Activity No. 6 Notes Receivable DUE DATE The date a note is to be paid is called the DUE DATE or Maturity Date. The period of time between the issuance date and the due date of the short-term note may be stated in either days or months. When the term of the note is stated in days, the due date is the specified number of days after its issuance. Your activity starts here----- Promissory Note A. P5,000 Butuan City, Philippines March 16, 2021 Ninety days AFTER DATE We PROMISE TO PAY TO THE ORDER OF Fuji Enterprises Five Thousand and 00/100 only PESOS PAYABLE AT First National Bank VALUE RECEIVED WITH INTEREST AT 10% NO. 10 DUE J. P. ALINGALAN TREASURER, CALA COMPANY B. P30,000.00 Butuan City, Philippines July 8, 2021 One hundred twenty days AFTER DATE We PROMISE TO PAY TO THE ORDER OF Fuji Enterprises Thirty Thousand and 00/100 only. PESOS PAYABLE AT First National Bank VALUE RECEIVED WITH INTEREST AT 12% NO. W. P. DALUGDOG TREASURER, AMOR COMPANY 11 DUE C. P25,000.00 Butuan City, Philippines June 20, 2021 Sixty days AFTER DATE We PROMISE TO PAY TO THE ORDER OF Fuji Enterprises Twenty Five Thousand and 00/100 only PESOS PAYABLE AT First National Bank VALUE RECEIVED WITH INTEREST AT 8% NO. 12 DUE K.D. AMORES TREASURER, KOALA COMPANY In each case --- 1 DETERMINE THE DUE DATE 2 COMPUTE FOR THE INTEREST. (to simplify computation, use 360 days a year) 3 WHAT IS THE MATURITY VALUE OF THE NOTE? 4 PREPARE THE JOURNAL ENTRY. Activityb, P
Activity No. 6 Notes Receivable DUE DATE The date a note is to be paid is called the DUE DATE or Maturity Date. The period of time between the issuance date and the due date of the short-term note may be stated in either days or months. When the term of the note is stated in days, the due date is the specified number of days after its issuance. Your activity starts here----- Promissory Note A. P5,000 Butuan City, Philippines March 16, 2021 Ninety days AFTER DATE We PROMISE TO PAY TO THE ORDER OF Fuji Enterprises Five Thousand and 00/100 only PESOS PAYABLE AT First National Bank VALUE RECEIVED WITH INTEREST AT 10% NO. 10 DUE J. P. ALINGALAN TREASURER, CALA COMPANY B. P30,000.00 Butuan City, Philippines July 8, 2021 One hundred twenty days AFTER DATE We PROMISE TO PAY TO THE ORDER OF Fuji Enterprises Thirty Thousand and 00/100 only. PESOS PAYABLE AT First National Bank VALUE RECEIVED WITH INTEREST AT 12% NO. W. P. DALUGDOG TREASURER, AMOR COMPANY 11 DUE C. P25,000.00 Butuan City, Philippines June 20, 2021 Sixty days AFTER DATE We PROMISE TO PAY TO THE ORDER OF Fuji Enterprises Twenty Five Thousand and 00/100 only PESOS PAYABLE AT First National Bank VALUE RECEIVED WITH INTEREST AT 8% NO. 12 DUE K.D. AMORES TREASURER, KOALA COMPANY In each case --- 1 DETERMINE THE DUE DATE 2 COMPUTE FOR THE INTEREST. (to simplify computation, use 360 days a year) 3 WHAT IS THE MATURITY VALUE OF THE NOTE? 4 PREPARE THE JOURNAL ENTRY. Activityb, P
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...
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