Question

company borrowed 100,000 on November 1, 2019, by signing a 100,000 7 percent 3 - month...

company borrowed 100,000 on November 1, 2019, by signing a 100,000 7 percent 3 - month note. Prepare Svat company's November 1 entry; the December 31, 2019 , annual adjusting entry; and the February 1, 2020, entry. Round to 0 decimals.

Homework Answers

Answer #1

Hi

Let me know in case you face any issue:

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Buffalo Company borrowed $32,400 on November 1, 2020, by signing a $32,400, 8%, 3-month note. Prepare...
Buffalo Company borrowed $32,400 on November 1, 2020, by signing a $32,400, 8%, 3-month note. Prepare Buffalo’s November 1, 2020, entry; the December 31, 2020, annual adjusting entry; and the February 1, 2021, entry.
Sheridan Company borrowed $46,800 on November 1, 2017, by signing a $46,800, 9%, 3-month note. Prepare...
Sheridan Company borrowed $46,800 on November 1, 2017, by signing a $46,800, 9%, 3-month note. Prepare Sheridan’s November 1, 2017, entry; the December 31, 2017, annual adjusting entry; and the February 1, 2018, entry.
Marigold Corporation borrowed $56,600 on November 1, 2017, by signing a $58,040, 3-month, zero-interest-bearing note. Prepare...
Marigold Corporation borrowed $56,600 on November 1, 2017, by signing a $58,040, 3-month, zero-interest-bearing note. Prepare Marigold’s November 1, 2017, entry; the December 31, 2017, annual adjusting entry; and the February 1, 2018, entry.
19. On September 1, 2019, Nile Company borrows $140,000 from Toronto State Bank by signing a...
19. On September 1, 2019, Nile Company borrows $140,000 from Toronto State Bank by signing a 7-month, 6%, interest-bearing note. Instructions: Prepare the necessary entries below associated with the note payable on the books of Nile Company. (a)    Prepare the entry on September 1, 2019, when the note was issued. (b)    Prepare the necessary adjusting journal entry at December 31, 2019. (c)    Prepare the entry to record payment of the note and interest at maturity on April 1, 2020.
Tate Company purchased equipment on November 1, 2020 and gave a 3-month, 9% note with a...
Tate Company purchased equipment on November 1, 2020 and gave a 3-month, 9% note with a face value of $80,000. The December 31, 2020 adjusting entry is
On November 7, 2017, Mura Company borrows $280,000 cash by signing a 90-day, 10% note payable...
On November 7, 2017, Mura Company borrows $280,000 cash by signing a 90-day, 10% note payable with a face value of $280,000. (Use 360 days a year. Do not round your intermediate calculations.) 1. Compute the accrued interest payable on December 31, 2017. 2. & 3. Prepare the journal entry to record the accrued interest expense at December 31, 2017 and payment of the note at maturity.
On January 1, 2019, ABC Company borrowed $120,000 from the bank. The loan is a 7-year...
On January 1, 2019, ABC Company borrowed $120,000 from the bank. The loan is a 7-year note payable that requires annual payments of $24,500 every December 31, beginning December 31, 2019. Assume the loan has an interest rate of 10% compounded annually. Calculate the balance in the note payable account at December 31, 2020.
On November 16, 2019, Clear Glass Company borrowed $22,000 from First American Bank by issuing a...
On November 16, 2019, Clear Glass Company borrowed $22,000 from First American Bank by issuing a 90-day, non-interest-bearing note. The bank discounted this note at 10% and remitted the difference to Clear Glass. Required: 1. Prepare the journal entries of Clear Glass to record the preceding information, the related calendar year-end adjusting entry, and payment of the note at maturity. 2. Show how the preceding items would be reported on the December 31, 2019, balance sheet. 3. Next Level What...
On January 1, 2019, ABC Company borrowed $120,000 from the bank. The loan is a 7-year...
On January 1, 2019, ABC Company borrowed $120,000 from the bank. The loan is a 7-year note payable that requires annual payments of $24,500 every December 31, beginning December 31, 2019. Assume the loan has an interest rate of 10% compounded annually. Calculate the amount of the note payable at December 31, 2020 that would be classified as a current liability.
On February 1, Willmar Corporation borrowed $100,000 from its bank by signing a 12 percent, 15-year...
On February 1, Willmar Corporation borrowed $100,000 from its bank by signing a 12 percent, 15-year note payable. The note calls for 180 monthly payments of $1,300. Each payment includes interest and a principal component. a. Compute the interest expense in February. b. Compute the portion of Willmar’s March 31 payment that will be applied to the principal of the note. (Round your intermediate calculations and final answer to the nearest dollar amount.) c. Compute the carrying value of the...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT