
- Windsor, 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 864On 1/1/2019 BY company purchased 4000 bonds of Arab Bank the par value per bonds OMR45, bonds bearing interest 12% is payable each July. 1 & Dec 31. The bonds mature Dec. 2019. On 31/12/2019, the company sold the bonds at OMR 152200. On 31/12/2019 the company should record cash: Select one: a. OMR152000 b. OMR163000 c. OMR180000 O d. None of the optionsZuhoor Muscat Company borrowed RO 300,000 from the bank signing a 8%, 3-month note on December 1, 2020. The recorded amount of accrued interest expense on December 31, 2020 will be: O a. RO 4,000. O b. None of the options are correct. O c. RO 2,000. O d. RO 300,000. O e. RO 6,000.
- Current Attempt in Progress Starr Corporation loaned W90,000 to another corporation on December 1, 2022 and received a 3-month, 6% interest-bearing note with a face value of W90,000. What adjusting entry should Starr make on December 31, 2022? O Debit Cash and credit Interest Receivable, W1,350. O Debit Interest Receivable and credit Interest Revenue, W450. O Debit Interest Receivable and credit Interest Revenue, W1,350. O Debit Cash and credit Interest Revenue, W450.Problem: 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.On January 1, 2019, Bank Nizwa issued CD in Muscat Securities Market which will mature in October 30, 2020. The CD pays 6% interest rate. Calculate the interest earned on this CD with face value(FV) of 50000. Assume all month to be of 30 days. Select one: O a. 1856.57 OMR O b. 1972.60 OMR O c. None of these O d. 1965.90 OMR Next page Windows bu 直 G a 4) ^
- Question. During 2024, Royal Co. borrowed cash from another company by issuing notes payable as follows: 1. July 1, 2024, issued an 5 month, 7% note for $65,000. Interest and principal are payable at maturity. 2. November 1, 2024, issued a 3 month, 5% note for $40,200. Interest is payable monthly on the first day of the month. Principal is payable at maturity Royal has a December 31 fiscal year end and prepares adjusting entries on an annual basis. b) Prepare the necessary interest payment transactions for Royal in 2024 and 2025. Prepare separate adjusting entries for each note. Give an explanation for each entry and date used for a better understanding please.On November 1, 2021, Calexico Trading accepted a 90-day, 8% P2,000,000 note from ABC Co. Calexico immediately discounted with recourse the note to a bank that offers a 10% discount rate. Calexico assumes the interest expense associated with this transaction. How much interest expense should Calexico Trading debit on its records? Calculate the total interest expense and NOT the net interest expense. Show ur solutionOn November 1, 2018, A-1 Products borrowed $64,000 on a 5%, 5-year note with annual installment payments of $12,800 plus interest due on November 1 of each succeeding year. On November 1, 2020, what is the balance of the Long-Term Notes Payable account? (Round your answer to nearest whole number.) OA. $38,400 OB. $64,000 OC. $12,800 O D. $51,200
