March 6: A long-term note for $60,000 was taken out from the bank. The loan is for two years with an interest rate of 6% repayable at maturity. June 30: Book the interest for the first half of the year on the loan you took out on March 6.   30-Jun Interest Expense   Interest Payable What is the interest expense and payable?

Q: Company K borrowed $10,000 on November 1. The note has an interest rate of 8% and a term of 120…

A: Notes are a form of debt or loan for the business, on which it has to make regular interest…

Q: On March 1, Year 1, a company loans cash to another company and accepts a note in return. The terms…

A: 1. Journal Entry for the LoanWhen the company makes the loan and accepts the note in return on March…

Q: Campus Flights takes out a bank loan in the amount of $200,500 on March 1. The terms of the loan…

A: To calculate the interest recognized in year 1, we need to multiply the loan amount by the interest…

Q: Harris Company borrows money from the Whitestar Bank and signs an interest-bearing promissory note.…

A: Interest Rate = Interest * 100 * 360  / (Days * Principal)

Q: A customer takes out a loan of $150,000 on January 1, with a maturity date of 36 months, and an…

A: Interest on loan:-It is the rate levy on the initial amount of loan and this is the additional…

Q: Mike Co. borrowed $90,000 on July 1 of the current year by signing a 90-day, 6%, interest-bearing…

A: The financial transactions are initially recorded in the form of journal entry.

Q: Compute the principal (in $) for the loan. Use ordinary interest when time is stated in days. Rate…

A: Ordinary interest, also known as simple interest, is a method of calculating interest on a loan or…

Q: Answer the following questions. (Round interest rate to 0 decimal places, e.g. 7%.) (1) If the note…

A: Given information Interest expenses  = $511 Notes payable ( p ) = $4700 Duration (n) = 3 months…

Q: The interest amount on a $46,500 loan was $24,785.95. The interest rate charged on loan was 9.20%…

A: Future value of a loan refers to the total amount that will be due at the end of the loan term,…

Q: How much will Jim repay on March 11?

A: Introduction: The term loan refers to the amount which is lent by either an individual or an…

Q: 1. A bank is offering to sell certificates of deposit valued at $ 5,000.00. At the end of 3 years,…

A: Solution:- Given, A Bank Deposited Value = $5,000 At the end of 3 years = $5,310 Interest for 3…

Q: Campus Flights takes out a bank loan in the amount of $210,000 on March 1. The terms of the loan…

A: Loan is defined as the amount collected on pre-decided terms and conditions and on the obligation…

Q: Your credit card company charges you 21.3% APR (annual percentage rate). If they calculate interest…

A: 1. Given: APR = 21.3% Interest calcualtion: Monthly   To calculate:  Periodic Interest Rate

Q: On June 6, Nova Inc. accepts a $21,500 note from a customer in payment of an overdue account. The…

A: The journal entries are prepared to record the transactions on regular basis. The adjustment entries…

Q: On January 1, $38,000 cash is borrowed from a bank in return for a 12% installment note with 36…

A: Given information Notes payable = $38,000 Monthly payment = $1262 Duration = 36 months Interest =…

Q: Roni Lockard signed a $26,500 simple discount promissory note at a certain bank. The discount rate…

A: Discount note: Selling the note with discount value which means less than the face value.

Q: Campus Flights takes out a bank loan in the amount of $300,000 on March 1. The terms of the loan…

A: The sum of money that must be paid each month or every week in order to fulfil the loan's…

Q: Determine the due date and the amount of interest due

A: Required details are given below

Q: Required: (a) Calculate the present value of the note (PV).

A: The present value of the note is as follows. =Amount repaid(1+interest rate)=$10000(1+12%)= $ 8,929

Q: Find the maturity value, discount period, discount, and proceeds for a promissory note that is…

A: The concept involved in this question is how trade invoices are prepared by firms to keep the…

Q: A 100-day note with a face amount of $54,000 and interest rate of 9% is issued on June 1. Required:…

A: 1.

Q: Halep Inc. borrowed $30,000 from Davis Bank and signed a 4-year note payable stating the rate was 4%…

A: The question is based on the concept of Financial Accounting. When the loan is taken then the…

Q: A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an…

A: Formula: Interest amount = Loan amount x Interest rate x Time period

Q: Amy Lee held a $3,200 105-day note dated July 7, bearing interest at 9.6%. On August 11, Amy took…

A: Therefore, the interest amount will be $88.37.

Q: Campus Flights takes out a bank loan in the amount of $210,000 on March 1. The terms of the loan…

A: Interest recognized as of December 31 = Loan amount * rate * Fraction of the year

Q: Find the interest refund on a 35​-month loan with interest of ​$2,834 if the loan is paid in full…

A: Data given: Total months =35 Remaining months = 13 Interest =$2834 Find=Interest refund=?

Q: What is the finance charge, on the average daily balance, for this card over this 1 month period?

A: Finance Charge is the interest charged by credit card companies over an outstanding amount.  Average…

Q: Compute the principal (in $) for the loan. Use ordinary interest when time is stated in days.…

A: Principal amount The actual amount borrowed by the borrower or lent by the financial institution is…

Q: How do I find the carrying amout for each year?

A: Requirement a:   Prepare an amortization table.

Q: Simple Interest: A $45,000 loan at 3.75% dated June 10 is due to be paid on October 11. Using…

A: Ordinary interest method is one in which the rate of interest is divided by 360 days convention…

Q: Determine the maturity date and compute interest for each note.

A: Maturity date of notes receivable is calculated on the basis of the wordings in the note. If it is…

Q: Use the ordinary interest method to compute the time (in days) for the loan. Round your answer up to…

A: Ordinary interest is a method of interest calculation where the principal amount remains the same…

Q: Use the actuarial method to find the payoff amount for the loan paid in full before its due date.…

A: The method which is derived for calculating the amount of allocation between the principal amount…

Q: Determine the due date and the amount of interest due at maturity on the following notes. When…

A: Answer:- The note payable is the amount which the company has to pay and it is considered as a…

Q: Connie put $7,525 into a term deposit on March 10th. The deposit earns a simple interest rate of 5%.…

A: Deposit amount = $7,525 Period from march 10th to july 4 = 116 days Interest rate = 5%

Q: The portion of the payment that is applied to interest in year 1-4 is

A: Simple interest is a method of calculating the charge on a loan. Simple interest is calculated for…