A $4,000, 90 day, 14 percent note receivable in settlement of an account, dated June 1, is discounted at 14 percent on July 1. Compute the proceeds of the note.
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- 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 ExpenseGive correct calculation for proceeds of the noteCompute the proceeds of the note on these financial accounting question
- Kindly help me with accounting questionsOn November 1, Koala Kare Bear signed a $50,000, 10-month, 10% interest-bearing note payable. The journal entry on December 31 of the year would include a: • Debit to Interest Expense for $1,250 O Debit to Interest Expense for $833.33 • Credit to Interest Payable for $1,250 O Debit to Notes Payable for $50,000The following journal entry was made by your predecessor to record the annual payment on a 5%, 10-year installment note. PAGE 22 JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 Oct. 1 Interest Expense 710 152,086.00 2 Notes Payable 215 550,476.00 3 Cash 110 702,562.00 Using the information provided, compute the following amounts. 1. What was the carrying amount (book value) of the installment note before the payment on October 1? 2. What portion of next year’s payment will be interest? (Round the amount to the nearest dollar.)
- Copperfield and Company issued a 90-day, 6.00% note for $200,000 to a creditor on account. The previous clerk entered the following journal entries to record the note on July 10, and the payment of the note at maturity. 1 2 3 4 5 DATE 1 JUL 10 Accounts Payable Notes Payable 2 3 Notes Payable Accounts Payable Interest Expense DATE DESCRIPTION JOURNAL Jul 10 Accounts Payable POST. REF. DESCRIPTION Journalize the payment of the note at maturity as it should have been journalized. Don't forget to include the date. Assume a 360-day year. All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback. DEBIT 200,000.00 JOURNAL 212,000.00 POST. REF. CREDIT You notice that the journal entry for recording the note on July 10 is correct, but the entry for the payment of the note at maturity (including interest) did not have a date and was not correct. 200,000.00 200,000.00 12,000.00 DEBIT 20,000,000.00 Score: 4/37 CREDIT ASSETS 200,000.00…Lone Star Company received a 90-day, 6% note for $80,000, dated March 12 from a customer on account. (Assume a 360-day year when calculating interest.) a. Determine the due date of the note. b. Determine the maturity value 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. June 10On August 1, Kim Company accepted a 90-day note receivable as payment for services provided to Hsu Company. The terms of the note were $20,000 face value and 6% interest. On October 30, the journal entry for the collection of the note, assuming a 360-day year, should include a a.credit to Interest Revenue for $300 b.credit to Notes Receivable for $20,300 c.debit to Interest Receivable for $300 d.debit to Notes Receivable for $20,000
- On August 1, Kim Company accepted a 90-day note receivable as payment for services provided to Hsu Company. The terms of the note were $12,800 face value and 7% interest. On October 30, the journal entry for the collection of the note, assuming a 360-day year, should include a Oa. debit to Notes Receivable for $240 Ob. credit to Interest Revenue for $224 Oc. credit to Notes Receivable for $263 Od. debit to Interest Receivable for $206Zion Architects & Engineers issued on account 120-day, 8% note for $60,000, dated June 13 to Billings Construction company. Calculate and journalize the following: Determine the due date of the note = Determine the maturity value of the note, and = Journalize entries to record: Receipt of the note by Billings Construction Receipt of payment of the note at maturitySep. 3 Accepted a $2,100, 60-day, 10% note dated this day in granting Noah Carson a time extension on his past-due account receivable. Nov. 2 Received payment of principal plus interest from Carson for the September 3 note.
