Ireland Corporation obtained a $62,000 note receivable from a customer on June 30, 2021. The note, along with interest at 5%, is due on June 30. 2022. On September 30, 2021, Ireland discounted the note at Cloverdale bank. The bank's discount rate is 8%. What amount of cash did Ireland receive from Cloverdale Bank? Multiple Choice O $58,094. O $57.040. $62.775.
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- On August 31, 2022, Prestige Co. discounted at a bank a customer's P1,200,000, 9-month, 10% note receivable dated April 30, 2022. the bank discounted the note at 12% on the same date. what amount of cash was received from the discounting? a.1,290,000 b.1,225,500 c.1,320,000 d.1,173,900 What is the gain or loss on note receivable discounting? a.66,100 loss b.Zero c.14,500 gain d.14,500 lossMay 30 Discounted the $36,000 note at a local bank. The bank’s discount rate is 8%. The note was discounted without recourse and the sale criteria are met. I need help calculating cash received may 30,2018 The journal entries are as follow Cash?? Loss on sale of note receivable ?? Notes Receivable 36000 Interest Receivable 420 Aug. 31 Sold stock in a nonpublic company with a book value of $6,200 and accepted a $7,200 noninterest-bearing note with a discount rate of 8%. The $7,200 payment is due on February 28, 2019. The stock has no ready market value. I'm having problems calculating gain on sale of investment and discount on note receivableWrite up a two-column cash book for a second hand bookshop from the following during the month of November 2020.1st Balance brought forward from last month: cash ¢2950; bank ¢4,2402ndCash sales ¢3,1003rdTook ¢2,000 out of the cash till and paid it into the bank4thF. Bell paid us by cheque ¢1945thPaid for postage stamps in cash ¢806th Bought office equipment by cheque ¢3107th Paid L. Root by cheque ¢94011th Withdrew ¢1,500 from the bank for business use12th Paid wages in cash ¢40013th Cash sales ¢43014th Paid motor expenses by cheque ¢81016thJ. Bull lent us ¢1,500 in cash20thK. Brown paid us by cheque ¢17428thPaid general expenses in cash ¢35030thPaid insurance by cheque ¢320
- a). Write up a two-column cash book for a second hand bookshop from the following during the month of November 2020.1st Balance brought forward from last month: cash ¢2950; bank ¢4,240 2nd Cash sales ¢3,1003rd Took ¢2,000 out of the cash till and paid it into the bank4th F. Bell paid us by cheque ¢1945th Paid for postage stamps in cash ¢806th Bought office equipment by cheque ¢310 7th Paid L. Root by cheque ¢94011th 12th 13th 14th 16th 20th 28th 30thWithdrew ¢1,500 from the bank for business use Paid wages in cash ¢400Cash sales ¢430Paid motor expenses by cheque ¢810J. Bull lent us ¢1,500 in cashK. Brown paid us by cheque ¢174 Paid general expenses in cash ¢350 Paid insurance by cheque ¢320Question 5a). Write up a two-column cash book for a second hand bookshop from the following during the month of November 2020.1st Balance brought forward from last month: cash ¢2950; bank ¢4,2402nd Cash sales ¢3,1003rd Took ¢2,000 out of the cash till and paid it into the bank4th F. Bell paid us by cheque ¢1945th Paid for postage stamps in cash ¢806th Bought office equipment by cheque ¢3107th Paid L. Root by cheque ¢94011th Withdrew ¢1,500 from the bank for business use12th Paid wages in cash ¢40013th Cash sales ¢43014th Paid motor expenses by cheque ¢81016th J. Bull lent us ¢1,500 in cash20th K. Brown paid us by cheque ¢17428th Paid general expenses in cash ¢35030th Paid insurance by cheque ¢320 b). The bank balance in the cash book and that of the bank statement may disgrace because ofinformational and timing differences. Explain.Write up a three-column Cash Book for Kevin Davis for the month of 2020 August from the following transactions: August1 Balances brought down Bank Overdraft $15 000 and Cash $14 200.2 Bought printing and postage materials $1 500 by cash3 Sold goods $13 500 by cheques.4 Received Rates $3 500 in cash.5 Paid the following their accounts by cheque receiving a 5% discount: K. Allen $4 000, S. Chin $6 000 G Owen $5 500.8 The following paid us their account by cheque, being allowed a 5% discount S Brown $6 000, U Bell $3 500 and A Paul $4 500.10 Bought Furniture $5 600 by cheque15 Paid for Insurance $2 900 by cash18 Sold goods $8 000 by cash23 Received commission $6 500 by cheque27 Paid salaries $10 000 by chequeB. Post the relevant discount accounts in the General Ledger.
