Question: Prepare necessary journal entry on December 3 1 and when paid Indicate the maturity date Round to whole dollars and SHOW YOUR WORK Received $

Prepare necessary journal entry on December

31

and when paid

Indicate the maturity date

Round to whole dollars and SHOW YOUR WORK

Received $ $36, 000$

$90$ day Note Receivable on $11 / 17 / 23$

Face Amount $ $36, 000$

Interest Rate $4 %$ On a $360$ day basis

Close quarterly on December $31$

Interest paid after $90$ days

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Journal Entries for Note Receivable 1 Initial Recording of the Note Receivable on November 17 2023 Debit Notes Receivable 3600090 Credit Accounts Rece... 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

Students Have Also Explored These Related Accounting Questions!

IP Management at LinkedIn LinkedIn launched the first professional social network in May 2003. Over time, it had become highly successful and increased its revenue in 2006 by 723% to $9.8 million and...

Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...

The current market price for XYZ is $177 per share. Initial margin is 50%, maintenance margin is 35% and margin interest is 1.75% per year. XYZ pays annual cash dividends of $5.95 per share. You...

Popsters just opened a branch in Baguio City this December 2015. Summary of transactions for the first month of operations follows: 1. Baguio Branch received P15,750 cash from home office to start...

What was the accounting Big Bang in Japan?

If the advance-decline movement in the market is weak (more declines than advances) while the DJIA is going up, what might this indicate to a technician about the market?

Confronting Fear Describe a situation in which fear held you back from taking a risk or pursuing a goal. What caused your fear? How did you handle it then, and how would you handle i t n ow?...

On March 1, Jordan Company borrows $90,000 from Ottawa State Bank by signing a 6-month, 8%, interest-bearing note. Instructions Prepare the necessary entries below associated with the note payable on...

On Friday, September 13, 1992, the lira was worth DM 0.015. Over the weekend the lira devalued against the DM to DM 0.011. By what percent has the DM changed in value relative to the Lira? 26.672...

Andrea Corbridge is considering forming a portfolio consisting of Kalama Corp. and Adelphia Technologies. The two corporations have a correlation of -0.1789, and their expected returns and standard...

As CIO of BellyBig, a new chain of fast - food restaurants, you are responsible for setting up the information systems infrastructure. Brefly outline your vision for all the components of this...

Outdoor Equipment (OE) sells camping equipment. On December 1, the accounts receivable account had a balance of $50,000, the bad debt expense account had a balance of $0, and the allowance for...

explore how to reduce employee turnover, absenteeism and the cost turnover has on corporate profits. In the process of researching this topic, look into numerous ways companies have tried to improve...

CA3-AUDITING a) Describe the factors you as auditor should considered and the procedures should bee performed prior to acceptance as auditor (10 marks) b) A good system of internal control consists...

Can I get some help with these questions A glass is tapered so that it is narrower at the top than at the bottom. The glass is filled using a hose with a constant flow rate of 4 ml per second. Cross-...

Estimated Income Statements, using Absorption and Variable Costing Prior to the first month of operations ending October 31, Marshall Inc. estimated the following operating results: Sales (28,800 x...

Two mutually exclusive investment alternatives are being considered. Alternative A requires an initial investment of $20,000 in a machine. Annual operating and maintenance costs are anticipated to be...

Jim is fired from his job as a waiter and decides to take an extended trip to Europe. After touring Europe for 3 months, Jim returns to look for a new job as a waiter. Are his job-hunting expenses...

In June of 2012, Maureen's house is vandalized during a long-term power failure after a hurricane hit the city. The president of the United States declares Maureen's city a disaster area as a result...

John Fuji (age 37) moved from California to Washington in December 2011. He lives at 468 Cameo Street, Yakima, WA 98901. John's Social Security number is 571-78-5974 and he is single. His earnings...

17. Physical Fitness in the United States A survey was conducted to determine whether adult participation in physical fitness programs varies from one region of the United States to another. A random...

Calculate the expected cell counts and the value of the test statistic X2 for the chi-square test of independence. 10. Column Row 1 2 3 1 35 16 84 2 120 92 206

Use the data in the contingency table to answer 12. Find the value of the test statistic. Column Row 1 2 3 Total - 1 37 34 93 164 2 66 57 113 236 Total 103 91 206 400