What is maturity value of the note ? A 90-day, 8% note for $10,000dated May 1 is received from aon account. Thecustomermaturity value of the note is:a. $10,000.b. $10,800.c. $10,200.d. $9,800

Step 1: Define Notes PayableNotes payable are a type of negotiable instrument where the issuer of…

Answered: A 90-day, 8% note for $10,000 dated May…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter17: Accounting For Notes And Interest

Section: Chapter Questions

Problem 2CE

See similar textbooks

Similar questions

Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual interest rate of 3.5%, due in 6 months. What journal entry is created when Jain honors the note?
A 60-day, 5% note for $10,800, dated April 15, is received from a customer on account. The face value of the note is a.$10,890 b.$10,800 c.$540 d.$11,340
A 90-day, 10% note for $10,000 dated March 15 is received from a customer on account. The face value of the note is: Oa. $10,250. Ob. $9,000. Oc. $9,750. Od. $10,000.
A 60-day, 5% note for $7,800, dated April 15, is received from a customer on account. The face value of the note is Oa. $390 Ob. $8,190 Oc. $7,865 Od. $7,800
A 60-day, 12% note for $38,400, dated May 1, is received from a customer on account. The maturity value of the note is a.$39,168 b.$768 c.$43,008 d.$38,400
A 90-day, 5% note for $9,600, dated May 1, is received from a customer on account. The maturity value of the note is the one listed below. Select the correct answer. $9,720 $120 $9,600 $10,080
A 60-day, 5% note for $7,200, dated April 15 is received from a customer on account. The face value of the note is the one listed below. Select the correct answer. $7,560 $7,200 $360 $7,260
A company issued a 60 day 11% note for $17,000. What is the principal amount of the note? Round your answer to the nearest dollar. A) $16,688 B) $17,000 C) $18,870 D) $17,312
A 60-day, 6% note for $26,400, dated May 1, is received from a customer on account. The maturity value of the note, assuming a 360- day year, is A.$264 Ob. $26,664 Oc. $26,400 Od. $27,984
Sunshine Service Center received a 120-day, 6% note for $40,000, dated April 12 from a customer on account. Assume 360 days per year. a. Determine the due date of the note. b. Determine the maturity value of the note. When required, round your answers to the nearest dollar.$fill in the blank df5724f79f8d02f_2 c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Aug. 10 Cash Cash Note Receivable Note Receivable Interest Revenue Interest Revenue
Cube Ice Company received a 120-day, 10% note for $96,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note.$fill in the blank f3b771fe205d07f_2 c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Accounts Receivable Cash Interest Receivable Interest Revenue Notes Receivable Unearned Interest Aug. 7 fill in the blank 332b64fd401df83_2 fill in the blank 332b64fd401df83_3 fill in the blank 332b64fd401df83_5 fill in the blank 332b64fd401df83_6 fill in the blank 332b64fd401df83_8 fill in the blank 332b64fd401df83_9
Note Receivable Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note. $ Feedback Check My Work The due date is the date the note is to be paid. Assume a 360 day year. The maturity value is the amount that must be paid at the due date of the note. c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Aug. 7 Feedback Check My Work At the due date, the company records the receipt of payment on the note.

SEE MORE QUESTIONS

Recommended textbooks for you

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

SEE MORE TEXTBOOKS

A 90-day, 8% note for $10,000 dated May 1 is received from a on account. The customer maturity value of the note is: a. $10,000. b. $10,800. c. $10,200. d. $9,800