Calculating InterestUsing 360 days as the denominator, calculate interest for the following notes using theformula I = P x Rx T. Round your answers to the nearest cent.Principal RateTimeInterest$4,1006.00%30 days1,0007.50603,5008.001209506.80951,2507.251022,6007.0090W3 B Journal Entries (Note Received, Renewed, and Collected)Jan.Received a 30-day, 6% note in payment for merchandise sale of $20,000.16Feb. Received $100 (interest) on the old (January 16) note; the old note is renewed for 3015 days at 7%.Mar.Received principal and interest on the new (February 15) note.1719 Received a 60-day, 6% note in payment for accounts receivable balance of $8,000.May Received $80 (interest) plus $1,000 principal on the old (March 19) note; the old note18renewed for 60 days (from May 18) at 6%.JulyReceived principal and interest on the new (May 18) note.17Prepare general journal entries for the transactions. Assume 360 days in a year.Page: 1DOC. POST.DATEACCOUNT TITLEDEBIT CREDITNO. REF.20--1Jan. 163.4Feb. 156.788.Mar. 179.10101111121213 Mar. 19131414151516 May 1816171718181919202021 July 17212222232324241II III IIIII III II IIII

Since you have asked multiple question, we will solve the first question for you. If you want any…

Calculating Interest Using 360 days as the denominator, calculate interest for the following notes using the formula I = P x R x T. Round your answers to the nearest cent. Principal Rate Time Interest $4,100 6.00% 30 days 1,000 7.50 60 3,500 8.00 120 950 6.80 95 1,250 7.25 102 2,600 7.00 90

Calculating Interest Using 360 days as the denominator, calculate interest for the following notes using the formula I = P x R x T. Round your answers to the nearest cent. Principal Rate Time Interest $4,100 6.00% 30 days 1,000 7.50 60 3,500 8.00 120 950 6.80 95 1,250 7.25 102 2,600 7.00 90

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Complete the following table: (Use Table 15.1.) (Do not round intermediate calculations. Round your answers to the nearest cent.) First Payment Broken Down Into— Selling price Down payment Amount mortgage Rate Years Monthly payment Interest Principal Balance at end of month $221,000 $44,200 7.00 % 15
Check my wor Solve for maturity value, discount period, bank discount, and proceeds. Assume a bank discount rate of 9%. Use the ordinary interest method. (Use Days in a year table.) (Do not round intermediate calculations. Round your final answers to the nearest cent.) Face value Rate of Length of note Date note (principal) $26, 300 interest Maturity value Date of note discounted 9% 65 days Discount period Bank discount Proceeds March 17 April 20 days 24 $4 hp
Journal Entries (Note Received, Renewed, and Collected) Jan. Received a 30-day, 6% note in payment for merchandise sale of $20,000. 16 Feb. Received $100 (interest) on the old (January 16) note; the old note is renewed for 30 15 days at 7%. Mar. Received principal and interest on the new (February 15) note. 17 19 Received a 60-day, 6% note in payment for accounts receivable balance of $8,000. May Received $80 (interest) plus $1,000 principal on the old (March 19) note; the old note 18 renewed for 60 days (from May 18) at 6%. July Received principal and interest on the new (May 18) note. 17 Prepare general journal entries for the transactions. Assume 360 days in a year. Page: 1 ACCOUNT TITLE DOC. POST. NO. REF. DATE DEBIT CREDIT 20-- 1 Jan. 16 3 4 Feb. 15 4 6 7 8 9 Mar. 17 9 10 10 11 11 12 12 13 Mar. 19 13 14 14 15 15 16 May 18 16 17 17 18 18 19 19 20 20 21 July 17 21 22 22 23 23 24 24 in
Solve for maturity value, discount period, bank discount, and proceeds. Assume a bank discount rate of 9%. Use the ordinary interest method. (Use Days in a year table.) Note: Do not round intermediate calculations. Round your final answers to the nearest cent. $ Face value (principal) 27,200 Rate of interest 9% Length of note 60 days Maturity value Date of note August 23 Date note discounted September 18 Discount period Bank discount Proceeds eck
Calculate the finance charge (in $), the finance charge per $100 (in $), and the annual percentage rate for the installment loan by using the APR table, Table 13-1. (Round dollar amounts to the nearest cent.) AmountFinanced Number ofPayments MonthlyPayment FinanceCharge Finance Chargeper $100 APR $13,000 36 $467.00 $ $ %
Check my Solve for maturity value, discount period, bank discount, and proceeds. Assume a bank discount rate of 7%. Use the ordinary interest method. (Use Days in.a year table) (Do not round Intermediate calculations. Round your final answers to the nearest cent.) Maturity value Date of Rate of Interest Length of note Date note discounted Proceede Face value (principal) 60,600 Discount perlod Bank discount note 90 days May 13 |days June 4
Use the ordinary interest method to compute the time (in days) for the loan. Round your answer up to the next highest day when necessary. Principal Rate (%) Time Interest $7,400 10.4 days $222
Complete the following table for the simple discount notes. Use the ordinary interest method. Note: Round your answers to the nearest cent. Amount due at maturity 4,400 Discount rate 6.25% Time 170 days Bank discount Proceeds