Question: Logan Realty loaned money and received the following notes during 2018. Requirements 1. Determine the maturity date and maturity value of each note. 2. Journalize

Logan Realty loaned money and received the following notes during 2018.

Requirements
1. Determine the maturity date and maturity value of each note.
2. Journalize the entries to establish each Note Receivable and to record collection of principal and interest at maturity. Include a single adjusting entry on December 31, 2018, the fiscal year-end, to record accrued interest revenue on any applicable note. Explanations are not required. Round to the nearest dollar.

Principal Amount Interest Rate Term Note Date (1) 1 year Oct. 1 7% $ 16,000 (2) 9 months 90 days 18,000 Jun. 30 18% (3) 12,000 8% Sep. 19

Step by Step Solution

★★★★★

3.52 Rating (172 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Requirement 1 Principal Interest Rate Interest Period Interest Revenue Earned Maturity Value P I M... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

1335-B-F-A-F-V(93).docx

120 KBs Word File

Students Have Also Explored These Related Financial Accounting Questions!

The following are the statements of financial position of Garden plc, its subsidiary Rose Ltd and its associate Petal Ltd: On 1 January 20X3 Garden plc acquired 75% of Rose Ltd for £300,000...

Kelly Realty loaned money and received the following notes during 2012. Requirements For each note, compute interest using a 360-day year. Explanations are not required. 1. Determine the due date and...

Christie Realty loaned money and received the following notes during 2012. Requirements For each note, compute interest using a 360-day year. Explanations are not required. 1. Determine the due date...

Kelly Realty loaned money and received the following notes during 2014. Requirements 1. Determine the maturity date and maturity value of each note. 2. Journalize the entry to record the inception of...

P-F:8-33A Accounting for notes receivable and accruing interest (Learning Objective 4) Carley Realty loaned money and received the following notes during 2024. Requirements 1. Determine the maturity...

Golden State Realty loaned money and received the following notes during 2025. Requirements 1. Determine the maturity date and maturity value of each note. 2. Journalize the entries to establish each...

Los Angeles Realty loaned money and received the following notes during 2025. Requirements 1. Determine the maturity date and maturity value of each note. 2. Journalize the entries to establish each...

P8-32A Accounting for notes receivable and accruing interest Carley Realty loaned money and received the following notes during 2018. Note (1) (2) (3) Date Apr. 1 Sep. 30 Sep. 19 Principal Amount...

Accounting for notes receivable and accruing interest Logan Realty loaned money and received the following notes during 2018 Principal Amount Term 1 year 9 months 90 days Note Date Oct. 1 Jun. 30...

Kelly Realty loaned money and received the following notes during 2018 Requirement 2. Journalize the entries to establish each note Receivable and to record collection of principle and interest at...

Delaney Realty loaned money and received the following notes during 2018. (Click the icon to view the notes received.) Read the requirements. Requirement Determine the maturity date and maturity...

Irina Company was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order. Debits 1. Cost of real estate...

What is the perfect tender rule? What are some important exceptions to this rule that apply to sales and lease contracts?

After a pay raise, Kate's monthly salary increased from $3500 to $3780. Find the percentage increase in her pay raise.

Jarvene Corporation uses the FIFO method in its process costing system. The following data are for the most recent month of operations in one of the company's processing departments: The cost of...

Suppose you bought a bond with an annual coupon of 7 percent one year ago for $970. The bond sells for $940 today. a. Assuming a $1,000 face value, what was your total dollar return on this...

On January 1, 2014, Perry Company purchased 8,000 shares of Soho Company's common stock for $120,000. Immediately after the stock acquisition, the statements of financial position of Perry and Soho...

An accounting clerk for Chesner Co. prepared the following bank reconciliation: a. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., using the format shown...

The following data were accumulated for use in reconciling the bank account of Mathers Co. for July: 1. Cash balance according to the company's records at July 31, $32,110. 2. Cash balance according...

22. A company is located in a region that is prone to dust storms. The company has purchased an insurance policy that pays $200,000 for each dust storm in a year except the first one. If the number...

Consider the data for Russell Department Stores presented in Problem P17-35B. In Problem P17-35B The Russell Department Stores, Inc. chief executive officer (CEO) has asked you to compare the...

Hoosier Optical Company reported the following amounts on its balance sheet at December 31, 2016 and 2015: Prepare a vertical analysis of Hoosier assets for 2016 and 2015. Cash and Receivables...

This problem continues the Daniels Consulting situation from Problem P16-46 of Chapter 16. Assuming Daniels Consulting's net income for the year was $90,537 and knowing that the current market price...

The average cost of electricity used for an 18 cubic ft refrigerator that is 10 years old is 128$ per year a new refrigerator the same size costs about 81$ per year for electricity

Desai Industries is analyzing an average-risk project, and the following data have been developed. Unit sales will be constant, but the sales price should increase with inflation. Fixed costs will...

Troy Engines, Ltd., manufactures a variety of engines for use in heavy equipment. The company has always produced all of the necessary parts for its engines, including all of the carburetors. An...