On December 1, a company signed a $6,000, 90-day, 5% note payable, with principal plus interest due on March 1 of the following year. What amount of interest expense should be accrued at December 31 on the note? a. $300 c. $100 e. $0 b. $25 d. $75

Q: A 60-day, 6% note for $26,400, dated May 1, is received from a customer on account. The maturity…

A: Formula: Maturity Value of Note = Face Value of Note + Interest on Note Maturity Value of Note =…

Q: 2, 69 st dol

A: Answer : Interest = Notes value * Interest rate * Days Interest = $75,972 * 6%*120/360 Interest =…

Q: . At December 31, Black should record interest revenue of

A: Given information is: Value of note = $18600 Interest rate = 8% Issue date = October 1

Q: On June 8, Williams Company issued an $70,538, 11%, 120-day note payable to Brown Industries.…

A: The note payable is reported as liabilities in the balance sheet. The maturity value of note is…

Q: Journalizing Installment Notes On the first day of the fiscal year, a company issues $52,000, 11%,…

A:

Q: Silver Company received a two-month, 6% note for $16,000 on Aug. 5. Which of the following…

A: Interest on a note payable is the cost incurred for borrowing money. When a business borrows funds…

Q: Print Item On June 1, Davis Inc. issued an $80,400, 6%, 120-day note payable to Garcia Company.…

A: Adjusting journal entry: At the year-end when the company finalizes its accounts then any…

Q: On April 1, 20X1, Nelsen Inc. accepts a $100,000, 8% note. The note receivable and interest are due…

A: Note Receivable: It implies a promissory note which is written by the borrower in the favor of…

Q: On October 1, Black Company receives a 8% interest-bearing note from Reese Company to settle a…

A: Lets understand the basics. For calculating interest revenue needs to record, we need to use below…

Q: On the first day of the fiscal year, a company issues $26,000, 12%, three-year installment notes…

A: Issue price of note is given at $26,000 and annual payment is $10,825 ($3,120 interest and $7,705…

Q: NYJ, Inc. borrowed $500,000 on November 1, 20X1, and signed a nine-month note bearing interest at…

A: The notes payable require the borrower company to pay interest expense. The interest expense is…

Q: The principal and interest are to be paid by making annual payments in the amount of $62,363.…

A: Borrowed amount = $270,000 Time = 5 years Interest paid = annually  Rate of interest = 5% Cash paid…

Q: On January 1, Year 1, Beatie Company borrowed $360,000 cash from Central Bank by issuing a…

A: Amortization schedule is the one which is prepared by the entity for the purpose of determining the…

Q: A business borrowed $69,372

A: Solution: Date  Particulars Debit Credit March 31 Notes payable  $69,372      Interest…

Q: company issued a 60 day 11% note for $17,000. What is the principal amount of the note? Round your…

A: The calculations of principal amount is it important thing on the two understand and complete…

Q: ABC company borrows $80000 on July 1 from the bank by signing $80000, 10% one Year Note Payable.…

A: Solution:- Preparation journal entries as follows under:-

Q: On June 8, Williams Company issued an $85,200, 9%, 120-day note payable to Brown Industries.…

A: Note payable is issued by the debtor as a. Promise note that he would make the payment on time with…

Q: On November 1, Alan Company signed a 120-day, 11% note payable, with a face value of $23,400. What…

A: The time value of money (TVM) is a fundamental concept in finance that reflects the idea that a…

Q: the first day of the fiscal year, a company issues $45,000, 8%, six-year installment notes that have…

A: Journal Entries Record The All Business Transactions In Accounting Journal. It Is First Step Of…

Q: Justin Company signed a $90,000, three-month, 9% note payable, on December 1. If the accounting…

A: Interest accrued on December 31= Face value of bonds x rate of interest x no. of month/12 = $90000 x…

Q: Reality Corporation borrowed $175,000 on April 1. The note requires interest at 12% and principal to…

A: From April 1 to December 31 = 9 months Interest has been accrued for 9 months.

