Cash received for interest during X1 = $ 6,500. Cash paid for interest during X1 = $ 5,800. Interest payable at 1/1/X1 = $1,250; Interest payable at 12/31/X1 = $ 1,930; Interest receivable at 1/1/X1 = $1,500;
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- If beginning and ending interest receivable were P16,000 and P5,000, respectively. Total interest income for the period amounted to P52,000, how much would be the amount of interest collections for the period?a. P31,000 c. P52,000b. P41,000 d. P63,000Which of the following accounts are used when a short-term note payable with 5% interest is honored (paid)? A. short-term notes payable, cash B. short-term notes payable, cash, interest expense C. interest expense, cash D. short-term notes payable, interest expense, interest payableIn the credit terms of 3/15, n/45, the "3" represents the a. Number of days when the entire amount is due b. Full amount of the invoice c. Percent of the cash discount d. Number of days in the discount period
- MC Qu. 12-154 Southview Company's interest revenue for the... Southview Company's Interest revenue for the period is $14,600 and the beginning and ending Interest recelvable balances are $1,620 and $6,200, respectively, cash recelved for Interest Is: Multiple Cholce $8.400. $10,020. $14,600. $19,100.#5: Interest Payable, beg. 35,000.00; Interest Payable, end 15,000.00; Interest Expense, 75,000.00. The Cash Payment for interest amounted to _________. (Round your answers to the nearest 2 decimal places)Transactions 2019 Dec. 2020 Mar. Sep. Nov. Dec. Dec. 31 Estimated that bad debt expense for the year was 4 percent of credit sales of $384,500 and recorded that amount as expense. 31 Made the closing entry for bad debt expense. 26 Sold inventory to Melinda Monet, $10,400.00, on credit terms of 2/10, n/30. Ignore cost of goods sold. 15 Wrote off Melinda Monet's account as uncollectible after repeated efforts to collect from her. 10 Received $5,400 from Monet, along with a letter stating her intention to pay her debt in full within 30 days. Reinstated her account in full. 5 Received the balance due from Monet. 31 Made a compound entry to write off the following accounts as uncollectible: Bob Keffer, $2,000; Marilyn Lee, $870.00; and Rich Alton, $12,300. 31 Estimated that bad debt expense for the year was 3 percent of credit sales of $810,000 and recorded the expense. 31 Made the closing entry for the bad debt expense. Print Done X
- 11. In the credit terms of 3/15, n/60, the “15” represents the a. number of days in the discount period. b. percent of the cash discount. c. full amount of the invoice. d. number of days when the entire amount is duePrepare a balance sheet, assuming that the current portion of the note payable is $7,000r. Principal s refers to the amount of money borrowed or invested on the origin 4. refers to the amount of time in years the money is borrowed or ted. 5. Dme term MOHurity value 6. Futuie value refers to the amount after t years that the lender receives from orrower on the maturity date. efers to the amount paid or earned for the use of the money. 7. Inferest FOMPLETION: Complete the table by finding the unknowns. IMPLE INTEREST Maturity Value (F) Principal (P) Rate (r) Time (t) Interest (I) 10, 000 1002.5% nonl year 3, 500 20, 000 2 years 10,000 30, 000 30, 000 20% 3 years 48, 000 40, 000 15% 24, 000 64, 000 10% 6 months 2, 500 52, 500
- 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 thehonored note at maturity date?A. Interest Revenue, Interest Expense, CashB. Interest Receivable, Cash, Notes ReceivableC. Interest Revenue, Interest Receivable, Cash, Notes ReceivableD. Notes Receivable, Interest Revenue, Cash, Interest ExpenseIf the note payable has total credits of RO 500 and total debits of RO 120, how much is its balance? a. RO 620 b. RO 500 c. RO 120 d. RO 380Compute 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%; 5months