- MAKE THE NECCESSARY JOURNAL ENTRIES FOR THE FOLLOWINGTRANSACTIONS 4) Bank Credit Memorandum states that , 95.000 TL issued check iscollected from the Bank. 5) 24 month rent contract, Starting 1st April 2020 is signed for384.000 TL. Prepayment is made by half check and half note issued, 6) 25.000 USD is paid ( cash ) by the customer for USD Merchandise sale .Rate is 7.15 TL/USD.QUESTION Amir's mini market was set up in January 2022. The following are the transactions for the month of April 2022. Date 2 4 a. 6 8 b. 16 20 9 Amir, the owner withdrew RM200 cash for his personal use. Purchased goods worth RM900 in cash from Daulat Trading. 10 12 The business paid off its debt to Bala Enterprise for full settlement by electronic funds transfer and received a 5% discount. 14 A credit memo of RM300 was issued to Confucius Cooperative for the return of spoilt goods. Amir invested RM15,000 in a fixed deposit by cheque. Sold goods worth RM3,500 for cash. Paid cash for utilities RM270. The business received full payment from Confucius Cooperative for the amount due after deducting a cash discount of RM30. The sum was deposited into the business's bank account. 22 24 Transaction The business purchased goods worth RM3,000 on credit from Bala Enterprise. Made a cash payment of RM150 for transport of goods purchased from Bala Enterprise. 25 26 Sold goods on credit to…a). Write up a two-column cash book for a second hand bookshop from the following during the month of November 2020. 1st Balance brought forward from last month: cash ¢2950; bank ¢4,240 2nd Cash sales ¢3,100 3rd Took ¢2,000 out of the cash till and paid it into the bank 4th F. Bell paid us by cheque ¢194 5th Paid for postage stamps in cash ¢80 6th Bought office equipment by cheque ¢310 7th Paid L. Root by cheque ¢940 11th Withdrew ¢1,500 from the bank for business use 12th Paid wages in cash ¢400 13th Cash sales ¢430 14th Paid motor expenses by cheque ¢810 16th J. Bull lent us ¢1,500 in cash 20th K. Brown paid us by cheque ¢174 28th Paid general expenses in cash ¢350 30th Paid insurance by cheque ¢320 b). The bank balance in the cash book and that of the bank statement may disgrace because of informational and timing differences. Explain.
- Cy loans Mookie The Beagle Concierge $1,000 at 6% annual interest. Record the transaction as a loan payable as follows. Required: 1. Complete a Deposit. a. Select (+) New icon > Bank Deposit b. Select Account: 1001 Checking c. Select Date: 01/12/2023 d. In Add Funds to This Deposit section, select Account: + Add New > Account Type: Other Current Liabilities > Detail Type: Loan Payable > Name: Loan Payable > Number: 2300 > Save and Close e. Select Payment Method: Check f. Enter Reference Number: 5002 g. Enter Amount: 1000.00 h. Select Save and close i. What is the Amount of the Loan Payable? Note: Answer this question in the table shown below. Round your answer to the nearest dollar amount. Amount of the loan payable () View the Transaction Journal for the Deposit. a. From the Navigation Bar, select Accounting b. From the Chart of Accounts, select 2300 Loan Payable > View Register c. From the Register, select the transaction just recorded > Edit d. From the…Cy loans Mookie The Beagle Concierge $1,000 at 6% annual interest. Record the transaction as a loan payable as follows. Required: 1. Complete a Deposit. a. Select (+) New icon > Bank Deposit b. Select Account: 1001 Checking c. Select Date: 01/12/2023 d. In Add Funds to This Deposit section, select Account: + Add New > Account Type: Other Current Liabilities > Detail Type: Loan Payable > Name: Loan Payable> Number: 2300 > Save and Close e. Select Payment Method: Check f. Enter Reference Number: 5002 g. Enter Amount: 1000.00 h. Select Save and close i. What is the Amount of the Loan Payable? Note: Answer this question in the table shown below. Round your answer to the nearest dollar amount. i. Amount of the loan payablecredit interest in the multiple-step statement will Add to the gross profit on sales Add to operating income Add to income after tax. Deduct from net sales. On October 1,2020 the company purchase a 12- month insurance policy for $1800 the transaction was record with an $1800 debit to prepaid insurance expense , the adjusting entry at 31, Dec, 2020 will be debit insurance expense for $600 and credit prepaid insurance expense for $600. debit prepaid insurance expense for $600,and credit cash for $600. debit insurance expense for $450, and credit prepaid insurance expense for $450. O debit prepaid insurance expense for $450, and credit cash for $450. the close entry for purchase discount is debit income summary, credit purchase discount. debit retained earning ,credit purchase discount, debit purchase discount, credit income summary. O no one of above.