Fill in Debit and Credit for the Journal Entry Dec 31. Use the formula Principle X Interest
Fantastic news! We've Found the answer you've been seeking!
Question:
Fill in Debit and Credit for the Journal Entry Dec 31. Use the formula Principle X Interest rate X Time/ 365 = amount of interest. The answer is not 854. Show your work.
Transcribed Image Text:
Oct 1 Loaned $11,000 cash to Carroll Fadal on a one-year, 6% note. Dec 6 Performed service for Fairway Masters, receiving a 90-day, 8% note for $9.000. 16 Received a $4.,000, six-month, 12% note on account from Warren, Inc. 31 Accrued interest revenue for the year Requirement 1. Record the preceding note receivable transactions in the journal of Celtic Services. How much interest revenue did Celtic eam this year? Use a 365-day year for interest computations, and round interest amounts to the nearest dollar. Celtic Services has a(n) December 31 fiscal year-end. (Record debits first, then credits. Exclude explanations from any journal entries.) Date Accounts Debit Credit Dec 16 Note Receivable - Warren 4,000 Accounts Receivable - Warren 4,000 Dec 31 Accrued interest revenue for the year Accrue interest revenue on all of the notes in one entry. (Use a 365-day year for interest computations. Round intermediary calculations and your final answer to the nearest whole dollar.) Journal Entry Date Accounts Debit Credit Dec 31 Interest Receivable 854 Interest Revenue 854 Oct 1 Loaned $11,000 cash to Carroll Fadal on a one-year, 6% note. Dec 6 Performed service for Fairway Masters, receiving a 90-day, 8% note for $9.000. 16 Received a $4.,000, six-month, 12% note on account from Warren, Inc. 31 Accrued interest revenue for the year Requirement 1. Record the preceding note receivable transactions in the journal of Celtic Services. How much interest revenue did Celtic eam this year? Use a 365-day year for interest computations, and round interest amounts to the nearest dollar. Celtic Services has a(n) December 31 fiscal year-end. (Record debits first, then credits. Exclude explanations from any journal entries.) Date Accounts Debit Credit Dec 16 Note Receivable - Warren 4,000 Accounts Receivable - Warren 4,000 Dec 31 Accrued interest revenue for the year Accrue interest revenue on all of the notes in one entry. (Use a 365-day year for interest computations. Round intermediary calculations and your final answer to the nearest whole dollar.) Journal Entry Date Accounts Debit Credit Dec 31 Interest Receivable 854 Interest Revenue 854
Expert Answer:
Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Posted Date:
Students also viewed these accounting questions
-
Record the following note receivable transactions in the journal of Arabian Realty. How much interest revenue did Arabian earn this year? Use a 365-day year for interest computations, and round...
-
Record the following note receivable transactions in the journal of Coral Realty. How much interest revenue did Coral earn this year? Use a 365-day year for interest computations, and round interest...
-
Record the following note receivable transactions in the journal of Aegean Realty. How much interest revenue did Aegean earn this year? Use a 365-day year for interest computations, and round...
-
What is the final pressure of a gas whose initial conditions are 1.407 L, 2.06 atm, and 67C and whose final volume and temperature are 608 mL and 449 K, respectively? Assume the amount remains...
-
Suppose a monopolist discovers a way to perfectly price discriminate. What is consumer surplus under this scenario? What are the efficiency costs?
-
Surkis Corporation purchased a patent for $180,000 cash on April 2, 2015. Its legal life is 20 years and its estimated useful life is 5 years. The company's year-end is December 31 and it prepares...
-
The bar is made from a 2014-T6 aluminum alloy. Determine its thickness \(b\) if its width is \(1.5 b\). Assume that it is fixed connected at its ends. b 800 lb 5 ft 800 lb 1.5b
-
Apples product launches over the past decade have been monumental. What makes the company so good at innovation? Is anyone comparable to Apple in this respect?
-
Tony and Suzie graduate from college in May 2 0 2 4 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking. Upon...
-
Sears Editing Company is a small editorial services company owned and operated by Deloris Sears. On January 31, 20Y1, the end of the current year, Sears Editing Companys accounting clerk prepared the...
-
Show that show that (R.) is a multiple of k (n.). = 0 k n gcd(n, k)* < < to prove the first line. Write k = k I, and check that k() = n(R=1). k-1
-
1. How many gametes are formed by AaBbCc if A and B are completely linked ? (1) 4 (2) 2 (3) 1 (4) 0 2. Male heterogamy and female heterogamy respectively found in :- (1) Human, Honey bee (2)...
-
1. The figure below shows three types of sex determination. Select the option giving correct identification. (1) C- ZZ males, ZW females (2) A - XO Males, XX females (3) B - XY females, XX males (4)...
-
144. Given below is the diagramatic sketch of a transverse section of young anther, Identify the parts labelled A, B, C and D :- A 10101 B (1) Epidermis middle layer (2) Epidermis Endothecium (3)...
-
1. Reproduction is a character of living organisms but it cannot be regarded as defining property because:- (1) Sexual reproduction involves two parent (2) Lower organisms reproduce understressful...
-
151. Humans have acquired immune system that produces antibodies to neutralize pathogens. Still innate immunity is present at the time of birth because it. (1) Is very specific and uses different...
-
Compare the theories of Natural Law and Positivism, using examples, such as legal cases. Describe the two theories and discuss cases which follow one or the other. You can mention the theorists for...
-
After looking at the resources, explain what a spirit image is. Why might looking at a god and/or a human in terms of their spirit be helpful if you want to eliminate some of the divisions between...
-
Determine the present value of $100,000 to be received at the end of each of four years, using an interest rate of 6%, compounded annually, as follows: (a) By successive computations, using the...
-
The vice president of operations of Rucker-Putnam Bike Company is evaluating the performance of two divisions organized as investment centers. Invested assets and condensed income statement data for...
-
When should the liability associated with a product warranty be recorded? Discuss.
-
Sketch a hypothetical scatterplot for a sample of size 10 for two random variables with a population correlation of (a) 1.0; (b) -1.0 ; (c) 0.9; (d) -0.5 ; (e) 0.0.
-
Using the data in Exercise 3.3: a. Construct a \(95 \%\) confidence interval for \(p\). b. Construct a \(99 \%\) confidence interval for \(p\). c. Why is the interval in (b) wider than the interval...
-
Explain why the differences-of-means estimator, applied to data from a randomized controlled experiment, is an estimator of the treatment effect.
Study smarter with the SolutionInn App