65. Borrowed P100,000 by issuing a 1-year note with 7% annual interest to Century Savings Bank on October 1, 2021. What is the adjusting entry on December 31, 2021? A. Debit: Interest Expense and Credit: Interest Payable P1,750 B. Debit: Interest Expense and Credit. Interest Payable P7,000 C. Debit: Interest Expense and Credit: Interest Payable P3,500 D. Debit: Interest Expense and Credit: Interest Payable P5,250

Q: NOTE DATED APRIL 7, 2021 DUE IN 145 DAYS INTEREST RATE IS 7.5% FACE OF THE NOTE IS $12,000 CALCULATE…

A: Interest Amount = Principal Amount x Interest Rate  Maturity Value = Principal Amount + Interest

Q: At the end of 2020, the business has a notes payable with maturity value of TL60.000. The maturity…

A: Discount on notes payable  = Maturity value x rate of discount x no of months/12 = TL 60000 X 20% X…

Q: -  Accounting  On August 1, 2

A: To calculate the effective interest rate (APR) on the loan,Where:Interest Expense is the difference…

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A: Step 1: Introduction to Promissory Note:A promissory note is a financial instrument prepared by the…

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Q: vi.9

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A: Roof Point: From October 01, 2019 to December 31 , 2019 = 3 months Principal amount = $ 90000 Coupon…

Q: Assuming a 360-day year, the interest charged by the bank, at the rate of 7%, on a 90-day,…

A: Notes payable is a financial instrument used to raise funds for financial obligations. Interest is…

Q: 1. For each note below, calculate and record the maturity date and interest.

A: Notes Payable is a written agreement under which one party agree to pay the other party after the…

Q: A $40,000 loan at 4% dated June 10 is due to be paid on October 11. The amount of interest is…

A: Loan amount (P) = $40000 Interest rate (r) = 4% Period from June 10 to Oct 11 (d) = 123 Days

Q: On 1st Sept 2020 Sun LLC has accepted a note receivable for RO 1000 from one of the accounts…

A: Days outstanding  from 1st step to 31 dec   =  122 Maturity period is less than it so total interest…

Q: 1)What are the proceeds of $1,000,000 deposited in a bank on July 10 for 1 month at 1.5%?  Take care…

A: Since you have posted multiple questions, we will solve the first question for you. If you want any…

Q: b. On September 1, 2019 the Robbem Co. received a $30,000 note receivable from a customer in…

A: December 31, 2019 = Face value of note x rate of interest x No. of months  / 12 = $30,000 x 12% x…

Q: On May 1, 2020, Zachary Corporation borrowed $2,500 on a two-year, 6% note payable. Interest is due…

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Q: Compute the maturity date and interest for the following notes.( use 360 days for calculation) Dates…

A: Notes payable is a term in accounting that represents a written agreement or promissory note made by…

Q: Following are the current note receivables of Monsoon, Inc. as of December 31, 2020. All notes have…

A: Journal: Recording of a business transactions in a chronological order.

Q: Item 1 - The note receivable is due in installments of RM50,000, payable on each 30 June annually.…

A: Disclosure note is note which is written regarding to make more information available to the users…

Q: Delta took out a one year, 8% $100,000 loan on March 31, 2021. Interest is due upon maturity of the…

A: The adjustment entries are prepared to adjust the revenues and expenses of the current period.

Q: Simple Interest: A $45,000 loan at 3.75% dated June 10 is due to be paid on October 11. Using…

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Q: ABC signed a 5-year, 9% note payable for $80,000 on May 1, 2012. Which account will be credited when…

A: Journal entry for Note Payable   1.Interest expense will be debited to book current years interest…

Q: Our business opened a 1-year term deposit account of 180.000 TL on 01.08.2020. The interest rate is…

A: Date of deposit: 01.08.2021 Rate of Interest = 16% Accural date 31.12.2021

Q: What account would be debited (1), what account would be credit (2), and what amount would be paid…

A: Interest payment = Face value of bonds x bonds interest rate x 6/12 = $100,000 x 12% x 6/12 = $6,000…

Q: Alaska Inc. borrowed $16,000 by signing a one-year note payable on November 1, 2020. The note bears…

A: Journal: Recording of a business transactions in a chronological order.

Q: 16. On October 1, 2020, Zachary's Balloons borrowed $4,000 on a 12%, one-year note payable. Interest…

A: Semiannual Interest = $4,000 * 12% * 6/12 Semiannual Interest = $240

Q: Proceeds from Notes Payable On January 26, Elegant Co. borrowed cash from Conrad Bank by issuing a…

A: a. Proceeds of the Note of $94,800.00 b. Proceeds of the Note of $93,378.00

Q: Op January 1. 2020. you borrowed $1000 frorn a bank. On December 31, 2020 you pan ofn yove oeta…

A: The formula 1+nominal rate = (1+ real rate) * (1+inflation) The nominal interest rate here = 40/1000…

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Q: . Interest has not yet been recorded on the notes payable which was taken out on March 1, 2020 with…

A: Please check the step 2 below:-

Q: Assuming a 360-day year, the interest charged by the bank, at the rate of 6%, on a 90-day,…

A: Interest charged by the bank = Amount of notes payable x rate of interest x no. of days / 360

Q: im.3

A: Date | Account Titles | Debit | Credit Jan. 31 | Interest Expense | 988 | | Bonds Payable |…

Q: Assuming a 360-day year, when a $13,430, 90-day, 11% interest-bearing note payable matures, total…

A: At the maturity of note payable, The amount paid = Principal + Interest Amount

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A: To determine the due date and the amount of interest due at maturity for each note, we need to first…

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A: A written promissory note is a note payable. In this arrangement, the borrower receives a certain…