A business borrowed $15,000 by signing a 270-day promissory note at 8%. What is the maturity value of the note?
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- Can the 10,000 note be repaid on May 1? Explain.A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest ExpenseA customer was unable to pay the accounts receivable on time in the amount of $34,000. The customer was able to negotiate with the company and transferred the accounts receivable into a note that includes interest, along with an up-front cash payment of $6,000. The note maturity date is 24 months with a 15% annual interest rate. What is the entry to recognize this transfer?
- What is the maturity value of the note on these financial accounting question?A business issued a 45-day, 6% note for $210,000 to a creditor. Principal and interest are payable at maturity. How is maturity value calculated in this case? What is the maturity value of the note?FDN Company signed a 90-day, 8% P150,000 note with the bank for cash borrowed. On maturity date, the company made the payment. How much is debited to the Notes Payable account on maturity date?
- Can you please answer the financial accounting question?Please answer the question correctly. Thank youOn June 43, Trade Bank loaned a customer $30,000 on a 60-day, 10% note, temiting the face value less the interest to the customer. Which of the following journal entries would Trade Bank use to record the receipt of the note? a. Notes Receivable 30,000 Interest revenue 3,000 Cash 27,000 b. Notes receivable 30,000 Cash 30,000 c. Notes Receivable 29,500 Cash 29,500 d. Notes receivable 30,000 Interest revenue 500 Cash 29,500
- ShadyTree Company issued a note receivable to a customer. The face value of the note was $12,000 at 4% interest for 5 months. How much interest revenue should ShadyTree recognize for the entire term of the note? $280 $480 $200 $40Cube 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_9Given accounting questions answer
