Bull City Industries is considering issuing a $100,000, 7% note to a creditor on account.a. If the note is issued with a 45-day term, journalize the entries to record:1. the issuance of the note.2. the payment of the note at maturity.b. If the note is issued with a 90-day term, journalize the entries to record:1. the issuance of the note.2. the payment of the note at maturity.
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Bull City Industries is considering issuing a $100,000, 7% note to a creditor on account.
a. If the note is issued with a 45-day term,
1. the issuance of the note.
2. the payment of the note at maturity.
b. If the note is issued with a 90-day term, journalize the entries to record:
1. the issuance of the note.
2. the payment of the note at maturity.
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- A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest ExpenseChemical 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?Bull City Industries is considering issuing a $100,000, 7% note to a creditor on account. Required: a. If the note is issued with a 45-day term, journalize the entries to record (refer to the company's Chart of Accounts for exact wording of account titles): 1. the issuance of the note. 2. the payment of the note at maturity. Assume a 360-day year. b. If the note is issued with a 90-day term, journalize the entries to record (refer to the company's Chart of Accounts for exact wording of account titles): 1. the issuance of the note. 2. the payment of the payment of the note at maturity. Assume a 360-day year.
- Bull 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.Determine the maturity date and interest for a notes receivableAmplify Bank establishes a $45,300, 7-month, 6% note dated October 31, 2021 with Q Tile LLC. All of the note's interest is due at its maturity date. After reviewing the information, determine the maturity date of the note and calculate the amount of interest that is due at the maturity date. 1. What is the maturity date of the note (include the month, day and year)? 2. What is the amount of interest that is due at the maturity date (round answer to two decimal places)? 2(a). Show the work for your interest calculationBencorp issues a $90,000, 6-month, noninterest-bearing note that the bank discounted at a 10% discount rate. Required: 1. Prepare the appropriate journal entry to record the issuance of the note. 2. Determine the effective interest rate. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the appropriate journal entry to record the issuance of the note. (If no entry is required for a tr journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record the issuance of $90,000, 6-month, non-interest-bearing note issued at a 10% discount rate. Note: Enter debits before credits.
- Valley Designs issued a 90-day, 9% note for $96,000, dated April 19, to Bork Furniture Company on account. Assume 360 days in a year when computing the interest. a. Determine the due date of the note. b. Determine the maturity value of the note. Journalize the entry to record the receipt of the note by Bork Furniture. If an amount box does not require an entry, leave it blank. Journalize the entry to record the receipt of the note by Bork Furniture. If an amount box does not require an entry, leave it blank. Notes Receivable Accounts receivable valley designs Journalize the entry to record the receipt of payment of the note at maturity. If an amount box does not require an entry, leave it blank. Cash Notes Receivable Interest RevenuePrefix Supply Company received a 60-day, 5% note for $57,000 dated July 12 from a customer on account. Required: a. Determine the due date of the note. b. Determine the maturity value of the note. Assume a 360-day year. c. Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles. a. Determine the due date of the note. September 10 b. Determine the maturity value of the note. Assume a 360-day year. (Note: Round computations to the nearest whole dollar.) c. Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles.Valley Designs issued a 120-day, 5% note for $82,600, dated April 20 to Bork Furniture Company on account. Required: A. Determine the due date of the note. B. Determine the maturity value of the note. Assume a 360-day year. Round your answer to the nearest dollar. C. Journalize the entries to record the following: (1) receipt of the note by Bork Furniture and (2) receipt of payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles. Round your answer to the nearest dollar.
- Valley Designs issued a 120-day, 6% note for $76,800, dated April 15 to Bork Furniture Company on account. Required: A. Determine the due date of the note. B. Determine the maturity value of the note. Assume a 360-day year. Round your answer to the nearest dollar. C. Journalize the entries to record the following: (1) receipt of the note by Bork Furniture and (2) receipt of payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles. Round your answer to the nearest dollar. Chart of Accounts CHART OF ACCOUNTS Bork Furniture Company General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Valley Designs 129 Allowance for Doubtful Accounts 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 194 Accumulated…Valley Designs issued a 90-day, 10% note for $48,000, dated April 22, to Bork Furniture Company on account. Assume 360 days in a year when computing the interest. Question Content Area a. Determine the due date of the note. b. Determine the maturity value of the note.$___ Question Content Area c1. Journalize the entry to record the receipt of the note by Bork Furniture. If an amount box does not require an entry, leave it blank. notes receivable - Select - 0 accounts receivable - valley designs 0 - Select - Question Content Area c2. Journalize the entry to record the receipt of payment of the note at maturity. If an amount box does not require an entry, leave it blank. cash - Select - 0 notes receivable 0 - Select - interest revenue 0 - Select -Linstrum Company received a 60-day, 6% note for $28,000, dated July 23, from a customer on account. Required: a. Determine the due date of the note. b. Determine the maturity value of the note. Assume 360 days in a year. Do not round your intermediate calculations and round your final answer to the nearest dollar. c. Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
