correct answer please A $8,000 note payable was signed on May 1, 2018, and is dueNovember 30, 2019. Interest is charged at 6% per year and ispayable upon maturity.What is the total amount to be paid when the note matures?a. $8,720b. $8,480c. $8,960d. $8,000

Step 1: Note payable is a liability which is signed for purchase of some assets on credit or taken…

Answered: A $8,000 note payable was signed on May…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 24Q: Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms...

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Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms of the note show a maturity date of 36 months, and an annual interest rate of 8%. What is the accumulated interest entry if 9 months have passed since note establishment?
A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an annual interest rate of 11%. If 6 months have passed since note establishment, what would be the recorded interest figure at that time? A. $7,150 B. $65,000 C. $14,300 D. $2,383
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?
Lime Co. incurs a $4,000 note with equal principal installment payments due for the next eight years. What is the amount of the current portion of the noncurrent note payable due in the second year? A. $800 B. $1,000 C. $500 D. nothing, since this is a noncurrent note payable
On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10% interest rate. Each annual payment is in the amount of $39,569 and payment is due each Dec. 31. What is the journal entry on Jan. 1 to record the cash received and on Dec. 31 to record the annual payment? (You will need to prepare the first row in the amortization table to determine the amounts.)
Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual interest rate of 6%, and payable in four months. How much interest will Marathon Peanuts owe at the end of four months? A. $2,600 B. $7,800 C. $137,800 D. $132,600
Notes Payable and Effective Interest On November 1,2019, Edwin Inc. borrowed cash and signed a 60,000, 1-year note payable. Required: Compute the following items assuming (a) an interest-bearing note at 12%, (b) a non-interest-bearing note discounted at 12%: cash received effective interest rate interest expense for 2019 Prepare the journal entries for Edwin under each case for 2019 and 2020. Next Level Why is the effective rate higher for the non-interest-bearing note?
What is the total amount to be paid when the note matures ??
Provide correct answer
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
1. A 180-day note for $2000 with interest at 6% is dated September 18, 2024. Compute the note's value on December 18, 2024, if the money is worth 5%. (30 days a month, 360 days a year) (
Assuming a 360-day year, when a $13,430, 90-day, 11% interest-bearing note payable matures, total payment will amount to: Select the correct answer. $14,907 $1,477 $369 $13,799

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A $8,000 note payable was signed on May 1, 2018, and is due November 30, 2019. Interest is charged at 6% per year and is payable upon maturity. What is the total amount to be paid when the note matures? a. $8,720 b. $8,480 c. $8,960 d. $8,000