On June 1, 2022, Superior Insurance Company collected $420,000 for a 2-year insurance policy beginning on the same date. The company has a December 31 year end. What is the balance of the unearned revenue account after adjusting entries on December 31, 2023? (Do not round any intermediary calculations. Round your final answer to the nearest dollar.) Group of answer choices $87,500 $297,500 $210,000 $122,500
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- On September 1, 2021, Daylight Donuts signed a $112,000, 9%, six-month note payable with the amount borrowed plus accrued interest due six months later on March 1, 2022.Daylight Donuts should report interest payable at December 31, 2021, in the amount of: (Do not round your intermediate calculations.) Multiple Choice $0. $5,040. $3,360. $1,680.On September 15, 2018, Oliver's Mortuary received a $7,200, nine-month note bearing interest at an annual rate of 8% from the estate of Jay Hendrix for services rendered. Oliver's has a December 31 year-end. What adjusting entry will the company record on December 31, 2018? Multiple Choice Interest receivable 168 Notes receivable 168 Interest receivable 576 Interest revenue 168 Cash 408 Interest receivable 408 Interest revenue 408 Interest receivable 168 Interest revenue 168On September 1, 2021, Daylight Donuts signed a $254,000, 9%, six-month note payable with the amount borrowed plus accrued interest due six months later on March 1, 2022. Daylight Donuts should report interest payable at December 31, 2021, in the amount of: (Do not round your intermediate calculations.) Multiple Choice $0. $11,430. $7,620. $3,810. APR W stv
- On July 1, 2021, a company loans one of its employees $23,000 and accepts a ten-month, 8% note receivable. Calculate the amount of interest revenue the company will recognize in 2021 and 2022. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar.) 2021 2022 Amount of interest revenueWindsor Company borrowed $49,200 on November 1, 2025, by signing a $49,200, 10%, 3-month note. Prepare Windsor's November 1,2025, entry; the December 31, 2025, annual adjusting entry; and the February 1, 2026, entry. (If no entry is required, select "No Entry for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit CreditEllsworth Enterprises borrowed $425,000 on an 8%, interest-bearing note on September 30, 2020. Ellsworth ends its fiscal year on December 31. The note was paid with interest on May 31, 2021. Prepare the adjusting entry for this note on December 31, 2020. Account Names DR CR Blank 1. Fill in the blank, read surrounding text. Blank 2. Fill in the blank, read surrounding text. Blank 3. Fill in the blank, read surrounding text. Blank 4. Fill in the blank, read surrounding text. Blank 5. Fill in the blank, read surrounding text. Blank 6. Fill in the blank, read surrounding text. Blank 7. Fill in the blank, read surrounding text. Blank 8. Fill in the blank, read surrounding text. Blank 9. Fill in the blank, read surrounding text. Blank 10. Fill in the blank, read surrounding text. Blank 11. Fill in the blank, read surrounding text. Blank 12. Fill in the blank, read surrounding text. Blank 13. Fill in the blank, read surrounding text. Blank 14. Fill in the blank,…
- Following are transactions of Leduc Company: 2023 Dec.11 Accepted a $16,000, 6%, 60-day note dated this day in granting Fred Calhoun a time extension on his past-due account. Made an adjusting entry to record the accrued interest on the Fred Calhoun note. Closed the Interest income account. 31 31 2021 Jan. 10 Feb. 10 Mar. 5 29 May 7 June 9 Aug. 8 11 31 Oct. 12 Nov.19 Discounted the Fred Calhoun note at the bank at 7%. The Fred Calhoun note was dishonoured. Paid the bank the maturity value of the note plus a $30 fee. Accepted a $5,500, 5.5%, 60-day note dated this day in granting a time extension on the past-due account of Donna Reed. Discounted the Donna Reed note at the bank at 7.5%. The Donna Reed note had been received by the bank and paid by Donna Reed. Accepted a $7,750, 60-day, 5% note dated this day in granting a time extension on the past-due account of Jack Miller. Received payment of the maturity value of the Jack Miller note. Accepted an $9,000, 60-day, 5% note dated this…Party Pals Company received an invoice dated Oct 18, 2023, for $ 7,800 with trade discount series of 25% and 15%. Payment terms are 5/10 2/30 , n / 60 . a) What is the invoice amount?b) What are the last days of the two discount periods?c) How much should be paid on Oct 26 to reduce the unpaid balance to $ 3,000.00? d) How much should be paid on Nov 10 to reduce the unpaid balance by $1,500.00? e) What was the account balance on after the Nov 10 payment?Sarasota Company borrowed $34,800 on November 1, 2025, by signing a $34,800, 9%, 3-month note. Prepare Sarasota's November 1, 2025, entry; the December 31, 2025, annual adjusting entry; and the February 1, 2026, entry. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit
- On November 1, 2021, New Morning Bakery signed a $194,000, 6%, six-month note payable with the amount borrowed plus accrued interest due six months later on May 1, 2022.New Morning Bakery records the appropriate adjusting entry for the note on December 31, 2021. What amount of cash will be needed to pay back the note payable plus any accrued interest on May 1, 2022? (Do not round your intermediate calculations.) Multiple Choice $194,970. $199,820. $194,000. $198,850.Shamrock Industries borrows $21600 at 5% annual interest for six months on October 1, 2022. Which is the appropriate entry to accrue interest if Shamrock employs December 31, 2022, fiscal year? (Pick one of the answers and explain why that is the answer.) Answers: 1. Dr Notes Payable $1080 Cr Interest Payable $1080 2. Dr Interest Expense $270 Cr Notes Payable $270 3. Dr Interest Expense $270 Cr Interest Payable $270 4. Dr Interest Expense $1080 Cr Interest Payable $1080IceKreme’s net accounts receivable were $96,000 at June 30, 2019. Calculate IceKreme’s average collection period for fiscal year 2020. (Use 365 days a year. Round intermediate calculations to 2 decimal places. Round the final answer to 1 decimal place.)
