Life.com issued $10 million of commercial paper on April 1 on a nine-month note. Interest was discounted at issuance at a 6% discount rate. Calculate the effective interest rate.
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- Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual interest rate of 3.5%, due in 6 months. What journal entry is created when Jain honors the note?Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms of the note show a maturity date of 36 months, and an annual interest rate of 8%. What is the accumulated interest entry if 9 months have passed since note establishment?On February 1, Electronic Warehouse Co. issued a 45-day note with a face amount of $80,000 to Yamura Products Co. for cash. a. Determine the proceeds of the note, assuming the note carries an interest rate of 10%. b. Determine the proceeds of the note, assuming the note is discounted at 10%.
- A 120-day, 10% interest-bearing note receivable is sold to a bank with recourseafter being held for 60 days. The proceeds are calculated using an 8% interest rate. In this situation,what happened to the notes receivable?Shady Tree Company issued a note receivable to a customer. The face value of the note was $12,000 at 4% interest for 5 months. How much interest revenue should Shady Tree recognize for the entire term of the note?Sunshine Service Center received a 120-day, 6% note for $40,000, dated April 12 from a customer on account. Assume 360 days per year. a. Determine the due date of the note. b. Determine the maturity value of the note. When required, round your answers to the nearest dollar.$fill in the blank df5724f79f8d02f_2 c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Aug. 10 Cash Cash Note Receivable Note Receivable Interest Revenue Interest Revenue
- 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.On August 1, Kim Company accepted a 90-day note receivable as payment for services provided to Hsu Company. The terms of the note were $20,000 face value and 6% interest. On October 30, the journal entry for the collection of the note, assuming a 360-day year, should include a a.credit to Interest Revenue for $300 b.credit to Notes Receivable for $20,300 c.debit to Interest Receivable for $300 d.debit to Notes Receivable for $20,000Bull 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.
- Cube Ice Company received a 120-day, 10% note for $96,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note.$fill in the blank f3b771fe205d07f_2 c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Accounts Receivable Cash Interest Receivable Interest Revenue Notes Receivable Unearned Interest Aug. 7 fill in the blank 332b64fd401df83_2 fill in the blank 332b64fd401df83_3 fill in the blank 332b64fd401df83_5 fill in the blank 332b64fd401df83_6 fill in the blank 332b64fd401df83_8 fill in the blank 332b64fd401df83_9Valley Designs issued a 90-day, 10% note for $48,000, dated April 22, to Bork Furniture Company on account. Assume 360 days in a year when computing the interest. Question Content Area a. Determine the due date of the note. b. Determine the maturity value of the note.$___ Question Content Area c1. Journalize the entry to record the receipt of the note by Bork Furniture. If an amount box does not require an entry, leave it blank. notes receivable - Select - 0 accounts receivable - valley designs 0 - Select - Question Content Area c2. Journalize the entry to record the receipt of payment of the note at maturity. If an amount box does not require an entry, leave it blank. cash - Select - 0 notes receivable 0 - Select - interest revenue 0 - Select -Calculate the amount of interest to be charged on a $12,000, 8.5%, 90-day interest-bearing note.
