Hello tutor please provide this question solution general accounting On July 1, 2024, a company loans one of its vendors $64,000and accepts a 24-month, 8% note receivable. Calculate theamount of interest revenue the company will recognize in2024, 2025, and 2026. (Do not round intermediatecalculations. Round your final answers to the nearest wholedollar.)

Step 1:24 Month Note receivable will mature on 30 June 2026, Therefore Interest will be earned in…

Answered: On July 1, 2024, a company loans one of…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 24Q: Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms...

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Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank in the amount of $500,000. The terms of the loan are 2.9% annual interest rate and payable in 8 months. Interest is due in equal payments each month. Compute the interest expense due each month. Show the journal entry to recognize the interest payment on October 20, and the entry for payment of the short-term note and final interest payment on May 20. Round to the nearest cent if required.
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On July 1, 2024, a company loans one of its vendors $64,000 and accepts a 24-month, 8% note receivable. Calculate the amount of interest revenue the company will recognize in 2024, 2025, and 2026. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar.)