Accrued Interest Receivable The following is a list of outstanding notes receivable as of December 31, 20--: Maker K. Savelin 12/15/-- Date of Note Principal Interest Term No. of Days $1,000 5% 60 days 16 R. Hillier 12/3/-- 5,000 6 90 28 B. Miranda 11/30/-- 2,800 8 90 31 R. Hansen 11/18/-- 7,500 7 120 43 Required: 1. Compute the accrued interest at the end of the year. Assume 360 days in a year Round your intermediate calculations and final answer to the nearest cent. 2. Prepare the adjusting entry in the general journal. Page: DOC. POST. DATE ACCOUNT TITLE DEBIT CREDIT NO. REF. 20-- Dec. 31 2 3 1.

Accrued Interest Receivable The following is a list of outstanding notes receivable as of December 31, 20--: Maker K. Savelin 12/15/-- Date of Note Principal Interest Term No. of Days $1,000 5% 60 days 16 R. Hillier 12/3/-- 5,000 6 90 28 B. Miranda 11/30/-- 2,800 8 90 31 R. Hansen 11/18/-- 7,500 7 120 43 Required: 1. Compute the accrued interest at the end of the year. Assume 360 days in a year Round your intermediate calculations and final answer to the nearest cent. 2. Prepare the adjusting entry in the general journal. Page: DOC. POST. DATE ACCOUNT TITLE DEBIT CREDIT NO. REF. 20-- Dec. 31 2 3 1.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Accrued Interest Receivable The following is a list of outstanding notes receivable as of December 31, 20--: Maker Date of Note Principal Interest Term No. of Days K. Savelin 12/15/-- $1,500 5% 60 days 16 R. Hillier 12/3/-- 4,800 6 90 28 B. Miranda 11/30/-- 3,200 8 90 31 R. Hansen 11/18/-- 7,300 7 120 43 Required: Question Content Area 1. Compute the accrued interest at the end of the year. Round interim calculations and final answer to the nearest cent. Assume 360 days in a year.
Accrued Interest Payable The following is a list of outstanding notes payable as of December 31, 20--: Maker Date of Note Principal Interest Term No. of Days B. Jones 12/1/-- $1,000 6% 90 days 30 M. Aguilar 11/25/-- 2,500 6 80 36 T. Plant 12/14/-- 3,800 120 17 W. Brand 11/19/-- 1,900 8 180 42 Required: 1. Compute the accrued interest at the end of the year. Assume 360 days in a year. Round your intermediate calculations and final answer to the nearest cent. 2. Prepare the adjusting entry in the general journal. Page: DOC. POST. NO. REF. DATE ACCOUNT TITLE DEBIT CREDIT 20-- 1 Dec. 31 2 2 3 3
Calculate interest accrued for the following notes receivable as of December 31st using the following information: Maker Note 1 Note 2 $272.61 $276.40 $700 $791.67 Date of Note 11/15 12/15 Principal $20,000 $10,000 Interest Rate 10% 5% Term 120 days 90 days
Accrued Interest Payable The following is a list of outstanding notes payable as of December 31, 20-- Date of Note Principal 12/1/-- $1,490 11/25/-- 2,690 12/14/-- 3,900 11/19/-- 1,800 Maker B. Jones M. Aguilar T. Plant W. Brand Required: Interest 6% 6 7 00 8 Term 90 days 80 120 180 No. of Days 30 36 18 42 1. Compute the accrued interest at the end of the year. Assume 360 days in a year Round your for $
Computing Accrued Interest Compute the interest accrued on each of the following notes receivable held by Kierland, Inc, on December 31: (Round to the nearest dollar.) Date of Interest Principal RateTerm Maker Abel November 21 $36,000 12% 120 days Baker December 13 32,000 996 90 days! Charlie December 19 42,000 6% 60 days! Note Abel Baker $ Charlie
Computing Accrued Interest Compute the interest accrued on each of the following notes receivable held by Northland, Inc., on December 31: (Use 360 days for interes nearest dollar.) Date of Maker Note Maple November 21 Wyman December 13 Nahn December 19 Maple: $ Wyman: Nahn: 0 0 0 Principal $20,000 16,000 23,000 Interest Rate Term 10% 120 days 996 90 days 896 60 days
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Compute the interest accrued on each of the following notes receivable held by Northland, Inc. on December 31: (Use 360 as the denominator when calculating the interest amount. Round to a whole number.) Interest Accrued Maker Date of Note Principal Rate (%) Term Interest Maple 11/21 $18,000 10 120 days $ Wyman 12/13 $14,000 9. 90 days $ Nahn 12/19 $21,000 8. 60 days $
Computing Accrued Interest Compute the interest accrued on each of the following notes receivable held by Southland, Inc., on December 31: (Round your answer to the nearest dollar.)
Calculate the due date, interest due, and maturity value of the following notes: Date of Note Face Amount Interest Rate Term of Note Due Date Interest Due Maturity Value a. 24-Apr $70,000 3% 60 days b. 13-Jul 30,000 5% 120 days c. 9-Aug 40,000 4% 45 days d. 12-Sep 60,000 8% 90 days e. 5-Nov 50,000 6% 30 days
Computing Accrued Interest Compute the interest accrued on each of the following notes receivable held by Northland, Inc., on December 31: (Use 360 days for interest calculation. Round to the nearest dollar.) Maker Date ofNote Principal InterestRate Term Maple November 21 $180,000 6% 120 days Wyman December 13 140,000 7% 90 days Nahn December 19 210,000 5% 60 days Maple: Answer Wyman: Answer Nahn: Answer
Computing Accrued Interest Compute the interest accrued on each of the following notes receivable held by Southland, Inc., on December 31: (Use 360 days for interest calculation. Round to the nearest dollar.) Maker Date ofNote Principal InterestRate Term Maple November 21 $20,000 10% 120 days Wyman December 13 14,000 9% 90 days Nahn December 24 21,000 6% 60 days Maple: Wyman: Nahn: