Question: Notes Receivable On September 1, 2010, Dougherty Corp. accepted a six-month, 7%, $45,000 interest- bearing note from Rozelle Company in payment of an accounts receivable.

Notes Receivable On September 1, 2010, Dougherty Corp. accepted a six-month, 7%, $45,000 interest- bearing note from Rozelle Company in payment of an accounts receivable. Dougherty’s year-end is December 31. Rozelle paid the note and interest on the due date.

Required

1. Who is the maker and who is the payee of the note?

2. What is the maturity date of the note?

3. Identify and analyze the effect of the transactions to be recorded on each of the following dates:

a. September 1, 2010

b. December 31, 2010

c. March 1, 2011

Step by Step Solution

★★★★★

3.34 Rating (175 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

1 Rozelle Company is the maker and has a liability Notes Payable and incurs an ... 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)

79-B-A-I (941).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

XYZ Inc.s fiscal year end is December 31 and the company uses the periodic inventory method. 2019 Transactions 1. On October 28, 2019, XYZ Inc. was incorporated to begin operating a new retail...

Evergreen Retail Company, whose fiscal year end is December 31, had the following transactions in its first year of operations: 1. Issued common shares for $65,000 cash on January 1, 2011. 2....

Evergreen Retail Company, whose fiscal year end is December 31, had the following transactions in its first year of operations: 1. Issued common shares for $65,000 cash on January 1, 2020. 2....

Notes Receivable On September 1, 2010, Dougherty Corp. accepted a six-month, 7%, $45,000 interestbearing note from Rozelle Company in payment of an accounts receivable. Doughertys year-end is...

Notes Receivable On September 1, 2017, Dougherty Corp. accepted a six-month, 7%, $30,000 interest-bearing note from Rozelle Company in payment of an account receivable. Dougherty's year-end is...

Notes Receivable On September 1, 2017, Dougherty Corp. accepted a six-month, 7%, $46,800 interest-bearing note from Rozelle Company in payment of an account receivable. Dougherty's year-end is...

Notes Receivable On September 1, 2017, Dougherty Corp. accepted a six-month, 7%, $46,200 interest-bearing note from Rozelle Company in payment of an account receivable. Dougherty's year-end is...

Notes Receivable On September 1, 2008, Dougherty Corp. accepted a six-month, 7%, $45,000 interestbearing note from Rozelle Company in payment of an accounts receivable. Doughertys year-end is...

On September 1, 2016, Dougherty Corp. accepted a six-month, 7%, $45,000 interest bearing note from Rozelle Company in payment of an account receivable. Dougherty's year-end is December 31. Rozelle...

Make the presentation on Strategic Plan for Rocky Road School.

Thomas Manufacturing produces cylinders used in internal combustion engines. During June, Thomas welding department had the following data: Units in BWIP Units completed 20,000 Units in EWIP (40...

The term of office of a United States Senator is: Question 2 0 options: A ) 4 years with unlimited re - eligibility B ) 6 years with unlimited re - eligibility C ) a fixed 8 year term D ) a fixed...

????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????...

Transaction Analysis Pollys Cards & Gifts Shop had the following transactions during the year: a. Pollys purchased inventory on account from a supplier for $8,000. Assume that Pollys uses a periodic...

Each of the following situations involves the use of discounts: 1. How much discount may Seals Inc. take in each of the following transactions? What was the annualized interest rate? a. Seals...

Impact of Transactions Involving Current Liabilities on Statement of Cash Flows From the following list, identify whether the change in the account balance during the year would be reported as an...

ABC COST VERSUS STANDARS COST 8. Rachel's Pet Supply Corporation manufactures two models of grooming stations, a standard and a deluxe model. The following activity and cost information has been...

All answers must be entered as formulas 1he list below shows select accounts tor Keading Keadiness, Inc. as ot January 31, 2Ux1. 2Accounts are in alphabetical order.) 8,088 6,960 13,445 4,800 1,350...

Breach of Contract and Remedies The main goal of a business from a legal standpoint is to properly identify legal liabilities and develop a plan to effectively avoid or reduce the associated...