Davis, Inc. borrows $49,071 on July 1 from the bank by signing a $49,071, 5%, 1- year note payable. Calculate the accrued interest at December 31st assuming adjusting entries are only made at the end of the year. Round your answer to the nearest whole number (zero decimal places). Your Answer: Answer

Davis, Inc. borrows $49,071 on July 1 from the bank by signing a $49,071, 5%, 1- year note payable. Calculate the accrued interest at December 31st assuming adjusting entries are only made at the end of the year. Round your answer to the nearest whole number (zero decimal places). Your Answer: Answer

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 1EA: Campus Flights takes out a bank loan in the amount of $200,500 on March 1. The terms of the loan...

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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.
Chemical 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.
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On October 1, Ramos Co. signed a $90,000, 60-day note at the bank to be paid on November 30. (Assume a 360-day year is used for interest computations.) a. Journalize the entries for October 1 and November 30, assuming the note was discounted at 6%. If an amount box does not require an entry, leave it blank. Oct. 1 fill in the blank 9b46170d8ff6049_2 fill in the blank 9b46170d8ff6049_3 fill in the blank 9b46170d8ff6049_5 fill in the blank 9b46170d8ff6049_6 fill in the blank 9b46170d8ff6049_8 fill in the blank 9b46170d8ff6049_9 Nov. 30 fill in the blank 9b46170d8ff6049_11 fill in the blank 9b46170d8ff6049_12 fill in the blank 9b46170d8ff6049_14 fill in the blank 9b46170d8ff6049_15 b. Journalize the entries for October 1 and November 30, assuming the note was interest-bearing at 6%. If an amount box does not require an entry, leave it blank. Oct. 1 fill in the blank 213f6401ef9900d_2 fill in the blank 213f6401ef9900d_3 fill in…
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