Jasper makes a $79,000, 90-day, 7% cash loan to Clayborn Co. Jasper's entry to record the transaction should beDebit Notes Receivable for $79,000, credit Cash S79,000.Debit Accounts Receivatble $79,000, credit Notes Receivable $79,000Debit Cash $79,000, credit Notes Recevable for $79,000.Debit Notes Payable $79,000: credit Accounts Payable $79,000Debit Notes Receivable $79.000, credit Sales $79.000

Financial transactions are tracked via journal entries. You insert transaction data into your…

Jasper makes a $79,000, 90-day. 7% cash loan to Claybon Co. Jasper's entry to record the transaction should be O Debit Notes Receivable for $79,000, credit Cash S79,000 O Debit Accounts Receivable $79.000, credit Notes Receivable $79.000 Debit Cash $79,000, credit Notes Receivable for $79,000. Debit Notes Payable $79,000, credit Accounts Payable $79,000 $79.000, credit Sales $79.000

Jasper makes a $79,000, 90-day. 7% cash loan to Claybon Co. Jasper's entry to record the transaction should be O Debit Notes Receivable for $79,000, credit Cash S79,000 O Debit Accounts Receivable $79.000, credit Notes Receivable $79.000 Debit Cash $79,000, credit Notes Receivable for $79,000. Debit Notes Payable $79,000, credit Accounts Payable $79,000 $79.000, credit Sales $79.000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...

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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 Expense
On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank. The note has a face value of 15,000 and a maturity value (principal plus interest) of 15,400. The discount is calculated to be 385, and the accrued interest income is 100. The recourse liability is estimated to be 1,000. Prepare the journal entry of Phillips to record the sale of the note receivable.
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.
Global Inc. assigns $3,000,000 of its accounts receivables as collateral for a $2,000,000, 8%, loan with a bank. Global Inc. also pays a finance charge of 3% of the account receivable. What would be the journal entry to record the transaction? 1,940,000 60,000 а. Cash Finance Charge Notes Payable 2,000,000 b. Cash 1,910,000 90,000 Finance Charge Accounts Receivable 2,000,000 с. Cash 1,910,000 90,000 Finance Charge Notes Payable 2,000,000 d. Cash 1,940,000 30,000 30,000 Finance Charge Due from Bank Notes Payable 2,000,000
Jasper makes a 81,000, 90 day 7% cash loan to clayborn co. Jaspers entry to record the transaction should be
On May 22, Jarrett Company borrows $8,800, signing a 90-day, 8%, $8,800 note. What is the journal entry made by Jarrett Company to record the transaction? Multiple Choice Debit Cash $8,800; credit Accounts Payable $8,800. Debit Accounts Payable $8,800; credit Notes Payable $8,800. Debit Cash $8,976; credit Notes Payable $8,976. Debit Cash $8,800; credit Notes Payable $8,800. Debit Notes Receivable $8,800; credit Cash $8,800.
On 7/1, the Knight's Stop took out a loan in the amount of $35,000 from Fairwinds Credit Union and signed a 9 month promissory note. What entry should Knight's Stop record on 7/1? (Select ALL that apply) O Credit Accounts Payable for $35,000 O Debit Cash for $35,000 O Credit Long-term Notes Payable for $35,000 O Credit Short-term Notes Payable for $35,000 O Debit Accounts Payable for $35,000 O Credit Cash for $35,000 O Debit Short-term Notes Payable for $35,000 O Debit Long-term Notes Payable for $35,000 ASUS f4 f5 f6 f8 コ/京 f9 f10 f11 & 4 9 Y U G H. K 08 6 图 5 近国 %24
credit interest in the multiple-step statement will Add to the gross profit on sales Add to operating income Add to income after tax. Deduct from net sales. On October 1,2020 the company purchase a 12- month insurance policy for $1800 the transaction was record with an $1800 debit to prepaid insurance expense , the adjusting entry at 31, Dec, 2020 will be debit insurance expense for $600 and credit prepaid insurance expense for $600. debit prepaid insurance expense for $600,and credit cash for $600. debit insurance expense for $450, and credit prepaid insurance expense for $450. O debit prepaid insurance expense for $450, and credit cash for $450. the close entry for purchase discount is debit income summary, credit purchase discount. debit retained earning ,credit purchase discount, debit purchase discount, credit income summary. O no one of above.
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Monty Corp. borrows $68,400 on July 1 from the bank by signing a $68,400, 8%, 1-year note payable.(a)Prepare the journal entry to record the proceeds of the note. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1 enter an account title to record the proceeds of the note on July 1 enter a debit amount enter a credit amount enter an account title to record the proceeds of the note on July 1 enter a debit amount enter a credit amount (b)Prepare the journal entry to record the accrued interest at December 31, assuming adjusting entries are made only at the end of the year. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 enter an account title to record the accrued interest on December 31 enter a debit amount enter a credit…
On May 22, Jarrett Company borrows $7,500 from Fairmont Financing, signing a 90-day, 8%, $7,500 note. What is the journal entry needed to record the transaction by Jarrett Company? Multiple Choice Debit Cash $7,500; credit Accounts Payable $7,500. Debit Accounts Payable $7,500; credit Notes Payable $7,500. Debit Cash $7,650; credit Notes Payable $7,650. Debit Cash $7,500; credit Notes Payable $7,500. Debit Notes Receivable $7,500; credit Cash $7,500.