provide correct option general accounting question First National Bank lends Westview Manufacturing Company $150,000on March 15. Westview Manufacturing Company signs a $150,000, 6%,9-month note. The total cash paid at maturity of the note is:A. $156,750B. $159,000C. $150,000D. $154,500

Step 1: Define Interest on a Note PayableInterest on a note payable is the cost incurred by a…

Answered: First National Bank lends Westview…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

ChapterD: Notes Payable And Notes Receivable

Section: Chapter Questions

Problem 3P

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On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank. The note has a face value of 15,000 and a maturity value (principal plus interest) of 15,400. The discount is calculated to be 385, and the accrued interest income is 100. The recourse liability is estimated to be 1,000. Prepare the journal entry of Phillips to record the sale of the note receivable.
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
On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.
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Illinois bank lends isle furniture company 70,000 on December 1. Isle furniture company signs as $70,000, 7% 4 month note. The total cash paid at maturity of the note is -70,000 -72,450 -71,633 -74,900
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Taylor Bank lends Guarantee Company $150,000 on January 1. Guarantee Company signs a $150,000, 8%, 9-month, interest-bearing note. The entry made by Guarantee Company on January 1 to record the proceeds and issuance of the note is a. Cash 150,000 Notes Payable 150,000 b. Notes Payable 120,000 Interest Payable 7,200 Cash 120,000 Interest Expense 7,200 c. Interest Expense 12,000 Cash 138,000 Notes Payable 150,000 d. Cash 162,000 Interest Expense 12,000 Notes Payable 150,000
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 National Bank lends Westview Manufacturing Company $150,000 on March 15. Westview Manufacturing Company signs a $150,000, 6%, 9-month note. The total cash paid at maturity of the note is: A. $156,750 B. $159,000 C. $150,000 D. $154,500