Chapter 08 Homework (Application)eBookShow Me HowCalculator1. EX 08.01Feedak2. EX 08.02 ALGOTCheck My WorkThe account receivable must be removed from the books and the newly issued note receivable recorded.3. EX 08.03 ALGO4. EX 08.04 ALGOc2. Journalize the entry to record the receipt of payment of the note at maturity. If an amount box does not require an entry, leave it blank.CashNotes Receivable v5. EX 08.06 ALGO6. EX 08.07Interest Revenue v7. EX 08 20 ALGOFeed8. PR.08.02A BLANKSHEETYCheck My WorkAt the due date, the company records the receipt of payment on the note.FeedbackCheck My WorkPartialy correct Chapter 08 Homework (Application)Show Me HoweBookCalculatorEntries for Notes Receivable1. EX.08.01Valley Designs issued a 90-day, 9% note for $60,000, dated April 17, to Bork Furniture Company on account. Assume 360 days in a year when2. EX.08.02 ALGOcomputing the interest.3. EX.08.03 ALGOa. Determine the due date of the note.July 16 v4. EX.08.04 ALGOb. Determine the maturity value of the note.5. EX.08.06 ALGO6. EX 08.07Feedhack7. EX.08.20 ALGOYChec My WorkThe due date is the date the note is to be paid.8. PR.08.02A BLANKSHEETRemember the interest rate is stated on an annual basis, while the term is expressed as days. Assume a 360 day year. The maturity value isthe amount that must be paid at the due date of the note.c1. Journalize the entry to record the receipt of the note by Bork Furniture. If an amount box does not require an entry, leave it blank.Notes Receivable vAccounts Receivable-Valley Designs vFeedback

Entries for Notes Recelvable valley Designs issued a 90-day, 9% note for s60,000, dated April 17, to Bork Furniture Company on account. Assume 360 days in a year when computing the interest. a. Determine the due date of the note. July 16 . Determine the maturity value of the note. Fe The due date is the date the note is to be paid. Remember the interest rate is stated on an annual basis, while the term is exgressed as days. Assume a 360 day vear. The maturity value is the amount that must be paid at the due date of the note. a. Joumalize the entry to record the receipt of the note by Bork Fumiture. f an amount box does not require an entry, leave it blank. Notes Receivablev 88 Accounts Recelvable-Valley Designs

Entries for Notes Recelvable valley Designs issued a 90-day, 9% note for s60,000, dated April 17, to Bork Furniture Company on account. Assume 360 days in a year when computing the interest. a. Determine the due date of the note. July 16 . Determine the maturity value of the note. Fe The due date is the date the note is to be paid. Remember the interest rate is stated on an annual basis, while the term is exgressed as days. Assume a 360 day vear. The maturity value is the amount that must be paid at the due date of the note. a. Joumalize the entry to record the receipt of the note by Bork Fumiture. f an amount box does not require an entry, leave it blank. Notes Receivablev 88 Accounts Recelvable-Valley Designs

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On June 8, Williams Company issued an $92,400, 11%, 120-day note payable to Brown Industries. Assuming a 360-day year, what is the maturity value of the note? Round your answer to the nearest whole dollar.
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Determine Due Date and Interest on Notes Determine the due date and the amount of interest due at maturity on the following notes. When calculating interest amounts, assume there are 360 days in a year. Round intermediate calculations to 4 decimal places, and round your final answers to the nearest whole dollar. Date of Note a. January 15 April 1 b. C. d. e. a. b. C. d. e. June 22 August 30 October 16 Due Date Feb. 14 Jun. 38 Aug. 6 Dec. 28 Dec. 5 Face Amount $44,175 $ 12,350 19,800 20,535 10,935 Interest Due at Maturity Interest Rate 9% 9 13 13 8 Term of Note 30 days 90 days 45 days 120 days 50 days
Subject: accounting
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