On December 31, 2020, Tobita Company had the following balances reported on its balance sheet: Notes...
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On December 31, 2020, Tobita Company had the following balances reported on its balance sheet: Notes Receivable $12,000 Interest Receivable $65.00 The following information is available for the notes receivable reported on December 31, 2020. Note Interest Issue Interest Customer Principal Rate Date Term Accrued 1 E. Tessier $3,000 5.00% Nov. 1, 2020 3 months $25.00 2 R. Wolde 3,000 4.00% Nov. 30, 2020 5 months 10.00 3 D. Deng 6,000 6.00% Dec. 1, 2020 1 year 30.00 Total $12,000 Total $65.00 All notes require that the interest be paid on the maturity date of the note. All amounts owing on the notes were paid on time. Tobita prepares annual adjusting entries on December 31, the company's year end. Additional of 2021: Mar. 1 Received a $10,500, twelve-month, 5.00% note from T. Lalonde in settlement of an accounts receivable. Interest is due at maturity. Oc. Received a $3,900, three-month, 4.00% note from J. Han in settlement of an accounts receivable. Interest is due at maturity. 30 Provided a $10,000 loan to Morgan Industriesin exchange for a two-year, 6.00% note with interest due at maturity. Interest on the note is payable each year on Dec. 1 November 30. Prepare all required journal entries related to the notes receivables during 2021. (Credit account titles are automatically indented wh problem. Round answers to 2 decimal places, eg. 52.50.) Date Account Titles and Explanation Debit Credit Feb. 1 Notes Receivable - T. Lalonde 10500 Interest Revenue 525 Interest Receivable 525 Accounts Receivable Mar. 1 Apr. 30 Oct. 30 Dec. 1 Dec. 31 Prepare any adjusting entries required on December 31, 2021 related to the notes receivables. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 2 decimal places, eg. 52.75.) Date Account Titles and Explanation Debit Credit Dec. 31 e Textbook and Media Show the amount and presentation for interest revenue on Tobita's multiple-step income statement for the year ended December 31, 2021. (Round answer to 2 decimal places, e.g. 52.75.) Classification Amount Interest revenue 24 Show how the notes receivable will be reported on Tobita's classified balance sheet on December 31, 2021. There were no estimated uncollectible amounts answers to 2 decimal piaces, e.g. 52.75.) the notes receivable. (List Current Assets in order of liquidity. Round Tobita Merchants Balance Sheet (Partial) On December 31, 2020, Tobita Company had the following balances reported on its balance sheet: Notes Receivable $12,000 Interest Receivable $65.00 The following information is available for the notes receivable reported on December 31, 2020. Note Interest Issue Interest Customer Principal Rate Date Term Accrued 1 E. Tessier $3,000 5.00% Nov. 1, 2020 3 months $25.00 2 R. Wolde 3,000 4.00% Nov. 30, 2020 5 months 10.00 3 D. Deng 6,000 6.00% Dec. 1, 2020 1 year 30.00 Total $12,000 Total $65.00 All notes require that the interest be paid on the maturity date of the note. All amounts owing on the notes were paid on time. Tobita prepares annual adjusting entries on December 31, the company's year end. Additional of 2021: Mar. 1 Received a $10,500, twelve-month, 5.00% note from T. Lalonde in settlement of an accounts receivable. Interest is due at maturity. Oc. Received a $3,900, three-month, 4.00% note from J. Han in settlement of an accounts receivable. Interest is due at maturity. 30 Provided a $10,000 loan to Morgan Industriesin exchange for a two-year, 6.00% note with interest due at maturity. Interest on the note is payable each year on Dec. 1 November 30. Prepare all required journal entries related to the notes receivables during 2021. (Credit account titles are automatically indented wh problem. Round answers to 2 decimal places, eg. 52.50.) Date Account Titles and Explanation Debit Credit Feb. 1 Notes Receivable - T. Lalonde 10500 Interest Revenue 525 Interest Receivable 525 Accounts Receivable Mar. 1 Apr. 30 Oct. 30 Dec. 1 Dec. 31 Prepare any adjusting entries required on December 31, 2021 related to the notes receivables. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 2 decimal places, eg. 52.75.) Date Account Titles and Explanation Debit Credit Dec. 31 e Textbook and Media Show the amount and presentation for interest revenue on Tobita's multiple-step income statement for the year ended December 31, 2021. (Round answer to 2 decimal places, e.g. 52.75.) Classification Amount Interest revenue 24 Show how the notes receivable will be reported on Tobita's classified balance sheet on December 31, 2021. There were no estimated uncollectible amounts answers to 2 decimal piaces, e.g. 52.75.) the notes receivable. (List Current Assets in order of liquidity. Round Tobita Merchants Balance Sheet (Partial) On December 31, 2020, Tobita Company had the following balances reported on its balance