Urmila ben Hiroole Corporation adjusts its books monthly. On September 30, 2024, notes receivable include the following:Issue DateMar. 31, 2024May 31, 2024Aug. 31, 2024Sept. 30, 2024MakerRES Inc.Ihara Ltd.Dragon LimitedMGH Corp.(a)Principal$17.00018,0006,00019,200Interest6%4%Balance in the interest receivable $7%Interest is due at maturity for the RES and Dragon notes. Interest is due on the first day of the month for the Ihara and MGH notes. InOctober, the following selected transactions were completed.Balance in the notes receivable $5%Oct. 1 Received the interest due from Ihara.31Received notice that Dragon was unable to pay its note as scheduled. It expects to be able to pay in the future.31The RES note matured and was received in full.31 Accrued interest on the Ihara and MGH notes.Term7 months18 months2 months16 monthsCalculate the balance in the Interest Receivable and Notes Receivable accounts at September 30, 2024. (Round answers to 0decimal places, e.g. 5,275.)

A note receivable is recorded as a current asset if it matures within one year or within the current…

Hiroole Corporation adjusts its books monthly. On September 30, 2024, notes receivable include the following: Issue Date Mar. 31, 2024 May 31, 2024 Aug. 31, 2024 Sept. 30, 2024 (a) Maker 31 RES Inc. Ihara Ltd. Dragon Limited MGH Corp. Oct. 1 Received the interest due from Ihara. 31 31 Principal $17,000 18,000 6,000 19,200 Interest is due at maturity for the RES and Dragon notes. Interest is due on the first day of the month for the Ihara and MGH notes. In October, the following selected transactions were completed. Interest 6% 4% 7% 5% Balance in the interest receivable $ Term 7 months 18 months 2 months 16 months Received notice that Dragon was unable to pay its note as scheduled. It expects to be able to pay in the future. The RES note matured and was received in full. Accrued interest on the Ihara and MGH notes. Balance in the notes receivable $ Calculate the balance in the Interest Receivable and Notes Receivable accounts at September 30, 2024. (Round answers to 0 decimal places, e.g. 5,275.)

Hiroole Corporation adjusts its books monthly. On September 30, 2024, notes receivable include the following: Issue Date Mar. 31, 2024 May 31, 2024 Aug. 31, 2024 Sept. 30, 2024 (a) Maker 31 RES Inc. Ihara Ltd. Dragon Limited MGH Corp. Oct. 1 Received the interest due from Ihara. 31 31 Principal $17,000 18,000 6,000 19,200 Interest is due at maturity for the RES and Dragon notes. Interest is due on the first day of the month for the Ihara and MGH notes. In October, the following selected transactions were completed. Interest 6% 4% 7% 5% Balance in the interest receivable $ Term 7 months 18 months 2 months 16 months Received notice that Dragon was unable to pay its note as scheduled. It expects to be able to pay in the future. The RES note matured and was received in full. Accrued interest on the Ihara and MGH notes. Balance in the notes receivable $ Calculate the balance in the Interest Receivable and Notes Receivable accounts at September 30, 2024. (Round answers to 0 decimal places, e.g. 5,275.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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