Mango Co. issued a 6%, interest-bearing note payable on October 1, 2023. The note matures on April 1, 2025. Interest and principal will be paid at the maturity date. What is the adjusting entry?
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Mango Co. issued a 6%, interest-bearing note payable on October 1, 2023. The note matures on April 1, 2025. Interest and principal will be paid at the maturity date.
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- Erza Company has a P180,000, 10%, 90-day note receivable outstanding at December 31. The note is dated December 1, 2020. The appropriate adjusting entry is made to record accrued interest on the note at year-end. What is the correct adjusting entry on December 31 of the current year? Debit Interest Revenue and credit Interest Receivable, P4,500 Debit Interest Receivable and credit Interest Revenue, P1,500 Debit Interest Receivable and credit Interest Revenue, P4,500 Debit Interest Revenue and credit Interest Receivable, P1,500At December 31, 2021, Sheridan Company had a five-month, 5%, $79,200 note receivable that was issued on October 1, 2021. Interest and principal are payable at maturity on March 1, 2022. Prepare the December 31, 2021, adjusting entry for accrued interest. Prepare the January 1, 2022, reversing entry.Philip Company has a P200,000, 9%, 120-day note receivable outstanding on December 31. The note is dated November 1, 2021. What is the adjusting entry on December 31, 2021?
- 4. Determine the ending balance of AccountsReceivable as of December 31, 2019. 5. What is the net realizable value of thereceivables at the end of 2019? 6. The company has a notes receivable ofRp24,000 at January 15, 2019 for 3 months at10% interest rate. Prepare journal entry as ofApril 15, 2019, on its due date.Frame company has an 8% note receivable dated June 30, 2021, in the original amount of P1,500,000. Payments of P500,000 in principal plus accrued interest are due annually on July 1, 2022, 2023 and 2024. What is the balance of note receivable on July 1, 2022?On june 30,2023, what amount should be reported as accrued interest receivable on the note receivable? On October 1, 2022, Bramble Company issued an $828000, 9%, 9-month interest-bearing note. If the Bramble Company is preparing financial statements at December 31, 2022, the adjusting entry for accrued interest will include a: O credit to Notes Payable of $18630. O credit to Interest Payable of $37260. O debit to Interest Expense of $27945. O debit to Interest Expense of $18630
- Answer the following questions regarding a four-month promissory note for $1,850 issued June 1, 2021, and bearing an interest rate of 5% p.a. a) What was the maturity date of the note? b) How much was the note worth at maturity? c) How much was the note traded for on Sep 1, 2021, if money was worth 6% p.a.?On July 1, 2019, Maricris Company received a P20,000 promissory note from Jordyn Company. The annual interest rate is 5%. Principal and interest are paid in cash at the maturity date of June 30, 2020. If Maricris’s fiscal year ends September 30, 2019, an adjusting entry is needed to:? Increase notes receivable by P250 Increase interest revenue by P1,000 Increase interest receivable by P250 Increase notes receivable by P1,000MCM Company issued a note receivable to a customer on September 1, 2020. The face value of the note was $20,000 at 5% interest for 7 months. What would be included in the journal entry on March 30, 2021? A credit to Interest Income for $250.00 A debit to Interest Income for $583.33 A credit to Interest Receivable for $250.00 A debit to Interest Receivable for $583.33
- White Hot Chocolate Company had a 12% note receivable dated June 30, 2020 in the original amount of P3,000,000. Payments of P1,000,000 in principal plus accrued interest are due annually on July 1, 2021, 2022 and 2023. In its June 30, 2021 balance sheet, what amount should White Hot Chocolate report as accrued interest on notes receivable?On 5th October 2020 Mazoon LLC has accepted a note receivable from one of the accounts receivables. The maturity period is three months. The maturity date will be. a. 3rd December 2020 b. 5th January 2021 c. 3rd January 2021 d. 5th December 2020the pita pit borrowed 197000 on november 1 2021 and signed a six month note bearing interest at 12%. principal and interest are payable in full at maturity on may 1 2022 in connection with this note. the pita pit should report interest expense at december 31 2021 in the amount of.
