question archive On December 31, 2020, Tobita Company had the following balances reported on its balance sheet: Notes Receivable $17,100 Interest Receivable $96
On December 31, 2020, Tobita Company had the following balances reported on its balance sheet: Notes Receivable $17,100 Interest Receivable $96
Subject:BusinessPrice: Bought3
On December 31, 2020, Tobita Company had the following balances reported on its balance sheet: Notes Receivable $17,100 Interest Receivable $96.55 The following information is available for the notes receivable reported on December 31, 2020. Customer Note Principal Interest Rate Issue Date Term Interest Accrued 1 E. Tessier $5,100 5.00% Nov. 1. 2020 3 months $42.50 2 R. Wolde 5,100 4.60% Nov. 30. 2020 5 months 19.55 3 D. Deng 6,900 6.00% Dec. 1. 2020 1 year 34.50 Total $17,100 Total $96.55 Question 3 of 5 < -725 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 transactions of 2021: Mar. 1 Received a $14,100, twelve-month, 5.00% note from T. Lalonde in settlement of an accounts receivable. Interest is due at maturity. Oct. 30 Received a $3,900, three-month, 4.60% note from J. Han in settlement of an accounts receivable. Interest is due at maturity. Dec. 1 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 November 30. Prepare all required journal entries related to the notes receivables during 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Round answers to 2 decimal places, e.g. 52.50.) Prepare any adjusting entries required on December 31, 2021 related to the notes receivables. (Credit account tities 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, eg. 5275.) Classification Amount Interest revenue S - 1 25 ho Show how the notes receivable will be reported on Tobita's classified balance sheet on December 31, 2021. There were no estimated uncollectible amounts for the notes receivable. (List Current Assets in order of liquidity. Round answers to 2 decimal places, eg. 52.75.) Tobita Merchants Balance Sheet (Partial) V TA $
