Samberg Incorporated had the following transactions. a. October 1 - Sold $20,000 of merchandise on account, 2/9, n/30 to McCormick Industries. b. November 1-Received a $20,000, 90-day, 9% note from McCormick Industries to settle its $20,000 unpaid balance. c. December 31- Accrued interest on the note. (Round your answer to the nearest whole dollar amount.) d. January 31 - Received the interest on the note's maturity date. e. January 31 - Received the principal on the note's maturity date. (Round your answer to the nearest whole dollar amount.) Required: Prepare the required journal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet A BCDE < Record the entry for sale of merchandise on account to McCormick Industries. Note: Enter debits before credits. Date General Journal Debit Credit

Samberg Incorporated had the following transactions. a. October 1 - Sold $20,000 of merchandise on account, 2/9, n/30 to McCormick Industries. b. November 1-Received a $20,000, 90-day, 9% note from McCormick Industries to settle its $20,000 unpaid balance. c. December 31- Accrued interest on the note. (Round your answer to the nearest whole dollar amount.) d. January 31 - Received the interest on the note's maturity date. e. January 31 - Received the principal on the note's maturity date. (Round your answer to the nearest whole dollar amount.) Required: Prepare the required journal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet A BCDE < Record the entry for sale of merchandise on account to McCormick Industries. Note: Enter debits before credits. Date General Journal Debit Credit

Name: Samberg Incorporated had the following transactions.a. October 1 - So
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Description: Samberg Incorporated had the following transactions.a. October 1 - Sold $20,000 of merchandise on account, 2/9, n/30 to McCormick Industries.b. November 1- Received a $20,000, 90-day, 9% note from McCormick Industries to settle its $20,000 unpaid ba

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 11RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...