sheet: Notes Receivable $12,000 Interest Receivable $65.00 The following information is available for the notes receivable reported on December 31, 2020. Note Interest Issue Interest Customer Principal Rate Date Term Accrued 1 E. Tessier $3,000 5.00% Nov. 1, 2020 3 months $25.00 2 R. Wolde 3,000 4.00% Nov. 30, 2020 5 months 10.00 3 D. Deng 6,000 6.00% Dec. 1, 2020 1 year 30.00 Total $12,000 Total $65.00 All notes require that the interest be paid on the maturity date of the note. All amounts owing on the notes were paid on time. Tobita prepares annual adjusting entries on December 31, the company's year end. Additional of 2021: Mar. 1 Received a $10,500, twelve-month, 5.00% note from T. Lalonde in settlement of an accounts receivable. Interest is due at maturity. Oc. Received a $3,900, three-month, 4.00% note from J. Han in settlement of an accounts receivable. Interest is due at maturity. 30 Provided a $10,000 loan to Morgan Industriesin exchange for a two-year, 6.00% note with interest due at maturity. Interest on the note is payable each year on Dec. 1 November 30. Prepare all required journal entries related to the notes receivables during 2021. (Credit account titles are automatically indented wh problem. Round answers to 2 decimal places, eg. 52.50.) Date Account Titles and Explanation Debit Credit Feb. 1 Notes Receivable - T. Lalonde 10500 Interest Revenue 525 Interest Receivable 525 Accounts Receivable Mar. 1 Apr. 30 Oct. 30 Dec. 1 Dec. 31 Prepare any adjusting entries required on December 31, 2021 related to the notes receivables. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 2 decimal places, eg. 52.75.) Date Account Titles and Explanation Debit Credit Dec. 31 e Textbook and Media Show the amount and presentation for interest revenue on Tobita's multiple-step income statement for the year ended December 31, 2021. (Round answer to 2 decimal places, e.g. 52.75.) Classification Amount Interest revenue 24 Show how the notes receivable will be reported on Tobita's classified balance sheet on December 31, 2021. There were no estimated uncollectible amounts answers to 2 decimal piaces, e.g. 52.75.) the notes receivable. (List Current Assets in order of liquidity. Round Tobita Merchants Balance Sheet (Partial) On December 31, 2020, Tobita Company had the following balances reported on its balance sheet: Notes Receivable $12,000 Interest Receivable $65.00 The following information is available for the notes receivable reported on December 31, 2020. Note Interest Issue Interest Customer Principal Rate Date Term Accrued 1 E. Tessier $3,000 5.00% Nov. 1, 2020 3 months $25.00 2 R. Wolde 3,000 4.00% Nov. 30, 2020 5 months 10.00 3 D. Deng 6,000 6.00% Dec. 1, 2020 1 year 30.00 Total $12,000 Total $65.00 All notes require that the interest be paid on the maturity date of the note. All amounts owing on the notes were paid on time. Tobita prepares annual adjusting entries on December 31, the company's year end. Additional of 2021: Mar. 1 Received a $10,500, twelve-month, 5.00% note from T. Lalonde in settlement of an accounts receivable. Interest is due at maturity. Oc. Received a $3,900, three-month, 4.00% note from J. Han in settlement of an accounts receivable. Interest is due at maturity. 30 Provided a $10,000 loan to Morgan Industriesin exchange for a two-year, 6.00% note with interest due at maturity. Interest on the note is payable each year on Dec. 1 November 30. Prepare all required journal entries related to the notes receivables during 2021. (Credit account titles are automatically indented wh problem. Round answers to 2 decimal places, eg. 52.50.) Date Account Titles and Explanation Debit Credit Feb. 1 Notes Receivable - T. Lalonde 10500 Interest Revenue 525 Interest Receivable 525 Accounts Receivable Mar. 1 Apr. 30 Oct. 30 Dec. 1 Dec. 31 Prepare any adjusting entries required on December 31, 2021 related to the notes receivables. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 2 decimal places, eg. 52.75.) Date Account Titles and Explanation Debit Credit Dec. 31 e Textbook and Media Show the amount and presentation for interest revenue on Tobita's multiple-step income statement for the year ended December 31, 2021. (Round answer to 2 decimal places, e.g. 52.75.) Classification Amount Interest revenue 24 Show how the notes receivable will be reported on Tobita's classified balance sheet on December 31, 2021. There were no estimated uncollectible amounts answers to 2 decimal piaces, e.g. 52.75.) the notes receivable. (List Current Assets in order of liquidity. Round Tobita Merchants Balance Sheet (Partial)
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1 Please find below journal entries related to the said transact... View the full answer
Related Book For
Cost Management Accounting and Control
ISBN: 978-0324559675
6th Edition
Authors: Don R. Hansen, Maryanne M. Mowen, Liming Guan
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