Q: On May 1, Knack Company signed a $80,000, 240-day, 6% note payable with Central Savings Bank. What…

A: Notes payable is current liabilities if it is due to pay able with one year. Interest is also…

Q: On November 1, Koala Kare Bear signed a $50,000, 10-month, 10% interest-bearing note payable. The…

A: From November 1 to December 31 = 2 months  According to accrual concept of accounting, expenses are…

Q: A 60-day, 6% note for $24,000, dated May 1, is received from a customer on account. The maturity…

A: The maturity value of note is calculated as sum of principal value and interest amount.

Q: on december 1st Daw company accepts a $18,000, 45-day, 10% note from a customer. 1. prepare the…

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

Q: Reality Corporation borrowed $175,000 on April 1. The note requires interest at 12% and principal to…

A: Interest that should be recognised is interest expense for the period.That is interest accrued for…

Q: Dan Dayle started a business by issuing an $92,000 face value note to First State Bank on January 1,…

A: Formula:Interest expense = Principal amount x Interest rate x Time period

Q: On October 1, Black Company receives a 4% interest-bearing note from Reese Company to settle a…

A:

Q: A company needs to record six months of accrued interest on a four-year, 12%, $12,000 promissory…

A: Interest expense accrued = Promissory note payable x rate of interest x months/12

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

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

Q: Journalize the following, assuming a 360-day year is used for interest calculations: ​ Apr. 30…

A: Interest Expense = 150,000 x 6% x 30 / 360 = $750

Q: On January 1, a company borrowed cash by issuing a $430,000, 4%, installment note to be paid in…

A: Amortiazation table:An amortization table is a financial tool that breaks down principle and…

Q: A company grants a payment extension to its customer by converting that $15,000 accounts payable to…

A: Interest on 45 days note for 30 days  115000*12%*30/360=$150

Q: Calculating Accrued Interest Likert Company received a 90 day, six percent note receivable for…

A: Calculation of the accrued interest on December 31:Note: Number of days interest accrued from…

Q: Pickett Company received a 90 day, six percent note receivable for $20,000 on November 1. How much…

A: Note receivable amount = $20,000 Due period = 90 days Note received date = November 1

Q: Keesha Co. borrows $100,000 cash on November 1 of the current year by signing a 150-day, 10%,…

A: Notes Payable: Known as long-term obligations, notes payable represent the money a firm owes to its…

Q: On July 8, Jones Inc. issued an $84,700, 11%, 120-day note payable to Miller Company. Assume that…

A: Annual Interest=Issue amount×Interest rate=$84,700×11%=$9,317

Q: Calculating Accrued Interest Likert Company received a 90 day, six percent note receivable for…

A: Calculate accured interest amount:

Q: On June 5 Glover Co. issued a $60,000, 6%, 120-day note payable to Jones Co. How much will Glover…

A: Step 1: Formula Interest = Principal x interest rate x yearMaturity value = Principal + Interest…

Q: On the first day of the fiscal year, a company issues $89,000, 6%, five-year installment notes that…

A: Long-term notes payable: Long-term notes payable represent a legal and written promise made by the…

Q: On February 20th, a 5 month note for $2,900 was received by Lucky Company to settle an amount owing…

A: A you have asked multiple sub-parts we can solve only first three part for you please repost the…

Q: A company has a $5,000, 6%, 3-month note ceivable on its books that was issued May 1. ne amount of…

A: The note receivable is the current asset for the business. The Accrued interest is the interest that…

Q: TJ made a loan of $16,000 to one of the company's employees on April 1, year 1. The one year note…

A: The answer is option (A.) [i.e, $720] Refer Step 2 for Explanation.

Q: need answer

A: Consider,June = 30 days, given June 8 = 30-8= 22 daysThen,In June month remaining days = 22 daysJuly…

Q: On November 25 of the current year, a company borrows $8,000 cash by signing a 90-day, 5% note…

A: Solution:-a Computation of the accrued interest payable on December 31 of the current year as…

Q: On July 8, Action Co. issued an $80,000, 6%, 90-day note payable to Scanlon Co. Assuming a 360-day…

A: The note is the liability on which a specific percentage of interest has to be paid over the…