Cube Ice Company received a 120-day, 10% note for $96,000, dated April 9 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. $fill in the blank f3b771fe205d07f_2 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. Accounts Receivable Cash Interest Receivable Interest Revenue Notes Receivable Unearned Interest Aug. 7 fill in the blank 332b64fd401df83_2 fill in the blank 332b64fd401df83_3 fill in the blank 332b
Depreciation Methods
The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.
Depreciation Accounting
In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.
Cube Ice Company received a 120-day, 10% note for $96,000, dated April 9 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.
$fill in the blank f3b771fe205d07f_2
c.
Accounts Receivable - Cash
- Interest Receivable
- Interest Revenue
- Notes Receivable
- Unearned Interest
| Aug. 7 | fill in the blank 332b64fd401df83_2 | fill in the blank 332b64fd401df83_3 | |
| fill in the blank 332b64fd401df83_5 | fill in the blank 332b64fd401df83_6 | ||
| fill in the blank 332b64fd401df83_8 | fill in the blank 332b64fd401df83_9 |
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