FDN Trading signs a three-month note payable to help finance the increase in demand for t Christmas shopping season. The note is signed on November 1 for P250,000 with interest a How much is the interest expense to be recognized for the period ended December 31 if r has been made previously for the interest? Note: Round off final answer to the nearest peso.
Q: Bull City Industries is considering issuing a $100,000, 7% note to a creditor on account. Assume a…
A: Interest Expense = Note payable amount * Interest Rate * Period
Q: As promise for future payment, Carlock Systems received a six-month, 12% note for $50,000 from a…
A: Interest revenue = Notes receivables x rate of interest x months/12
Q: On June 8, Williams Company issued an $80,400, 7%, 120-day note payable to Brown Industries.…
A: Interest on note = Face value of notes x rate of interest x no. of days / 360 days = $80,400 x 7% x…
Q: On September 1, 2021, Middleton Corp. lends cash and accepts a $5,000 note receivable that offers…
A: Interest = Principal x rate of interest x no. of months / 12 months
Q: Al Havier Manufacturing received a Php 350,000 promissory note at 11% simple interest for 96 days…
A: Asper the honor code, We’ll answer the first question since the exact one wasn’t specified. Please…
Q: FDN Company received a four-month note receivable in the amount of PHP41,000,000 on September 1. The…
A: Accrued Income : Accrued Incomes are those incomes which have been earned during the accounting…
Q: ABC Company received a four-month note receivable in the amount of P74,000,000 on September 1. The…
A: Introduction: As per accrual concept any income or expenses shall be recognized only when they are…
Q: Quick Tire and Lube received a 120-day, 9% note for $60,000, dated June 12, from a customer on…
A: Maturity value of the note=Face value of note+Interest revenue
Q: On June 8, Williams Company issued an $73,207, 7%, 120-day note payable to Brown Industries.…
A: Formula: Interest amount = Principal amount x Interest rate x Time period.
Q: Cube Ice Company received a 120-day, 10% note for $96,000, dated April 9 from a customer on account.…
A: Given: Number of days to maturity = 120 days Discount rate = 10% Maturity value = $96,000 Date 9th…
Q: ne 8, Alton Co. issued an $79,432, 10%, 120-day note payable to Seller Co. Assuming a 360-day year…
A: Solution: Maturity value of the note is amount that is arrived by adding total amount of interest…
Q: The Beta Company made a sale for $340,000 on credit. It accepted a note receivable from the…
A: Solution- = $340000 * 4% = 13600 Interest is calculated by applying Interest rate to the principle…
Q: On april 12 hong company agrees to accept a 60 day, 10% note from Indigo to extend the overdue…
A: Increase in liabilities should be credited and decrease in liabilities should be debited.
Q: Save & Exit On April 12, Hong Company agrees to accept a 60-day, 6%, $6,900 note from Indigo Company…
A: Interest rate = 6% Notes payable value = $ 6900 Period = 60-day
Q: Kingbird County Bank agrees to lend the Ivanhoe Brick Company $492000 on January 1. Ivanhoe Brick…
A: To pay off the notes at maturity, principal amount of loan along with total interest must be pay…
Q: TORR, Inc. issues a $500,000, 6%, six-year note on January 1, 20X1. If the monthly payment is…
A: A note is one of the debt instruments that is issued by companies in order to raise funds. Note…
Q: Lone Star Company received a 90-day, 6% note for $80,000, dated March 12 from a customer on account.…
A: Journal Entry is the primary entry of business transactions. Every transaction has a dual effect…
Q: Sunshine Service Center received a 120-day, 6% note for $40,000, dated April 12 from a customer on…
A: Notes receivable is a negotiable instrument that indicates the claims to be paid at a specific date…
Q: Admire County Bank agrees to lend Bonita Brick Company $609000 on January 1. Bonita Brick Company…
A: The journal entries are prepared to record the transactions on regular basis. The adjustment entries…
Q: FDN Company received a four-month note receivable in the amount of P68,000,000 on September 1. The…
A: Accrued interest income will be calculated in proportion of time for an amount at a specified rate.…
Q: On February 1, Maris Company received a 9,000, 10%, four-month note receivable. The cash to be…
A: Interest on note = Face value of note x rate of interest x no. of months x 12 = 9000 x 10% x 4/12 =…
Q: On October 1, Ramos Co. signed a $90,000, 60-day note at the bank to be paid on November 30. (Assume…
A: given that, 1) on October 1st ram and co-signed a bill of $90000 2) term of bill = 60days 3)…
Q: note was issued, the market rate for similar notes payable was 6%. What is the present value of the…
A: Notes payable is an amount that is issued by a company in exchange of an amount borrowed. It is…
Q: On June 8, Williams Company issued an $74,068, 8%, 120-day note payable to Brown Industries.…
A: Maturity value of note = issue price + interest accrued over term (for 120 days)
Q: Quick Tire and Lube received a 120-day, 8% note for $72,000, dated April 9 from a customer on…
A: Journal is a place where accounting transactions are listed in the book keeping system before ledger…
Q: On June 8, Williams Company issued an $92,400, 11%, 120-day note payable to Brown Industries.…
A: Solution: Maturity value of note is computed as principal amount of note plus interest amount till…
Q: Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 from a customer on…
A: Introduction: A journal entry is a record of a business transaction in an organization's accounting…
Q: Sylvestor Systems borrows $ 110,000 cash on May 15 by signing a 60-day, 12%, 110,000 note 1. On what…
A: 1. On July 14th the note mature.
