NOTES PAYABLE ENTRIES Milo Radio Shop had the following notes payable transactions: Apr. Borrowed $5,000 from...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
NOTES PAYABLE ENTRIES Milo Radio Shop had the following notes payable transactions: Apr. Borrowed $5,000 from Builder's Bank, signing a 90-day, 8% note. 5 Gave a $2,000, 60-day, 7% note to Breaker Parts Co. for purchase of merchandise. Paid $500 cash and gave a $1,500, 30-day, 6% note to M. K. Reynolds in payment of an account payable. 10 Мay 10 Paid $500 cash, plus interest, and issued a new $1,000, 30-day, 7% note to M. K. Reynolds. 20 Borrowed $3,500 for 60 days from Builder's Bank on a non-interest-bearing note. The discount rate is 7%. June 4 Paid $500 cash, plus interest, to Breaker Parts Co. (see April 5) and gave a new $1,500, 30-day, 7% note to extend time for payment. 9 Paid the principal and interest due on the $1,000 note to M. K. Reynolds. (See May 10.) 30 Paid the principal and interest due on the $5,000 note to Builder's Bank. (See April 1.) 4 Paid the principal and interest due on the $1,500 note to Breaker Parts Co. (See June July 4.) 19 Paid the $3,500 non-interest-bearing note to Builder's Bank. (See May 20.) REQUIRED Record the transactions in a general journal. M P PROBLEM 17-13A Post the account names and the debit and credit amounts. Some of the account names are provided. Fill in the names of the missing accounts and the account numbers as the posting reference. The dates and descriptions have also been provided. 10 12 13 14 ACCOUNTS & DESCRIPTIONS This journal entry is provided as an example. Please note that no debit or 15 DAIE OST REF ar 16 J.1 Apr. 1 Cash 5,000.00 credit amount is recorded on the last row. This is just a description of the transaction. Notes Payable 5,000.00 17 18 19 20 21 dr cr 22 1.2 Apr. 5 Purchases. 23 24 25 26 27 dr er 28 1.3 Apr. 10 Account Payable 29 30 31 32 33 34 dr 35 14 May. 10 Notes Payable (old note)l 36 37 38 39 40 41 42 dr cr 43 1.5 May. 20 Cash 44 45 46 47 48 49 dr 50 1.6 Jun. 4 Notes Payable 51 52 53 54 55 56 57 dr cr 58 1.7 Jun.9 Notes Payable 59 60 61 62 63 64 dr er Jun. 30 Notes Paybale 65 1.8 66 67 68 69 70 71 dr cr 72 19 Jul. 4 73 Cash 74 75 76 77 78 dr cr 79 1.10 Jul. 19 80 Discount on Notes Payable 81 82 83 84 86 87 88 89 90 92 NOTES PAYABLE ENTRIES Milo Radio Shop had the following notes payable transactions: Apr. Borrowed $5,000 from Builder's Bank, signing a 90-day, 8% note. 5 Gave a $2,000, 60-day, 7% note to Breaker Parts Co. for purchase of merchandise. Paid $500 cash and gave a $1,500, 30-day, 6% note to M. K. Reynolds in payment of an account payable. 10 Мay 10 Paid $500 cash, plus interest, and issued a new $1,000, 30-day, 7% note to M. K. Reynolds. 20 Borrowed $3,500 for 60 days from Builder's Bank on a non-interest-bearing note. The discount rate is 7%. June 4 Paid $500 cash, plus interest, to Breaker Parts Co. (see April 5) and gave a new $1,500, 30-day, 7% note to extend time for payment. 9 Paid the principal and interest due on the $1,000 note to M. K. Reynolds. (See May 10.) 30 Paid the principal and interest due on the $5,000 note to Builder's Bank. (See April 1.) 4 Paid the principal and interest due on the $1,500 note to Breaker Parts Co. (See June July 4.) 19 Paid the $3,500 non-interest-bearing note to Builder's Bank. (See May 20.) REQUIRED Record the transactions in a general journal. M P PROBLEM 17-13A Post the account names and the debit and credit amounts. Some of the account names are provided. Fill in the names of the missing accounts and the account numbers as the posting reference. The dates and descriptions have also been provided. 10 12 13 14 ACCOUNTS & DESCRIPTIONS This journal entry is provided as an example. Please note that no debit or 15 DAIE OST REF ar 16 J.1 Apr. 1 Cash 5,000.00 credit amount is recorded on the last row. This is just a description of the transaction. Notes Payable 5,000.00 17 18 19 20 21 dr cr 22 1.2 Apr. 5 Purchases. 23 24 25 26 27 dr er 28 1.3 Apr. 10 Account Payable 29 30 31 32 33 34 dr 35 14 May. 10 Notes Payable (old note)l 36 37 38 39 40 41 42 dr cr 43 1.5 May. 20 Cash 44 45 46 47 48 49 dr 50 1.6 Jun. 4 Notes Payable 51 52 53 54 55 56 57 dr cr 58 1.7 Jun.9 Notes Payable 59 60 61 62 63 64 dr er Jun. 30 Notes Paybale 65 1.8 66 67 68 69 70 71 dr cr 72 19 Jul. 4 73 Cash 74 75 76 77 78 dr cr 79 1.10 Jul. 19 80 Discount on Notes Payable 81 82 83 84 86 87 88 89 90 92
Expert Answer:
Related Book For
Introduction to Business Law
ISBN: 9780324826999
3rd Edition
Authors: Jeff rey F. Beatty, Susan S. Samuelson
Posted Date:
Students also viewed these accounting questions
-
A business issued a 90-day, 15% note for $91,000 to a creditor on account. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including...