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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.
Samberg Incorporated had the following transactions. October 1 – Sold $20,500 of merchandise on account, 2/11, n/30 to McCormick Industries. November 1 - Received a $20, 500, 90 - day, 11% note from McCormick Industries to settle its $20, 500 unpaid balance. December 31 - Accrued interest on the note. (Round your answer to the nearest whole dollar amount.) January 31 - Received the interest on the note's maturity date. January 31 – Received the principal on the note's maturity date. (Round your answer to the nearest whole dollar amount.) Required: Prepare the required journal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Samberg Incorporated had the following transactions. October 1 – Sold $17,500 of merchandise on account, 2/9, n/30 to McCormick Industries. November 1 – Received a $17,500, 90-day, 9% note from McCormick Industries to settle its $17,500 unpaid balance. December 31 – Accrued interest on the note. (Round your answer to the nearest whole dollar amount.) January 31 – Received the interest on the note’s maturity date. January 31 – Received the principal on the note’s maturity date. (Round your answer to the nearest whole dollar amount.) Required:Prepare the required journal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
1. Prepare general journal entries for the following transactions for the current year: April 25 Sold $3,500 of merchandise to Phillip Corporation receiving a 9%, 60-day, $3,500 note receivable (the merchandise cost $2,000) June 24 The note of Phillip Corporation was dishonored. Date Description Post Ref Debit Credit
The following items were selected from among the transactions completed by Shin Co. during the current year: Jan. 10 Purchased merchandise on account from Beckham Co., $420,000, terms n/30. Feb. 9 Issued a 30-day, 6% note for $420,000 to Beckham Co., on account. Mar. 11 Paid Beckham Co. the amount owed on the note of February 9. May 1 Borrowed $240,000 from Verity Bank, issuing a 45-day, 5% note. June 1 Purchased tools by issuing a $312,000, 60-day note to Rassmuessen Co., which discounted the note at the rate of 5%. 15 Paid Verity Bank the interest due on the note of May 1 and renewed the loan by issuing a new 45-day, 7% note for $240,000. (Journalize both the debit and credit to the notes payable account.) July 30 Paid Verity Bank the amount due on the note of June 15. 30 Paid Rassmuessen Co. the amount due on the note of June 1. Dec. 1 Purchased office equipment from Lambert Co. for $700,500 paying $160,500 and issuing a series of ten 5% notes for $54,000…
Austin, Inc., began business on January 1. Several transactions for the year follow: May 2 Received a $30,000, 60 day, ten percent note on account from the Haskins Company. Jul.1 Received payment from Haskins for its note plus interest. Jul.1 Received a $61,000, 120 day, nine percent note from R. Longo Company on account. Oct.29 R. Longo failed to pay its note. Dec.9 Wrote off R. Longo’s account as uncollectible. Austin, Inc., uses the allowance method of providing for credit losses. Dec.11 Received a $42,000, 90 day, 12 percent note from R. Canal on account. Dec.31 Recorded expected credit losses for the year by an adjusting entry. Accounts written off during this first year have created a debit balance in the Allowance for Doubtful Accounts of $61,000. An analysis of aged accounts receivables indicates that the desired balance of the allowance account should be $13,200. Dec.31 Made the appropriate adjusting entries for interest. RequiredRecord the foregoing…
Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. August 7 b. Determine the maturity value of the note. $ c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Aug. 7 Cash $ $ Notes Receivable $ $ Interest Revenue $ $
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Chocolate Corner Company had the following transactions during the current year:Apr. 8. Received a $7,050, 75-day, 8% note from Lance Armstrong in payment of account.May 24.Wrote off customer Joe Nutella's account against the Allowance for Uncollectible Accounts, $150June 22. Received payment of Lance Armstrong's note in full.Sept. 10.Gave a $5,600, 90-day, 9% note to Herbert Anson in payment of account.Sept.18. Received payment of Joe Nutella's account, written off May 24.Dec 9. Paid principal and interest due on note to Herbert Anson.Please Note: a 360-day year is standard for many such interest computations - for this course interest is to the nearest month rather than precisely to the day. Round interest to the nearest dollar (no cents).If needed record the above transactions in general journal form.The balance of Accounts Receivable at April 10th is: A.150 B. 7200 C. 575 This is the whole question. Nothing misses. Note:- Do not provide handwritten solution. Maintain accuracy…
Chocolate Corner Company had the following transactions during the current year:Apr. 8. Received a $7,050, 75-day, 8% note from Lance Armstrong in payment of account.May 24. Wrote off customer Joe Nutella's account against the Allowance for Uncollectible Accounts, $150June 22. Received payment of Lance Armstrong's note in full.Sept. 10. Gave a $5,600, 90-day, 9% note to Herbert Anson in payment of account.Sept.18. Received payment of Joe Nutella's account, written off May 24.Dec 9. Paid principal and interest due on note to Herbert Anson.Please Note: a 360-day year is standard for many such interest computations - for this course interest is to the nearest month rather than precisely to the day. Round interest to the nearest dollar (no cents).If needed record the above transactions in general journal form.On Dec 9th cash is paid in the amount of: Multiple Choice a. $5,726 b. $5,446 c. $5,474 (**incorrect) d. None of the other alternatives are correct e. $5,754 Need true help with all…
Tyrell Co. entered into the following transactions involving short-term liabilities. Year 1 Apr. 20 Purchased $40,250 of merchandise on credit from Locust, terms n∕30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 10%, $35,000 note payable along with paying $5,250 in cash. July 8 Borrowed $80,000 cash from NBR Bank by signing a 120-day, 9%, $80,000 note payable. ___?___ Paid the amount due on the note to Locust at the maturity date. ___?___ Paid the amount due on the note to NBR Bank at the maturity date. Nov. 28 Borrowed $42,000 cash from Fargo Bank by signing a 60-day, 8%, $42,000 note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 ___?___ Paid the amount due on the note to Fargo Bank at the maturity date. Required 1. Determine the maturity date for each of the three notes described. 2. Determine the interest due at maturity for each of the three notes. Assume a 360-day year. 3. Determine the interest…