* EX 8-19 Determine due date and interest on nötë 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 6% 120 days
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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: Date of Note Face Amount Interest Rate Term of Note A. January 3 80,000 6% 120 days B. February 20 27,000 4 30 days C. May 24 62,500 8 45 days D. August 30 30,000 5 90 days E. October 4 40,000 7 90 days Assume a leap year in which February has 29 days.Entries for notes receivable Valley Designs Issued a 120-day, 5% note for 60,000 dated April 15 to Bork Furniture Company on account. A. Determine the due date of the note. B. Determine the maturity value of the note. C. Journalize the entries to record the following: CD receipt of the note by Bork Furniture and (2) receipt of payment of the note at maturity.Entries for notes payable A business issued a 120-day, 5% note for 90,000 to a creditor on account. Journalize the entries to record (A) the issuance of the note and (B) the payment of the note at maturity, including interest.
- → w How BE 8-5 Note receivable Obj. 6 Prefix Supply Company received a 120-day, 6% note for $500,000, dated April 12 from a customer on account. a. Determine the due date of the note. b. Determine the maturity value of the note. c. Journalize the entry to record the receipt of the payment of the note at maturity.Receivables 0 E EX 8-19 Determine due date and interest on notes Obi 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 120 days January 5* 30 days February 15* 45 days May 19 90 days 90 days $90,000 21,000 C. 68,000 d. 34,400 e. 50,000 * Assume a leap year in which February has 29 days. a. b. August 20 October 19 6% 4 8 57 Obi.6Activity No.6 Notes Receivable DUE DATE The date a note is to be paid is called the DUE DATE or Maturity Date. The period of time between the issuance date and the due date of the short-term note may be stated in either days or months. When the term of the note is stated in days, the due date is the specified number of days after its issuance. Your activity starts here---- Promissory Note A. P5,000 Butuan City, Philippines March 16, 2021 Ninety days AFTER DATE We PROMISE TO PAY TO THE ORDER OF Fuji Enterprises Five Thousand and 00/100 only PESOS PAYABLE AT First National Bank VALUE RECEIVED WITH INTEREST AT 10% NO. 10 DUE J. P. ALINGALAN TREASURER, CALA COMPANY B. P30,000.00 Butuan City, Philippines July 8, 2021 One hundred twenty days AFTER DATE We PROMISE TO PAY TO THE ORDER OF Fuji Enterprises Thirty Thousand and 00/100 only. PESOS PAYABLE AT First National Bank VALUE RECEIVED WITH INTEREST AT 12% 11 DUE W. P. DALUGDOG TREASURER, AMOR COMPANY NO. C. P25,000.00 Butuan City,…
- ter 9 Receivables OBJ. 6 EX 9-19 Determine due date and interest on notes ,600 Determine the due date and the amount of interest due at maturity on the following notes dated in 2016: Date of Note Face Amount Interest Rate Term of Note 120 days 30 days 45 days 90 days 90 days $80,000 6% January 3* February 20* May 24 August 30 October 4 a. b. 27,000 4. C. 62,500 8 d. 30,000 e. 40,000 * February 2016 has 23 daysplease make the answer look good12:43 1 ul LTE A v2.cengagenow.com 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 January 10* $40,000 5% 90 days a. b. March 19 18,000 180 days June 5 90,000 30 days C. d. September 8 36,000 90 days e. November 20 27,000 60 days *Assume that February has 28 days. Assume 360-days in a year when computing the interest. Note Due Date Interest (a) Apr. 10 (b) Sept. 15 (c) July 5 (d) Dec. 7 (e) Jan. 19
- Question 31 Nelsie Corporation has an outstanding 60- day 6% note receivable armounting to P 15.000 dated December 1 of the current yoar. The company is using the calendar yoar in preparing its financial statomonts. What account should be creditod and what is the amount? Interest Income, P 75 Interest Income, P 900 Oc Accrued Interest Income, P 150 Unearmed Interest Income, P150The maturity value of a $183,600, 11%, 40-day note receivable dated July 3 is a.$185,844 b.$183,600 c.$192,576 d.$203,796Brief Exercise 8-7 Compute interest and find the maturity date for the following notes. (Round answers to 0 decimal places, e.g. 825) (a) (b) (c) (a) $ (b) $ (c) $ Date of Note June 10 July 14 April 27 Interest Principal $85,460 $52,100 $12,830 Interest Rate (%) 7% 8% 9% Maturity Date ▼ Terms 60 days 90 days 75 days