Suppose First Fidelity Bank engaged in the following transactions: 2013 Apr 1 Loaned out $8,000 to...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Suppose First Fidelity Bank engaged in the following transactions: 2013 Apr 1 Loaned out $8,000 to Bland, Co. Received a six-month, 10% note. Oct 1 Collected the Bland note at maturity. Dec 1 Loaned $6,000 to Flores, Inc., on a 180-day, 12% note. Dec 31 Accrued interest revenue on the Flores note. 2014 May 30 Collected the Flores note at maturity. First Fidelity's accounting period ends on December 31. Requirement Explanations are not needed. Use a 360-day year to compute interest. 1. Journalize the 2013 and 2014 transactions on First Fidelity's books. Suppose First Fidelity Bank engaged in the following transactions: 2013 Apr 1 Loaned out $8,000 to Bland, Co. Received a six-month, 10% note. Oct 1 Collected the Bland note at maturity. Dec 1 Loaned $6,000 to Flores, Inc., on a 180-day, 12% note. Dec 31 Accrued interest revenue on the Flores note. 2014 May 30 Collected the Flores note at maturity. First Fidelity's accounting period ends on December 31. Requirement Explanations are not needed. Use a 360-day year to compute interest. 1. Journalize the 2013 and 2014 transactions on First Fidelity's books.
Expert Answer:
Answer rating: 100% (QA)
Account titles Date Explanations 2013 1Apr Note receivableBland Co c... View the full answer
Related Book For
Government and Not for Profit Accounting Concepts and Practices
ISBN: 978-1118155974
6th edition
Authors: Michael H. Granof, Saleha B. Khumawala
Posted Date:
Students also viewed these accounting questions
-
The Byrd Corporation engaged in the following transactions at the beginning of 2007: 1. Purchased a Hogburger franchise for a five-year, $60,000, 10%-interest-bearing note. The franchise has an...
-
The Alpine school district engaged in the following transactions in its fiscal year ending August 31, 2018. By law, the district is required to establish a capital projects fund to account for school...
-
The Electric Company engaged in the following transactions during 2014. The beginning cash balance was $43,000 and ending cash balance was $48,600. 1. Sales on account were $274,000. The beginning...
-
How is it that a state, or any state, such as Oregon, can offer more provisions under FMLA (OFLA) than then the federal rule of FMLA does?
-
Conklin Services prepares financial statements only once per year using an annual accounting period ending on December 31. Each of the following statements describes an entry made by Conklin on...
-
The file P12_16.xlsx contains the daily closing prices of American Express stock for a one-year period. a. Use the random walk model to forecast the closing price of this stock on the next trading...
-
The PCAOB main responsibilities include the following, except: (a) Registration of accounting firms (including non-US firms) that audit public companies (including non-US issuers) trading in US...
-
Write the SQL queries that accomplish the following tasks in the HAFH Realty Company Property Management Database: a. Display the SMemberID and SMemberName for all staff members. b. Display the CCID,...
-
Assume Call and Put options on IBM Stock have a strike of $50 have premia of $2.50 and $2.00 respectively. If at maturity the spot is $52.00, which option gets exercised (if any) and which is true:...
-
On May 2, 1987, Hannah acquired residential real estate for $450,000. Of the cost, $100,000 was allocated to the land and $350,000 to the building. On August 20, 2015, the building, which then had an...
-
Identify all values a such that lim f(x) exists but f(x) is not continuous at x = a. ra ver a=-3 a=2 a=-1 a=3 ver a=0 None of them. 'a=1 a=-2 y -3 -2 1 2 2 3 I
-
A company manufactures rugs using wool and dye as direct materials. One rug is budgeted to use 30 skeins of wool at a cost of $3 per skein and 0.7 gallons of dye at a cost of $8 per gallon. All other...
-
To measure the estimated reliability inter-rater would be most important. When tasks of tests need to be scored by human raters, the reliability of those raters must be estimated. Inter-rater...
-
'Rever Ltd.' is a manufacturing company dealing in Juice. It has been consistently earning good profits for many years. This year too, it has been able to generate enough profits. There is...
-
Point 1. Compute unit costs per pound for products A, B, and C, treating C as a byproduct. Use the NRV method for allocating joint costs. Deduct the NRV of the byproduct produced from the joint cost...
-
Theoretical Probabilities . What is the theoretical probability of an unfavorable outcome? P(x 1) % (Round to the nearest percent.) (fraction) =
-
The following is the sales budget for Lemonis, Incorporated, for the first quarter of 2022: Sales budget January $ 130,000 February $ 147,000 March $ 162,000 Credit sales are collected as follows: 70...
-
On October 31 Juanita Ortega, owner of Outback Guide Service, received a bank statement dated October 30. Juanita found the following: 1. The checkbook has a balance of $2,551.34. 2. The bank...
-
What are the basic statements that an agency may have to prepare to be in compliance with FASAB standards?
-
What are the measurement focus and basis of accounting of governmental funds? What is the traditional rationale for this basis of accounting (used in governmental fund statements)as opposed to, for...
-
In what way will budgetary entries and encumbrances affect amounts reported on year-end balance sheets or operating statements?
-
Describe the characteristics of a municipal bond, including tax factors.
-
List three examples of reasons state and local governments might issue bonds.
-
Compare the three ways you can purchase mutual funds.
Study smarter with the SolutionInn App