**Chapter 8: Receivables****Notes Receivable (Short Term)****Accounts:**- Notes Receivable- Interest Receivable- Interest Income (or Interest Revenue)**Terms:**- Maturity Value- Face Value- Issue DateA Promissory Note has a Face Amount, a Term, and an Interest Rate (expressed as an annual percentage). **Need to Calculate the Due Date of the Note****Example:**Assume that a 120-day note is signed on March 11. What is the maturity date of the note?- **Term of the Note:** 120- **Days that pass in March:** - Number of days in March: 31 - Date of the note in March: 11 - Number of days left: 20- **Number of Days in Other Months:** - Days that pass in April: 30 - Number of days left: 70 - Days that pass in May: 31 - Number of days left: 39 - Days that pass in June: 30 - Number of days left: 9 9 < 31; therefore, the due date is July 9.**Important Considerations:**Interest is not charged on the date the note is signed. Count the day after the date on the note to determine the due date.**Does it really matter whether you collect the note on July 9 or July 10?**Accepting payment on a note one day late without charging interest can set a precedent that may make it difficult to collect a note on time in the future.---**Accounting 1A Class Assignment****Chapter 8: Receivables**Determine the due date and the amount of interest due at maturity on the following notes dated in 2020:| Date of Note | Face Amount | Interest Rate | Term of Note ||--------------|-------------|---------------|--------------|| a. January 3* | $80,000 | 4% | 120 days || b. February 20*| $27,000 | 5 | 30 days || c. May 24 | $2,500 | 8 | 45 days || d. August 30 | $30,000 | 5 | 90 ### Educational Content on Notes and Receivables#### Notes TableThe table displayed is a list of promissory notes with the following columns:- **Date of Note**: When the note was issued.- **Face Amount**: The principal amount of the note.- **Interest Rate**: The annual interest rate applied.- **Term of Note**: The duration of the note in days.The table entries are:1. **January 3** - Face Amount: \$30,000 - Interest Rate: 6% - Term: 120 days2. **February 20** - Face Amount: \$21,000 - Interest Rate: 10% - Term: 30 days3. **May 24** - Face Amount: \$2,500 - Interest Rate: 8% - Term: 60 days4. **August 30** - Face Amount: \$30,000 - Interest Rate: 5% - Term: 90 days5. **October 4** - Face Amount: \$10,000 - Interest Rate: 9% - Term: 90 days*Note: February 2020 has 29 days. Assume 360 days in a year when computing interest.*#### Flush Mate Co. NotesFlush Mate Co. is involved with bathroom fixtures and has received notes with details as such:1. **Apr. 5** - Face Amount: \$50,000 - Term: 45 days - Interest Rate: 9%2. **May 15** - Face Amount: \$24,000 - Term: 60 days - Interest Rate: 8%3. **July 30** - Face Amount: \$42,000 - Term: 120 days - Interest Rate: 6%4. **Sept. 26** - Face Amount: \$54,000 - Term: 90 days - Interest Rate: 7%5. **Dec. 30** - Face Amount: \$72,000 - Term: 30 days - Interest Rate: 10%Tasks:1. Determine for each note: - (a) Due date - (b) Interest amount at maturity, and identify each by

Interest Expense = Face Amount x Interest Rate x n360 days Total Amount due = Interest at Maturity +…

Determine the due date and the amount of interest due at maturity on the following notes dated in 2020: Date of Note a. January 3* b. February 20 c. May 24 d. August 30 e. October 4 Face Amount $80,000 27,000 62,500 30,000 40,000 Interest Rate Term of Note 120 days 30 days 45 days 90 days 90 days 69 4 S - February 2020 has 29 days. Assume 360 days in a year when computing the interest

Determine the due date and the amount of interest due at maturity on the following notes dated in 2020: Date of Note a. January 3* b. February 20 c. May 24 d. August 30 e. October 4 Face Amount $80,000 27,000 62,500 30,000 40,000 Interest Rate Term of Note 120 days 30 days 45 days 90 days 90 days 69 4 S - February 2020 has 29 days. Assume 360 days in a year when computing the interest

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 12MC: Which of the following accounts are used when a short-term note payable with 5% interest is honored...

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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 Expense
Part A: Calculate the interest on the following notes: Part B: Determine the maturity dates on the following notes: Check Figure 1. Interest, 66.92
Do not answer in image format Answer completely.
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 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 Interest
Determine the maturity date solve this accounting questions
Practice Find the amount in the account and the interest. Annual Interest Interest First Period Second Principal Rate Period Interest Amount Period Interest Amount 1. $ 750.00 5.000% quarterly a. b. C. d. 2. 1,585.00 6.500% semiannually a. b. C. d. 3. 4. 7,926.50 16,427.82 3.750% monthly a. b. C. d. 4.875% annually a. b. C. d. 5. Standardized Test Practice Marcus Sanderson opened a savings account on January 1st with a $625.00 deposit. Interest is compounded on a quarterly basis at a rate of 5.7 percent. What is his balance at the end of 1 year? A. $660.60 B. $35.60 C. $661.39 D. $36.38
Please help me figure out the notes and general journal for this problem.
Tarheel Inc., a calendar year-end company, issued bonds on 1/1/X1. It uses the effective interest method to amortize bond discounts and premiums. The following facts are known about these bonds: Issue Date: 1/1/X1 Face Value: $900,000 Issue Price: $823,000 Face Rate: 4% compounded semi-annually (in other words, 2% every six months) Market (Effective) Rate: 6% compounded semi-annually (in other words, 3% every six months) Term: 5 years Semi-Annual Interest Payment Dates: June 30 and Dec 31 First interest payment will occur on: June 30, 20X1 Note: Round all calculations to the nearest whole dollar. Required: Using the above information, prepare the journal entries to record: (1) the issuance of the bonds and (2) the first cash interest payment on 6/30/X1. Remember to round all amounts to the nearest whole dollar. Decimals or cents should not be shown in the numerical response portion of your journal entry.
1. 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 Interest
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Explainations would help :D