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
- On 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 $50,000On July 1st 2018, Ponds received a 9%, six-month note receivable from Saeed Ghani, in defrayalof a Rs. 1,000,000 account receivable. Prepare journal entries to record the followingtransactions:a. The receipt of the note receivable on July 1st 2018.b. To record an accrued interest revenue on December 31, 2018.c. The collection of the principal and interest on December 31, 2018.Prefix Supply Company received a 60-day, 5% note for $57,000 dated July 12 from a customer on account. Required: a. Determine the due date of the note. b. Determine the maturity value of the note. Assume a 360-day year. c. Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles. a. Determine the due date of the note. September 10 b. Determine the maturity value of the note. Assume a 360-day year. (Note: Round computations to the nearest whole dollar.) c. Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles.

