A one-year, $45,000, 8% note is signed on May 15. If the note is repaid on November 15 of the same year, how much interest expense is incurred?
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How much interest expense is incurred?? Financial accounting
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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?Can the 10,000 note be repaid on May 1? Explain.A one-year, $22,400, 10% note is signed on May 1. If the note is repaid on November 1 of the same year, how much interest expense is incurred?
- 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?Sunshine Service Center received a 120-day, 6% note for $40,000, dated April 12 from a customer on account. Assume 360 days per year. a. Determine the due date of the note. b. Determine the maturity value of the note. When required, round your answers to the nearest dollar.$fill in the blank df5724f79f8d02f_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. Aug. 10 Cash Cash Note Receivable Note Receivable Interest Revenue Interest RevenueBull City Industries is considering issuing a $100,000, 7% note to a creditor on account. Assume a 360-day year. For a compound transaction, if an amount box does not require an entry, leave it blank. a. If the note is issued with a 45-day term, journalize the entries to record: the issuance of the note. the payment of the note at maturity. b. If the note is issued with a 90-day term, journalize the entries to record: the issuance of the note. the payment of the note at maturity.
- 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 10TORR, Inc. issues a $300,000, 6%, five-year note payable on January 1, 20X1. If the monthly payment is $5,800, what is the note's carrying value after the first month's payment is made on January 31, 20X1? Select one: a. $294,200 b. $300,000 c. $298,500 d. $295,700 e. $298,214An invoice for $6200.00, dated May 28, 3/10, 1/20, n/60, was received on May 30. What payment must be made on June 5 to reduce the debt to $4760.00? Approximate to the nearest 100th.
- On January 1, 2024, Oriole Corp. borrows $16,800 by signing a 3-year, 6% note payable. The note is repayable in three annual fixed principal payments on December 31 of each year. (a) Question Part Score (b) Question Part Score (c) 2/2 6/6 Prepare journal entries to record the note and the first instalment payment. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date > Account Titles DebitPlease help me.with this question general AccountingKeesha Co. borrows $100,000 cash on November 1 of the current year by signing a 150-day, 10%, $100,000 note. 1. On what date does this note mature?2. & 3. What is the amount of interest expense in the current year and the following year from this note?4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity.
