On November 1, 2018, Benton Inc. accepted a three-month, 8%, $61,200 note from Canarie Inc. in settlement of its account. Interest is due on the first day of each month, starting December 1. Both companies' year ends are December 31. Your answer is correct. Prepare all journal entries for Benton over the term of the note. Assume that the note is collected in full on the maturity date. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit Date Nov. 1, 2018 Notes Receivable 61200 Accounts Receivable 61200 Dec. 1, 2018 Cash 408 Interest Revenue 408 Dec 31, 2018 : Interest Receivable 408 Interest Revenue 408 Jan 1, 2019 Cash 408 Interest Receivable 408 Feb 1, 2019 cash 61608 Notes Receivable 61200 Interest Revenue 408 Your answer is correct. Prepare all journal entries for Canarie over the term of the note. Assume that the note is paid in full on the maturity date. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Nov. 1, 2018 Accounts Payable 61200 Notes Payable 61200 Dec. 1. 2018 - Interest Expense 408 Cash 408 Dec. 31, 2018 - Interest Expense 408 - Interest Expense Interest Payable 408 Jan. 1, 2019 Interest Payable 408 Cash 408 Feb. 1, 2019 Notes Payable 61200 Interest Expense 408 Cash 61608 Assume that, instead of honouring the note at maturity, Canarie dishonours it. Prepare the necessary journal entry on Benton's books at the maturity date, February 1, 2019, assuming that eventual collection of the note is (1) expected, and (2) not expected. Interest was last paid by Canarie on January 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tities and enter o for the amounts.) Debit Credit No Date Account Titles and Explanation (1) Feb. 1 (To record dishonoured note; eventual collection expected) (2) Feb. 1 (To record dishonoured note; eventual collection not expected) Question 2 0.4/1 View Policies Show Attempt History Current Attempt in Progress The bank portion of last month's bank reconciliation for Wildhorse Ltd. at February 28 was as follows: WILDHORSE LTD. Bank Reconciliation February 28 Cash balance per bank Add: Deposits in transit $18,005 3,130 21,135 Less: Outstanding cheques #3451 #3470 Reconciled cash balance $1,971 2,124 4,095 $17,040 The reconciled cash balance per bank agreed with the reconciled cash balance per books after the bank reconciliation at February 28. The March bank statement showed the following: The reconciled cash balance per bank agreed with the reconciled cash balance per books after the bank reconciliation at February 28. The March bank statement showed the following: WILDHORSE LTD. Bank Statement March 31 Amounts Amounts Added Deducted from to Account Date Description Account (Debits) (Credits) Balance Feb. 28 Opening balance 18,005 Mar. 1 Cheque, No. 3451 1,971 16,034 1 Deposit 3,130 19,164 2 Cheque, No. 3470 2,124 17,040 4 Deposit 1,986 19,026 9 Cheque, No. 3471 1,671 17,355 10 Returned cheque-NSF, J. Mustafa 870 16,485 10 NSF fee 16,450 15 EFT, loan payment 1,206 15,244 19 Cheque, No. 3472 1,923 13,321 26 Deposit 3,233 16,554 31 EFT, collection on account from M. Boudreault 604 17,158 31 Bank service charges and credit card fees 90 17,068 35 Wildhorse's cash receipts and payments for the month of March showed the following: (b) Your answer is correct. What is the amount of the deposits in transit at March 31? Deposit in transit $ 4046 e Textbook and Media List of Accounts Attempts: 2 of 10 used (c) What is the amount of the outstanding cheques at March 31? Outstanding cheques $ eTextbook and Media List of Accounts Attempts: 0 of 10 used Save for Later Submit Answer On November 1, 2018, Benton Inc. accepted a three-month, 8%, $61,200 note from Canarie Inc. in settlement of its account. Interest is due on the first day of each month, starting December 1. Both companies' year ends are December 31. Your answer is correct. Prepare all journal entries for Benton over the term of the note. Assume that the note is collected in full on the maturity date. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit Date Nov. 1, 2018 Notes Receivable 61200 Accounts Receivable 61200 Dec. 1, 2018 Cash 408 Interest Revenue 408 Dec 31, 2018 : Interest Receivable 408 Interest Revenue 408 Jan 1, 2019 Cash 408 Interest Receivable 408 Feb 1, 2019 cash 61608 Notes Receivable 61200 Interest Revenue 408 Your answer is correct. Prepare all journal entries for Canarie over the term of the note. Assume that the note is paid in full on the maturity date. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Nov. 1, 2018 Accounts Payable 61200 Notes Payable 61200 Dec. 1. 2018 - Interest Expense 408 Cash 408 Dec. 31, 2018 - Interest Expense 408 - Interest Expense Interest Payable 408 Jan. 1, 2019 Interest Payable 408 Cash 408 Feb. 1, 2019 Notes Payable 61200 Interest Expense 408 Cash 61608 Assume that, instead of honouring the note at maturity, Canarie dishonours it. Prepare the necessary journal entry on Benton's books at the maturity date, February 1, 2019, assuming that eventual collection of the note is (1) expected, and (2) not expected. Interest was last paid by Canarie on January 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tities and enter o for the amounts.) Debit Credit No Date Account Titles and Explanation (1) Feb. 1 (To record dishonoured note; eventual collection expected) (2) Feb. 1 (To record dishonoured note; eventual collection not expected) Question 2 0.4/1 View Policies Show Attempt History Current Attempt in Progress The bank portion of last month's bank reconciliation for Wildhorse Ltd. at February 28 was as follows: WILDHORSE LTD. Bank Reconciliation February 28 Cash balance per bank Add: Deposits in transit $18,005 3,130 21,135 Less: Outstanding cheques #3451 #3470 Reconciled cash balance $1,971 2,124 4,095 $17,040 The reconciled cash balance per bank agreed with the reconciled cash balance per books after the bank reconciliation at February 28. The March bank statement showed the following: The reconciled cash balance per bank agreed with the reconciled cash balance per books after the bank reconciliation at February 28. The March bank statement showed the following: WILDHORSE LTD. Bank Statement March 31 Amounts Amounts Added Deducted from to Account Date Description Account (Debits) (Credits) Balance Feb. 28 Opening balance 18,005 Mar. 1 Cheque, No. 3451 1,971 16,034 1 Deposit 3,130 19,164 2 Cheque, No. 3470 2,124 17,040 4 Deposit 1,986 19,026 9 Cheque, No. 3471 1,671 17,355 10 Returned cheque-NSF, J. Mustafa 870 16,485 10 NSF fee 16,450 15 EFT, loan payment 1,206 15,244 19 Cheque, No. 3472 1,923 13,321 26 Deposit 3,233 16,554 31 EFT, collection on account from M. Boudreault 604 17,158 31 Bank service charges and credit card fees 90 17,068 35 Wildhorse's cash receipts and payments for the month of March showed the following: (b) Your answer is correct. What is the amount of the deposits in transit at March 31? Deposit in transit $ 4046 e Textbook and Media List of Accounts Attempts: 2 of 10 used (c) What is the amount of the outstanding cheques at March 31? Outstanding cheques $ eTextbook and Media List of Accounts Attempts: 0 of 10 used