I need thus answer of this general Accounting question First City Bank accepts a promissory note for $10,000 from acustomer on March 1, to be repaid in six months with 8% annualinterest. Calculate the maturity value of the note.

Step 1:Given,Principal amount: $10,000Annual interest rate: 8%Tenure: 6 months Step 2:Computation of…

Answered: First City Bank accepts a promissory…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 24Q: Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms...

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Bull City Industries is considering issuing a $100,000, 7% note to a creditor on account. Required: a. If the note is issued with a 45-day term, journalize the entries to record (refer to the company's Chart of Accounts for exact wording of account titles): 1. the issuance of the note. 2. the payment of the note at maturity. Assume a 360-day year. b. If the note is issued with a 90-day term, journalize the entries to record (refer to the company's Chart of Accounts for exact wording of account titles): 1. the issuance of the note. 2. the payment of the payment of the note at maturity. Assume a 360-day year.
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Weavile Corporation takes out a $100,000 cash loan from its bank by signing a 30%, 10-month promissory note on July 1. The journal entry at the note's maturity will include: Group of answer choices Debit to Interest Expense for $10,000 Credit to Cash for $100,000 Debit to Interest Expense for $30,000 Debit to Interest Expense for $15,000
Bull City Industries is considering issuing a $100,000, 7% note to a creditor on account.a. If the note is issued with a 45-day term, journalize the entries to record:1. the issuance of the note.2. the payment of the note at maturity.b. If the note is issued with a 90-day term, journalize the entries to record:1. the issuance of the note.2. the payment of the note at maturity.
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Goldie Corporation takes out a $10,000 cash loan from its bank by signing a 15%, 9-month promissory note on August 1. The journal entry at the note's maturity will include: Credit to Cash for $10,000 Debit to Interest Expense for $1,125 Debit to Interest Expense for $625 Debit to Interest Expense for $500

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First City Bank accepts a promissory note for $10,000 from a customer on March 1, to be repaid in six months with 8% annual interest. Calculate the maturity value of the note.