Q: On January 1, 2021, Nees Manufacturing lends $10,000 to Roberson Supply using a 9% note due in eight…
A: Simple Interest: When at the time of returning the loan to the bank, we have to pay back an amount…
Q: On June 8, Williams Company issued an $74,400, 7%, 120-day note payable to Brown Industries.…
A:
Q: On June 8, Alton Co. issued an $75,537, 7%, 120-day note payable to Seller Co. Assuming a 360-day…
A: Maturity value of the note = Principal + Interest = $75537+1763 = $77300
Q: On August 1, 2021, Turner Manufacturing lends cash and accepts a $24,000 note receivable that offers…
A: The adjustment entries are prepared to adjust the revenue and expenses for the current period. The…
Q: On June 8, Alton Co. issued an $73,184, 9%, 120-day note payable to Seller Co. Assuming a 360-day…
A: It is the total sum that the note holder has to pay on the maturity date. The sum includes interest…
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- Lone Star Company received a 90-day, 6% note for $80,000, dated March 12 from a customer on account. (Assume a 360-day year when calculating interest.) 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. If an amount box does not require an entry, leave it blank. June 10Sunshine Service Center received a 120-day, 6% note for $40,000, dated April 12 from a customer on account. Assume 360 days per year. a. Determine the due date of the note. b. Determine the maturity value of the note. When required, round your answers to the nearest dollar.$fill in the blank df5724f79f8d02f_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. Aug. 10 Cash Cash Note Receivable Note Receivable Interest Revenue Interest RevenueSylvestor Systems borrows $ 110,000 cash on May 15 by signing a 60-day, 12%, 110,000 note 1. On what date does this note mature? 2-a. Prepare the entry to record issuance of the note 2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity(Use 360 days a year Round final answers to the nearest whole dollar)
- 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 332b64fd401df83_5 fill in the blank 332b64fd401df83_6 fill in the blank 332b64fd401df83_8 fill in the blank 332b64fd401df83_9FDN Company received a four-month note receivable in the amount of P68,000,000 on September 1. The note requires interest at an annual rate of 9%. How much is the accrued interest income at the end of September?Quick Tire and Lube received a 120-day, 9% note for $60,000, dated June 12, from a customer on account. Assume 360 days in a year. Question Content Area a. Determine the due date of the note. b. Determine the maturity value of the note. Question Content Area 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.
- On August 1, 2021, Turner Manufacturing lends cash and accepts a $24,000 note receivable that offers 10% interest and is due in nine months. How would Turner record the year-end adjustment to accrue interest in 2021? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.) A. Interest Revenue 1,050 Interest Receivable 1,050 B. Interest Receivable 2,400 Interest Revenue 2,400 C. Interest Receivable 1,050 Interest Revenue 1,050 D. Interest Receivable 1,000 Interest Revenue 1,000The Beta Company made a sale for $340,000 on credit. It accepted a note receivable from the customer, payabl years. A 4% interest is due from the customer every December 31st. The customer's borrowing rate is 6%. The i revenue to be recorded on the note receivable at the end of the first year is (ignore decimals in your calculations Select one: a. $19,309 Ob. $12,872 c. $13,600 X d. $22,808ABC Company received a four-month note receivable in the amount of P74,000,000 on September 1. The note requires interest at an annual rate of 9%. How much is the accrued interest income at the end of September?
- Linstrum Company received a 60-day, 6% note for $28,000, dated July 23, from a customer on account. Required: a. Determine the due date of the note. b. Determine the maturity value of the note. Assume 360 days in a year. Do not round your intermediate calculations and round your final answer to the nearest dollar. c. Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.Quick Tire and Lube received a 120-day, 8% note for $72,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note.$fill in the blank 0578eff5f02bffe_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. Aug. 7 fill in the blank 7c1e32ffb038033_2 fill in the blank 7c1e32ffb038033_3 fill in the blank 7c1e32ffb038033_5 fill in the blank 7c1e32ffb038033_6 fill in the blank 7c1e32ffb038033_8 fill in the blank 7c1e32ffb038033_9On October 1, Ramos Co. signed a $90,000, 60-day note at the bank to be paid on November 30. (Assume a 360-day year is used for interest computations.) a. Journalize the entries for October 1 and November 30, assuming the note was discounted at 6%. If an amount box does not require an entry, leave it blank. Oct. 1 fill in the blank 9b46170d8ff6049_2 fill in the blank 9b46170d8ff6049_3 fill in the blank 9b46170d8ff6049_5 fill in the blank 9b46170d8ff6049_6 fill in the blank 9b46170d8ff6049_8 fill in the blank 9b46170d8ff6049_9 Nov. 30 fill in the blank 9b46170d8ff6049_11 fill in the blank 9b46170d8ff6049_12 fill in the blank 9b46170d8ff6049_14 fill in the blank 9b46170d8ff6049_15 b. Journalize the entries for October 1 and November 30, assuming the note was interest-bearing at 6%. If an amount box does not require an entry, leave it blank. Oct. 1 fill in the blank 213f6401ef9900d_2 fill in the blank 213f6401ef9900d_3 fill in…