Need answer the financial accounting question please answer do fast Borrowed SR 50,000 from the Shore Bank by signing a12-month, zero-interest-bearing note of SR 54,000. Passthe journal entries of note issue and adjusting of interestwith discount.

Step 1: Define Non-Interest-Bearing NotesNon-interest-bearing notes payable are liabilities that…

Answered: Borrowed SR 50,000 from the Shore Bank…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

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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If the discounting is secured borrowing, what is included in the journal entry to record the transaction? a. Debit loss on note receivable discounting Ᵽ87,000b. Debit interest expense Ᵽ87,000c. Credit liability for note discounted Ᵽ6,063,000d. Credit interest income Ᵽ63,000
Sylvestor Systems borrows $50,000 cash on May 15 by signing a 60-day, 5%, $50,000 note. 1. On what date does this note mature?2-a. Prepare the entry to record issuance of the note.2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity. Record the issuance of the note. Note: Enter debits before credits. Date General Journal Debit Credit May 15 Cash Notes payable
Please given answer
Calculate the discount period for the bank to wait to receive its money: (Use Days in a year table): Date of note Length of note 45 days Date note discounted Discount period September 11 October 5 days
Sylvestor Systems borrows $96,000 cash on May 15 by signing a 60-day, 7%, $96,000 note. 1. On what date does this note mature?2-a. Prepare the entry to record issuance of the note.2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity.
Journalize the following entries on the books of the borrower and creditor. Label accordingly. (Assume a 360-day year is used for interest calculations.) Jun. 1 Regis Co. purchased merchandise on account from Winthrop Co., $60,000, terms n/30. Jun. 30 Regis Co. issued a 60-day, 5% note for $60,000 on account. Aug. 29 Regis Co. paid the amount due.
Sylvestor Systems borrows $50,000 cash on May 15 by signing a 60-day, 5%, $50,000 note. 1. On what date does this note mature?2-a. Prepare the entry to record issuance of the note.2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity. First, complete the table below to calculate the interest expense at maturity. (Use 360 days a year. Round final answers to the nearest whole dollar.) Interest at Maturity Principal Rate (%) Time Total interest
Note receivable Prefix Supply Company received a 120-day, 6% note for $500,000, dated April 12 from a customer on account. Assume 360-days in a year. 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. 88
Journalize the following entries on the books of the borrower and creditor. (Assume a 360-day year is used for interest calculations.) Jun. 1 Regis Co. purchased merchandise on account from Winthrop Co., $60,000, terms n/30. Jun. 30 Regis Co. issued a 60-day, 5% note for $60,000 on account. Aug. 29 Regis Co. paid the amount due. Regis Co. (Borrower). If an amount box does not require an entry, leave it blank. When required, round your answers to the nearest dollar. Jun. 1 Jun. 30 Aug. 29 Winthrop Co. (Creditor). If an amount box does not require an entry, leave it blank. When required, round your answers to the nearest dollar. Jun. 1 Jun. 30 Aug. 29
Need help for questions B & C
Give correct calculation for proceeds of the note
Calculate the discount period for the bank to wait to receive its money: (Use Days in a year table): Date of note Length of note Date note discounted Discount period March 07 120 days June 08 days

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Borrowed SR 50,000 from the Shore Bank by signing a 12-month, zero-interest-bearing note of SR 54,000. Pass the journal entries of note issue and adjusting of interest with discount.