# Novak Corp. was experiencing cash flow problems and was unable to pay its $115,000 account payable... ###### Question: Novak Corp. was experiencing cash flow problems and was unable to pay its$115,000 account payable to Pina Corp. when it fell due on September 30, 2020. Pina agreed to substitute a one-year note for the open account. The following two options were presented to Novak by Pina Corp.: Option 1: A one-year note for $115,000 due September 30, 2021. Interest at a rate of 10% would be payable at maturity. Option 2: A one-year non-interest-bearing note for$126,500. The implied rate of interest is 10%. Assume that Pina Corp. has a December 31 year end. Assuming Novak Corp. chooses Option 1, prepare the entries required on Pina Corp.'s books on September 30, 2020, December 31, 2020, and September 30, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Round answers to 0 decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit September 30, 2020 Notes Receivable Accounts Receivable December 31, 2020 Interest Receivable Interest Income September 30, 2021 Cash Interest Receivable Interest Income Notes Receivable
Assuming Novak Corp. chooses Option 2, prepare the entries required on Pina Corp.'s books on September 30, 2020, December 31, 2020, and September 30, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Round answers to O decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit September 30, 2020 - Notes Receivable Accounts Receivable December 31, 2020 - Notes Receivable Interest Income September 30, 2021 Notes Receivable Interest Income (To record interest income) September 30, 2021 Cash Notes Receivable (To record the collection of the note receivable)

#### Similar Solved Questions

##### Uaing te cdinratiou cikvc, cakulzlc tc mol GOTt6f0.283,V =0.337x141P1 M 0 120 M 0 840 0 025
Uaing te cdinratiou cikvc, cakulzlc tc mol GOTt 6f0.283, V =0.337x 141P1 M 0 120 M 0 840 0 025...
##### How you think the allele frequencies are being affected by genetic drift in our simulation. Do...
How you think the allele frequencies are being affected by genetic drift in our simulation. Do you think this is speeding up or slowing down the rate of allele change? Why? Plot a graph of the H (p) allele frequency over generational time (show a minimum of three generations) showing what you would ...
##### How many of the below given sequences is a solution to the following recurrence relation: an...
How many of the below given sequences is a solution to the following recurrence relation: an = an-1 + 2an-2 +2n - 9? 1.) an = 2n + n - 2 2.) an = 72n - n + 2 3.) an = 5(-1)n - n + 2 4.) an = 2 - n 5.) an = 2(-4)n + 3...
##### Analyze the use of databases in searching for evidence, including what the databases are and how...
Analyze the use of databases in searching for evidence, including what the databases are and how they can help with an evidence search....
##### 8b)0156 75783
8 b) 0 15 6 75783...
##### Financial Institutions Management (8th Edition) Chapter 19, Problem 29QP Webb Bank has a composite CAMELS rating...
Financial Institutions Management (8th Edition) Chapter 19, Problem 29QP Webb Bank has a composite CAMELS rating of 2, a total risk-based capital ratio of 10.2 percent, a Tier I risk-based capital ratio of 5.2 percent, and a Tier I leverage ratio of 4.8 percent. What deposit insurance risk category ...
##### Raylan Givens Incorporated has a target capital structure of 27.00% notes payable (debt), 5.00% preferred stock,...
Raylan Givens Incorporated has a target capital structure of 27.00% notes payable (debt), 5.00% preferred stock, and 68.00% common stock. Currently, banks want 7.00% on their notes, preferred stock owners would like 11.00%, while common stock holders require 14.00%. If the marginal tax rate is 40.00...
##### 1 A hollow sphere of mass M and radius Ris susp expression for the speed the...
1 A hollow sphere of mass M and radius Ris susp expression for the speed the sphere has when it falls a dista What fraction of the energy is in rotation? Clear good figures, exp! derivation and box your answers. I t Us R is suspended by a string as shown. Derive an nit falls a distance h. How long d...
##### The assets (in billions of dollars) of the four wealthiest people in a particular country are...
The assets (in billions of dollars) of the four wealthiest people in a particular country are 43, 30, 19, 14. Assume that samples of size n=2 are randomly selected with replacement from this population of four values. a. After identifying the 16 different possible samples and finding the mean of eac...
##### Propranalol, a drug for treating high blood pressure andabnormal heart rhythms, is metabolized in the body by one ofcytochrome P450 enzymes as shown below. Draw the mechanism.
Propranalol, a drug for treating high blood pressure and abnormal heart rhythms, is metabolized in the body by one of cytochrome P450 enzymes as shown below. Draw the mechanism....