-
Clapton Guitar Company entered into the following transactions during 2016. [The transactions were properly recorded in permanent (balance sheet) accounts unless otherwise indicated.] Date...
-
Part (d) (10 points) Reproduce your diagram from part (c). Suppose that the household were offered Plan 2 instead of Plan 1. Would the household be better off, worse off, or indifferent? Support your...
-
Assume that a company is going to invest 900,000 USD in a new project. We expect that the invested capital in the fixed assets will be fully depreciated within 3 years in a linear way. The project is...
-
The May 26, 2009, USA Today Snapshot Overcoming identity theft reported the results from a poll of identity-theft victims. According to the source, Affinion Security Center, 20% of the victims stated...
-
Suppose r 1 = 4, r 2 = 3, and r 3 = 7. a. b. c.
-
This exercise shows why microinsurance may work. Empirical evidence suggests that an individuals degree of absolute risk aversion, A, is decreasing, where A is defined as (-u/u), with u( ) being the...
-
Accounts Receivable Turnover for Coca-Cola and PepsiCo The following information was summarized from the 2008 annual report of The Coca-Cola Company: (In millions) Trade accounts receivable, less...
-
Carson wants to use a sheet of fiberboard 29 inches long to create a skateboard ramp with a 19 angle of elevation from the ground. How high will the ramp rise from the ground at its highest end?...
-
Elizabeth Soltis owns and operates Aunt Ibby's Styling Salon. A year-end work sheet is provided on the next page. Using this information, prepare adjusting entries, financial statements, and closing...
-
Suppose the risk-free interest rate is 5%. (a) Having $400 today is equivalent to having $Answer in one year? (Round to the nearest cent.) (b) Having $400 in one year is equivalent to having $Answer...
-
In an experiment, 200g of aluminum at 100C is mixed with 50g of water at 20C with the system thermally isolated. The specific heat of aluminum it is 900 J/(kg K). The specific heat of water is 4186...
-
Your company is expected to earn $ 6 million in net income next year of which it will pay out 4 5 % in dividends. If equity represents 6 0 % of your company s capital structure, what is the...
-
Air breaks down and conducts charge as a spark if the electric field magnitude exceeds 3.00 x 106 V/m. HINT (a) Determine the maximum charge Qmax (in C) that can be stored on an air-filled...
-
2. A Greyhound bus called the American Eagle set the world's nonstop long-distance speed record for bus. Its run from Kansas City to Dallas took 5 hours. The total distance traveled was 815.0 km....
-
Question 5 [25 marks]. Lecturers at a university intend to see the effect of stress relief strategies such as deep breathing and relaxation techniques to the student performance in the final exam....
-
Preparing Accounting Adjustments BensEx, a mailing service, has just completed its first year of operations on December 31. Its account balances before year-end adjustments follow; no adjusting...
-
Use a calculator to evaluate the expression. Round your result to the nearest thousandth. V (32 + #)
-
$100 million is a lot of money!
-
Why would he be liable if Hopkins knew she was working for Ct. Arena Football II, LLC? Wasnt Morris an agent for a disclosed principal?
-
Sears sold a lawn tractor to Cosmo Fiscante for $1,481. Fiscante paid with his personal credit card. Sears kept a valid security interest in the lawnmower but did not perfect. Fiscante had the...
-
What is the Euro Areas total for Groups A and B? Use the following balance of payments data for the Euro Area from the IMF to answer this problem. Assumptions (billion US$) 2000 2001 2002 2003 2004...
-
What is the Euro Areas total for Groups A through C? Use the following balance of payments data for the Euro Area from the IMF to answer this problem. Assumptions (billion US$) 2000 2001 2002 2003...
-
What is the Euro Areas total for Groups A through D? Use the following balance of payments data for the Euro Area from the IMF to answer this problem. Assumptions (billion US$) 2000 2001 2002 2003...
Study smarter with the SolutionInn App