Issued, on January 01, 2000, a four-year note to XYZ Bank. Face value of the note, is $40,000. It is a 5% note. HINT: Chapter 12, Notes Payable, Example 12.2 REQUIRED: 1A). 1B). 1C). 1D). 1E). 1F). - 1G). A journal entry for the issuance of the note on January 01, 2000. A journal entry for interest accrued on December 31, 2000. A journal entry for interest accrued on December 31, 2001. A journal entry for interest accrued on December 31, 2002. A journal entry for interest accrued on December 31, 2003. A journal entry for payment of the interest on December 31, 2003. A journal entry for payment of the note to XYZ Bank on December 31, 2003.

Issued, on January 01, 2000, a four-year note to XYZ Bank. Face value of the note, is $40,000. It is a 5% note. HINT: Chapter 12, Notes Payable, Example 12.2 REQUIRED: 1A). 1B). 1C). 1D). 1E). 1F). - 1G). A journal entry for the issuance of the note on January 01, 2000. A journal entry for interest accrued on December 31, 2000. A journal entry for interest accrued on December 31, 2001. A journal entry for interest accrued on December 31, 2002. A journal entry for interest accrued on December 31, 2003. A journal entry for payment of the interest on December 31, 2003. A journal entry for payment of the note to XYZ Bank on December 31, 2003.

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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Tr.17.
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Assume that part of accounts and other receivables on Thompson Toys' February 2, 2010, balance sheet is comprised of $43,225,000 of notes receivable. Two notes make up the amount. The first note has a face value of $30,000,000 and bears interest at 7 percent for 90 days. The second note has a face value of $13,225,000 and bears interest at 9 percent for 120 days. Record the journal entry for the collection of the 7 percent note on May 3 and the dishonor of the 9 percent note on June 2. (Omit explanations; assume no interest had been accrued; amounts rounded to nearest dollar.)
Please only answer the amount fields. Thank you
Issued, On January 01, 2010, a four-year note to ABC Bank. Face value of note is $40,000. It is a 5% note discounted at 8%. 2A). A journal entry for the issuance of the note on January 01, 2010. 2B). A journal entry for interest accrued on December 31, 2010. 2C). A journal entry for interest accrued on December 31, 2011. 2D). A journal entry for interest accrued on December 31, 2012. 2E). A journal entry for interest accrued on December 31, 2013. 2F). A journal entry for payment of the interest on December 31, 2013. 2G). A journal entry for payment of the note to XYZ Bank on December 31, 2013. Don't give answer in image format
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Problem: (Computing the Proceeds from Discounted Notes) Determine the proceeds from each of the following discounted customer notes: a. An P8,000, 60-day, non-interest-bearing note discounted after 15 days at 12% b. A P12,000, 12% 60 day note discounted after 30 days at 14% c. A P6,000, 10% 90-day note discounted after 30 days at 12% d. A P10,000, 12% 120-day note discounted after 45 days at 15%. Please answer the questions above with correct solution and answer. Thank you.
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