##### Two vehicles approach a right angle intersection and thencollide. After the collision, they become entangled. The first carhead to east, its mass is 1400.0 kg and its speed is 24.0 m/s; thesecond car head to north, its mass is 2400.0 kg and its speed is21.0 m/s, find the magnitude and direction of the final velocity ofthe wreck.
two vehicles approach a right angle intersection and then collide. After the collision, they become entangled. The first car head to east, its mass is 1400.0 kg and its speed is 24.0 m/s; the second car head to north, its mass is 2400.0 kg and its speed is 21.0 m/s, find the magnitude and direction ...
##### 8.00 / SeanchMyStatLab websitePsyc21t Online Summer 2019Homework: Week 5: Due June 10Score: 0.08 of 1 piJole[12.3.47Uet MLlE cIe ehown halotFIDS â‚¬ apanru 0Lni0t? ann arataaa coninouncy labe Io Ine m* Conorte ae /ulIrrouch InHowimany col conscnlnjenty 1b4[7a7cmjkYour unskeFiln D MsunoWuhoBlack Honnens 41,dez 7476MidtrnttSouth Wual2702 1,6971,747Isimemy Jur ansetta;|
8.00 / Seanch MyStatLab website Psyc21t Online Summer 2019 Homework: Week 5: Due June 10 Score: 0.08 of 1 pi Jole[ 12.3.47 Uet MLlE cIe ehown halot FIDS â‚¬ apanru 0Lni0t? ann arataaa coninouncy labe Io Ine m* Conorte ae /ulIrrouch In Howimany col cons cnlnjenty 1b4[7a7 cmjkYour unske Filn D Msu...
##### A=?27B=?37C=?27D=?2pc0MO
A=?27 B=?37 C=?27 D=?2p c0 MO...
##### Estimate the area of the surface generated by revolving the curve $y=2 x^{2}, 0 leq x leq 3$ about the $x$ -axis. Use Simpson's rule with $n=6$.
Estimate the area of the surface generated by revolving the curve $y=2 x^{2}, 0 leq x leq 3$ about the $x$ -axis. Use Simpson's rule with $n=6$....
##### Completed in 1902 in New York City, the Flatiron by 220d Streel , Building Broadway, and Suh Avenue_ triangular shaped and bounded the 22nd Street side, 190 feet The building measures approximately 87 feet on on the Broadway side and 173 feet on the 5u Approximate the ground area covered by the building. Avenue side.
Completed in 1902 in New York City, the Flatiron by 220d Streel , Building Broadway, and Suh Avenue_ triangular shaped and bounded the 22nd Street side, 190 feet The building measures approximately 87 feet on on the Broadway side and 173 feet on the 5u Approximate the ground area covered by the buil...
##### NaTeOlIkiETtKuve Me Jinl 54 mFA [(dn rudlylMNICE =SdThlehmoitn "mplitudc4niatMLTETWavclauathlniuAIcocriPhie aneleLinear Eequenzy perladVelocin ofwavVhnlon Czd Mxuue
naTeOlIkiETt Kuve Me Jinl 54 mF A [ (dn rudlyl MNICE = Sd Thleh moitn " mplitudc 4niat MLTET Wavclauath lniuAI cocri Phie anele Linear Eequenzy perlad Velocin ofwav Vhnlon Czd Mxuue...
##### Organization development 21. Due to the recent merger of two companies, Sarah, an OD consultant, is...
Organization development 21. Due to the recent merger of two companies, Sarah, an OD consultant, is working with Don, the CEO, to establish a team-building process to help the teams from the two original companies evolve into well-functioning teams in the new company. Don wants to start by establish...
##### 08:17 vital.liv.ac.uk 811 vodafone UK令 ร 100% Ol.a)i An electromagnetic wave is travelling along a microstrip...
08:17 vital.liv.ac.uk 811 vodafone UK令 ร 100% Ol.a)i An electromagnetic wave is travelling along a microstrip transmission line. Sketch the structure of the microstrip transmission line and its electrical field and magnetic field distribution at a cross section of the microstrip line. ...
##### 2 instructionsQuestion 1ptsF A dstlicn /ut I5 tlie Sc (( conespondng to the mean"Cannot be" determined fton the mformation KivcnINs [
2 instructions Question 1 pts F A dstlicn /ut I5 tlie Sc (( conespondng to the mean" Cannot be" determined fton the mformation Kivcn INs [...
##### An unfortunate person ingests a large amount of the radioactive isotope, 40 Ca_ A radiation detector measures an activity of 5000 counts per second coming from this person: After 3.00 days the person is measured once again, giving 2609 counts per second on that day_ The person then dies suddenly. Exactly 3.00 days : after their death, the body is measured one last time to have an activity of 1675 counts per second. Assuming that all the measured counts come from 40 Ca atoms, calculate the biolog
An unfortunate person ingests a large amount of the radioactive isotope, 40 Ca_ A radiation detector measures an activity of 5000 counts per second coming from this person: After 3.00 days the person is measured once again, giving 2609 counts per second on that day_ The person then dies suddenly. Ex...
