Question
In: Accounting
Jung & Newbicalm Advertising (JNA) recently hired a new creative director, Howard Rachell, for its Madison...
Jung & Newbicalm Advertising (JNA) recently hired a new creative director, Howard Rachell, for its Madison Avenue office in New York. To persuade Howard to move from San Francisco, JNA agreed to advance him $120,000 on April 30, 2018, on a one-year, 9 percent note, with interest payments required on October 31, 2018, and April 30, 2019. JNA issues quarterly financial statements on March 31, June 30, September 30, and December 31.
Prepare journal entries to record the note’s issuance, interest earned, and interest payments received for each quarter and on each payment date. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your final answers to whole dollar amount)
- Record the receipt of a note on April 30, 2018 for a $120,000 loan to the new creative director.
- Record the interest accrued on the note as of June 30, 2018.
- Record the interest accrued on the note as of September 30, 2018.
- Record the receipt of interest for the period ending October 31, 2018.
- Record the interest accrued on the note as of December 31, 2018.
- Record the interest accrued on the note as of March 31, 2019.
- Record the receipt of interest for the period ending April 30, 2019.
- Record the receipt of the principal on the note’s maturity date.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
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