accounting

posted by .

Derm Travel Agency accepted a four-month, 9% interest rate, 52.000 note from
one otits customers on May 1, 2008. The entire balance is payable at the
notes maturity.
Prepare the May 31 adjusting journal entry related to this note.


Do I debit cash and interest receivable; and credit interest revenue.

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Accounting

    Horse Country Living publishes a monthly magazine for which a 12-month subscription costs $30. All subscriptions require payment of the full $30 in advance. On August 1, 2008, the balance in the Subscriptions Received in Advance account …
  2. accounting

    Iron's paper Company, whose fiscal year ends December 31, completed the following transactions involving notes payable: Nov. 25 Purchased a new loading cart by issuing a 60day, 10% not for $43,200 Dec. 16 Borrowed $50,000 from the …
  3. accounting

    OBX Mufflers accepted a five-month, 7.5% interest, $2,400 note from ABD Motors on June 1, 2008. The entire balance is payable at the note's maturity. What will be the total payment on October 31, 2008?
  4. Accounting

    On June 1, Melendez Company borrows $90,000 from First Bank on a 6-month, $90,000, 12% note. Instructions (a) Prepare the entry on June 1. (b) Prepare the adjusting entry on June 30. (c) Prepare the entry at maturity (December 1), …
  5. Accounting

    On Hune 1, Coble Company Ltd. borrows $40,000 from first Bank on a 6-month, $40,000, 9% note. The note matures on December 1. a) Prepare the entry on June 1. b)Prepare the adjusting entry on June 30. c) Prepare the entry at maturity(december …
  6. Accounting

    On June 1, Coble Company Ltd. borrows $64,000 from First Bank on a 6-month, $64,000, 9% note. The note matures on December 1. (List multiple debit/credit entries from largest to smallest.) a) Prepare the entry on June 1. b) Prepare …
  7. accounting

    On January 1, 2008 Touring company agreed to buy some equipment from Jones Company. Touring company signed a note,agreeing to pay Jones company $500,000 for the equipment on December 31, 2010. The market rate of interest for this note …
  8. accounting

    Worthington Company issued $1,000,000 face value , six-year, 10% bond on July 1, 2010, when the market rate of interest was 12%. Interest payments are due every July 1, and January 1. Worthington uses a calendar year-end. 1. Prepare …
  9. Accounting 1

    Red Bank Enterprises was involved in the following transactions during the fiscal year ending October 31: 8/2: Borrowed $75,000 from the Bank of Kingsville by signing a 120-day note. 8/20: Issued a $40,000 note to Harris Motors for …
  10. Accounting

    On April 1, 2013, Ringo Company borrowed $20,000 from its bank by using a 9%, 12 month note, with the interest to be paid on the maturity date. I need to find the interest paid on the maturity date, prepare a journal for it, and then …

More Similar Questions