Answered: A loan of 30 00 a 6% pear year, was…

A loan of 30 00 a 6% pear year, was given to a member of staff, in the previous year. No intrest has been received during the year. The accounting entries for accruing interest income are?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 16Q: Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual...

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A loan of 30 00 a 6% pear year, was given to a member of staff, in the previous year. No intrest has been received during the year. The accounting entries for accruing interest income are?

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TJ made a loan of $16,000 to one of the company's employees on April 1, year 1. The one year note carried a 6% rate of interest. What is the amount of interest revenue that Rosewood would report in Year 1? A. $720 B. $0 C. $240 D. $960
On November 1, Mead borrowed from Miller, giving him a $6,000, 3 month, 9% note, interest payable at maturity. Mead made no entry after November 1. On December 31, the end of the accounting period, what is the amount of the interest accrual? Select one: a. $135 b. $90 C. $540 d. $45 e. None of the above
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Subject: accounting
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Anne Taylor comapany borrowed cash on august 1 of year 1, by signing a $46,620(face amount), one year note payable, due on july 31 of year 2. the accounting period of Anne yalor ends December 31. Assume an effective interest rate of 11%. How much cash should Anne Taylor Company receive from the note on August 1 of Year 1, assuming the note is a noninterest-bearing note?
The following transactions are from Ohlm Company. Note: Use 360 days a year. Year 1 December 16 Accepted a(n) $13,700, 60-day, 8% note in granting Danny Todd a time extension on his past-due account receivable. December 31 Made an adjusting entry to record the accrued interest on the Todd note. Year 2 February 14 Received Todd's payment of principal and interest on the note dated December 16. March 2 Accepted a(n) $7,300, 8%, 90-day note in granting a time extension on the past-due account receivable from Midnight Company. March 17 Accepted a $3,700, 30-day, 7% note in granting Ava Privet a time extension on her past-due account receivable. April 16 Privet dishonored her note. May 31 Midnight Company dishonored its note. August 7 Accepted a(n) $7,250, 90-day, 12% note in granting a time extension on the past-due account receivable of Mulan Company. September 3 Accepted a $3,390, 60-day, 12% note in granting Noah Carson a time extension on his past-due account receivable. November 2…
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