##### Log functions: A new car has an interior sound level of 70 dB at 50 km h
Log functions:A new car has an interior sound level of 70 dB at 50 km h. A second car, at thesame speed, has an interior sound level that is two times more intense than thatof the new car. Calculate the sound level inside the second car....
##### Question HelpPolice estimate Ihat 81% of drivers wear their seatbelts. They set up safety roadblock, stopping cars to check for seatbelt use_ If they stop 100 cars; what is the probability Ihey find at least 17 drivers not wearing their sealbelts? Use Normal approximation .The probability is (Type an integer or decimal rounded to four decimal places as needed )Enter your answer In the answer box:
Question Help Police estimate Ihat 81% of drivers wear their seatbelts. They set up safety roadblock, stopping cars to check for seatbelt use_ If they stop 100 cars; what is the probability Ihey find at least 17 drivers not wearing their sealbelts? Use Normal approximation . The probability is (Type...
##### Case Report  5 On July 4, 2007, Florida's Central District Health Department (CDHD) received a...
Case Report  5 On July 4, 2007, Florida's Central District Health Department (CDHD) received a complaint of several ill persons with watery diarrhea after attendance at a municipal splash park on June 26. Water samples collected from splash features and an adjacent drinking fountain tested posi...
##### The volume of a sphere varies directly as the cube of its radius.the diameter of a sphere made of lead is 14cm.prove by method of variationthat by melting the sphere 8 sphere can be formed each of diameter 7cm(suppose that after melting the volume cnstnt?
The volume of a sphere varies directly as the cube of its radius.the diameter of a sphere made of lead is 14cm.prove by method of variationthat by melting the sphere 8 sphere can be formed each of diameter 7cm(suppose that after melting the volume cnstnt?...
##### Q7. The tensile strength of a certain metal component is normally distributed with a mean of...
Q7. The tensile strength of a certain metal component is normally distributed with a mean of 10000 kilometers per square centimeter and a standard deviation of 100 kilograms per square centimeter. (a) What proportion of these components are less than 10020 kilograms per square centimeter in tensile ...
##### (16 points) Determine if the series converges absolutely or conditionally or diverges 4n (-197-1 (6 1)! (a) (b) (-1)n 4n-1 Zn3 + n + 5- n=2 n=
(16 points) Determine if the series converges absolutely or conditionally or diverges 4n (-197-1 (6 1)! (a) (b) (-1)n 4n-1 Zn3 + n + 5- n=2 n=...
##### Find two power series solutions about the point x for the differential equation: y" _xy" +2y = 0 . For each series, unless it terminates, find the first 4 non-zero terms
Find two power series solutions about the point x for the differential equation: y" _xy" +2y = 0 . For each series, unless it terminates, find the first 4 non-zero terms...
##### L. Determine whether the functions fi(x) = I: f(x) = 5+x; fs(x) = 3 - x? and fa(x) = 4x +x? are linearly independent or linearly dependent On the real line R
L. Determine whether the functions fi(x) = I: f(x) = 5+x; fs(x) = 3 - x? and fa(x) = 4x +x? are linearly independent or linearly dependent On the real line R...
##### TIUVIUM (20 points) You are given the following facts: World Enterprises (A) Wheelrim& Axle Merged Company...
TIUVIUM (20 points) You are given the following facts: World Enterprises (A) Wheelrim& Axle Merged Company (AB) (B) dor EPS $2.4$3 3.20 Price per share $48 ?$36 12 P/E 20 number of shares 120,000 240,000 ? Total Earnings $288,000$720,000 Total market value $5,760,000$8,640,000 c) What is the...
##### What item/items does Switzerland have that the United States does not have? Why won't Switzerland export...
What item/items does Switzerland have that the United States does not have? Why won't Switzerland export this item to the United States? What item/items does the United States have that Switzerland does not have? Why won't the United States export this item/items to Switzerland?...
##### Question 13 of 15Vlev Pollcles Current Attempt in ProgressAt New York City; thc carth' 5 magnetic feldhas Vertlcr component0n5 0 $Tthat points donnnrd Mecrpendiculi-totho ground) and a horizontal component = 180 * 10$ Tthat points toward gcographic north (parallel to thc ground} What is the magnitude ofthe magnetic forceona 7.40-mlong straight wire that carrics curtent 0f 46.5 A perpendicularly Into Ihet grourd?NumberUnits
Question 13 of 15 Vlev Pollcles Current Attempt in Progress At New York City; thc carth' 5 magnetic feldhas Vertlcr component0n5 0 $Tthat points donnnrd Mecrpendiculi-totho ground) and a horizontal component = 180 * 10$ Tthat points toward gcographic north (parallel to thc ground} What is the...