November 28 Borrowed $33,000 cash from Fargo Bank by signing a 60-day, 9%, $33,000 note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 __?__ Paid the amount due on the note to Fargo Bank at the maturity date. I don't understand how to come up with years 2- please show the process of 33 days and the entire problem.

November 28 Borrowed $33,000 cash from Fargo Bank by signing a 60-day, 9%, $33,000 note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 ? Paid the amount due on the note to Fargo Bank at the maturity date. I don't understand how to come up with years 2- please show the process of 33 days and the entire problem.

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter6: Investing And Financing Activities

Section: Chapter Questions

Problem 4.4C

See similar textbooks

November 28	Borrowed $33,000 cash from Fargo Bank by signing a 60-day, 9%, $33,000 note payable.
December 31	Recorded an adjusting entry for accrued interest on the note to Fargo Bank.

__?__	Paid the amount due on the note to Fargo Bank at the maturity date.

Similar questions

A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest Expense
Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. August 7 b. Determine the maturity value of the note. $ 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. 7 Cash $ $ Notes Receivable $ $ Interest Revenue $ $
On December 1, Gilman Corporation borrowed $20,000 on a 90-day, 6% note. Prepare the entries to record the issuance of the note, the accrual of interest at year end, and the payment of the note. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit $11
Sylvestor Systems borrows $69,000 cash on May 15 by signing a 60-day, 8%, $69,000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record issuance of the note. 2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity.
On October 1, Ramos Co. signed a $90,000, 60-day note at the bank to be paid on November 30. (Assume a 360-day year is used for interest computations.) a. Journalize the entries for October 1 and November 30, assuming the note was discounted at 6%. If an amount box does not require an entry, leave it blank. Oct. 1 fill in the blank 9b46170d8ff6049_2 fill in the blank 9b46170d8ff6049_3 fill in the blank 9b46170d8ff6049_5 fill in the blank 9b46170d8ff6049_6 fill in the blank 9b46170d8ff6049_8 fill in the blank 9b46170d8ff6049_9 Nov. 30 fill in the blank 9b46170d8ff6049_11 fill in the blank 9b46170d8ff6049_12 fill in the blank 9b46170d8ff6049_14 fill in the blank 9b46170d8ff6049_15 b. Journalize the entries for October 1 and November 30, assuming the note was interest-bearing at 6%. If an amount box does not require an entry, leave it blank. Oct. 1 fill in the blank 213f6401ef9900d_2 fill in the blank 213f6401ef9900d_3 fill in…
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_9
On May 1, Knack Company signed a $80,000, 240-day, 6% note payable with Central Savings Bank. What is the journal entry that should be recorded by Knack upon maturity of the note? (Use 360 days a year.) O Debit Notes Payable $83,200; credit Cash $83,200. O Debit Notes Payable $80,000; debit Interest Receivable $3,200; credit Cash $83,200. O Debit Notes Payable $80,000; debit Interest Expense $3,200; credit Cash $83,200. O Debit Notes Payable $80,000; debit Interest Expense $4,800; credit Cash $84,800. O Debit Interest Expense $3,200; credit Interest Payable $3,200.
Sylvestor Systems borrows $75,000 cash on May 15 by signing a 60-day, 7%, $75,000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record issuance of the note. 2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity. Complete this question by entering your answers in the tabs below. Required 1 Required 2A Required 2B Interest at Maturity Principal Rate (%) Time Total interest First, complete the table below to calculate the interest expense at maturity. (Use 360 days a year. Round final answers to the nearest whole dollar.) Required 2B General Journal Interest at Maturity
Sylvestor Systems borrows $98,000 cash on May 15 by signing a 30-day, 7%, $98,000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record issuance of the note. 2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity. Complete this question by entering your answers in the tabs below. Required 1 Required 2A Required 2B Interest at Maturity Required 2B General Journal On what date does this note mature? On what date does this note mature? 1-Record the issuance of the note. Interest at Maturity Principal Rate (%) Time Total interest
Sylvestor Systems borrows $96,000 cash on May 15 by signing a 60-day, 7%, $96,000 note. 1. On what date does this note mature?2-a. Prepare the entry to record issuance of the note.2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity.
Uniform Supply accepted a $7,200, 90-day, 7% note from Tracy Janitorial on October 17. What entry should Uniform Supply make on January 15 of the next year when the note is paid? (Assume reversing entries are not made.). (Use 360 days a year.) A) Debit Cash $7,326; credit Interest Revenue $21; credit Interest Receivable $105; credit Notes Receivable $7,200. B) Debit Cash $7,326; credit Interest Revenue $105; credit Interest Receivable $21; credit Notes Receivable $7,200. C) Debit Notes Receivable $7,200; debit Interest Receivable $126; credit Sales $7,326. D) Debit Cash $7,326; credit Notes Receivable $7,326. E) Debit Cash $7,326; credit Interest Revenue $126; credit Notes Receivable $7,200.
Quick Tire and Lube received a 120-day, 8% note for $72,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note.$fill in the blank 0578eff5f02bffe_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. 7 fill in the blank 7c1e32ffb038033_2 fill in the blank 7c1e32ffb038033_3 fill in the blank 7c1e32ffb038033_5 fill in the blank 7c1e32ffb038033_6 fill in the blank 7c1e32ffb038033_8 fill in the blank 7c1e32ffb038033_9