Notes ReceivableFollowing are the current note receivables of Monsoon, Inc. as of December 31, 2020.All notes have a maturity date that exceed a year.Required1 Determine the year-end accrued interest income. Assume all rates are annual.2 Record the original entry for the $50,000 note.3 Record total accrued interest at year-end December 31, 2020.1InterestPage 1AccruedDecember 31,Issue DateFace ValueMonthsRate2020$$$$07.01.20250,0006.5.00%10.01.20160,0003.00%11.01.2050,00046.00%12.01.2025,00015.50%Total Accrued Interest 2020General JournalDRCR32.

Following are the current note receivables of Monsoon, Inc. as of December 31, 2020. All notes have a maturity date that exceed a year. Required Determine the year-end accrued interest income. Assume all rates are annual. Record the original entry for the $50,000 note. Record total accrued interest at year-end December 31, 2020. Interest Page 1. Accrued December 31, Issue Date Face Value Months Rate 2020 07.01.20 10.01.20 11.01.20 12.01.20 $ 5.00% 250,000 2$ 160,000 3.00% 2$ 50,000 4 6.00% $ 25,000 1 5.50% Total Accrued Interest 2020 General Journal DR CR

Following are the current note receivables of Monsoon, Inc. as of December 31, 2020. All notes have a maturity date that exceed a year. Required Determine the year-end accrued interest income. Assume all rates are annual. Record the original entry for the $50,000 note. Record total accrued interest at year-end December 31, 2020. Interest Page 1. Accrued December 31, Issue Date Face Value Months Rate 2020 07.01.20 10.01.20 11.01.20 12.01.20 $ 5.00% 250,000 2$ 160,000 3.00% 2$ 50,000 4 6.00% $ 25,000 1 5.50% Total Accrued Interest 2020 General Journal DR CR

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please provide an answer as per the possibility
Calculate the due date, interest due, and maturity value of the following notes: Date of Note Face Amount Interest Rate Term of Note Due Date Interest Due Maturity Value a. 24-Apr $70,000 3% 60 days b. 13-Jul 30,000 5% 120 days c. 9-Aug 40,000 4% 45 days d. 12-Sep 60,000 8% 90 days e. 5-Nov 50,000 6% 30 days
Calculate the due date, interest due, and maturity value of the following notes: Date of Note Face Amount Interest Rate Term of Note Due Date Interest Due Maturity Value a. 24-Apr $70,000 3% 60 days b. 13-Jul 30,000 5% 120 days c. 9-Aug 40,000 4% 45 days d. 12-Sep 60,000 8% 90 days e. 5-Nov 50,000 6% 30 days
Ab. 114.
Compute interest and find the maturity date for the following notes. (a) date of note: June 10 Principal: $80,000 Interest Rate: 6% Term: 60 days (b) Date of Note: July 14 Principal: $50,000 Interest Rate: 7% Term: 90 days (c) Date of Note: April 27 Principal:$12,000 Interest Rate: 8% Term: 75 days
Journalize the following, assuming a 360-day year is used for interest computations: Apr. 30 Issued a $126,000, 30-day, 6% note dated April 30 to Misner Co. on account. May 30 Paid Misner Co. the amount owed on the note dated April 30. If an amount box does not require an entry, leave it blank. Apr. 30 May 30 3 3 000 ?
4. Determine the ending balance of AccountsReceivable as of December 31, 2019. 5. What is the net realizable value of thereceivables at the end of 2019? 6. The company has a notes receivable ofRp24,000 at January 15, 2019 for 3 months at10% interest rate. Prepare journal entry as ofApril 15, 2019, on its due date.
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 10* $40,000 5% 90 days b. March 19 18,000 8 180 days c. June 5 90,000 7 30 days d. September 8 36,000 3 90 days e. November 20 27,000 4 60 days *Assume that February has 28 days. Assume 360-days in a year when computing the interest. Note Due Date Interest a. $fill in the blank 2 b. fill in the blank 4 c. fill in the blank 6 d. fill in the blank 8 e. fill in the blank 10
Please help me
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 Face Amount Interest Rate Term of Note a. January 15 $73,400 11 % 30 days b. April 1 17,375 13 90 days c. June 22 31,500 12 45 days d. August 30 23,265 10 120 days e. October 16 12,530 12 50 days Due Date Interest Due at Maturity a. $fill in the blank 2 b. $fill in the blank 4 c. $fill in the blank 6 d. $fill in the blank 8 e. $fill in the blank 10
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
On June 8, Alton Co. issued an $75,537, 7%, 120-day note payable to Seller Co. Assuming a 360-day year for your calculations, what is the maturity value of the note? When required, round your answer to the nearest dollar. Select the correct answer. $5,288$75,537$80,825$77,300