Calculate interest accrued for the following notes receivable as of December 31st using the following information: Maker Note 1 Note 2 O $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
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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 ExpenseUse information from EA10. Compute the interest expense due when Barkers honors the note. Show the journal entry to recognize payment of the short-term note on December 4.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
- 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 days1. For each note below, calculate and record the maturity date and interest. No. of Note Date of Note 1 Mar. 5 2 Mar. 16 3 Apr. 12 4 May 9 Principal Interest Rate Time of Note Maturity Date $700.00 14% 180 days 10% 120 days 11% 90 days 12% 60 days $1,500.00 $650.00 $1,800.00 InterestComputing 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
- 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 $Determine due date and interest on notes Determine the due date and the amount of interest due at maturity on the following notes: Date of Note Face Amount Interest Rate Term of Note a. January 5* $87,000 6% 120 days b. February 15* 27,000 4 30 days c. May 19 65,000 8 45 days d. August 20 32,000 5 90 days e. October 19 A 48,000 7 90 days *Assume a non-leap year in which February has 28 days. Assume 360 days in a year when computing the interest. Note a. b. C. d. e. Due Date InterestComputing 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.) Date of Note Maker Maple November 21 Wyman December 13 Nahn December 19 Maple: $ Wyman: Nahn: Principal $25,000 21,000 28,000 Interest Rate 3% 4% 5% Term. 120 days 90 days 60 days
- Determine Due Date and Interest on Notes Determine the due date and the amount of interest due at maturity on the following notes: Face Amount Interest Rate Term of Note Date of Note January 10* $40,000 5% 90 days a. b. March 19 18,000 8. 180 days June 5 90,000 7. 30 days C. d. September 8 36,000 3. 90 days November 20 27,000 4. 60 days e. Assume that February has 28 days. Assume 360-days in a year when computing the interest. Note Due Date Interest a. Apr. 10 V b. Sept. 15 C. July 5 d. Dec.7- e. Jan 19Compute the due date, amount of interest and total cash received on the maturity date for the following notes receivable: 1-Date of Note: May 30; $24,000, 9%, 120 days 2-Date of Note March1; $32,500, 8%, 90 days 3-Date of Note November6; $400,000, 12%; 5monthsDetermine Due Date and Interest on Notes Determine the due date and the amount of interest due at maturity on the following notes: Date of Note Face Amount Interest Rate Term of Note a. January 10* $40,000 5% 90 days b. March 19 18,000 8. 180 days C. June 5 90,000 7 30 days d. September 8 36,000 3 90 days November 20 27,000 60 days е. *Assume that February has 28 days. Assume 360-days in a year when computing the interest. Note Due Date Interest a. С. d. е. II b.