On July 1st, 2015, a 7%, 90 days, $50,000 note has been issued by a company. The matu O a. October 31 O b. September 29 O c. December 10 O d. September 30
Q: On June 1. Carla Vista Co. Ltd. borrows $108,000 from Acme Bank on a 6-month, $108,000, 4% note. The…
A: Journal entries are the primary reporting of the business transactions in the books of accounts.…
Q: TORR, Inc. issues a $600,000, 9%, five-year note payable on January 1, 20X5. If the monthly payment…
A: Interest for first month = face value of the note payable x interest rate x no. of months/12 =…
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: Sylvestor Systems borrows $185,000 cash on May 15 by signing a 150-day, 7%, $185,000 note. 1. On…
A: Journal: Recording of a business transactions in a chronological order.
Q: Taylor Bank lends Guarantee Company $115,531 on January 1. Guarantee Company signs a $115,531, 12%,…
A: Notes Payable means a promissory note in which one party agrees to pay the other party a certain…
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: Determine due date and interest on notes Determine the due date and the amount of interest due at…
A: The promissory notes can be defined as a legal lending document that consists of the promise made by…
Q: Keesha Company borrows $110,000 cash on November 1 of the current year by signing a 90-day, 9%,…
A: Under accrual basis of accounting the expenses are recorded when incurred irrespective of when paid…
Q: Carroll Company accrued interest of $300 on a $6,000, 10% note payable at December 31. The annual…
A: Lets understand the basics.A journal entry is a record of a company's financial transactions kept in…
Q: Company borrows $73,000 cash on May 15 by signing a 150-day, 6%, $73,000 note. 1. On what date does…
A: Notes payable refers to a written promise or formal agreement by which one party (the borrower)…
Q: A 60-day, 5% note for $10,200, dated April 15, is received from a customer on account. The face…
A: The face value of the note is $10200
Q: Determine the interest and due dates on notes Cora Company had the…
A: Interest Due :— It is the amount of interest due on loan. It is calculated by multiplying amount of…
Q: Entries for Notes Receivable Autumn Designs & Decorators issued a 120-day, 6% note for $30,000,…
A: The note receivable is an asset for the business which is issued by the debtors of the business.…
Q: Autumn Designs & Decorators issued a 120-day, 6% note for $30,000, dated April 13 to Zebra Furniture…
A: Notes receivable is an asset which is a kind of promise from a another party that it will receive…
Q: Keesha Company borrows $190,000 cash on November 1 of the current year by signing a 180-day, 9%,…
A: The cash can be borrowed using a note. A promissory note is a legal instrument that contains the…
Q: On November 7, Mura Company borrows $150,000 cash by signing a 90-day, 10%, $150,000 note payable. -…
A: The accrued interest is the interest due but not paid yet. It is recorded as current liabilities.
Q: On November 7, Mura Company borrows $160,000 cash by signing a 90-day, 8%, $160,000 note payable. 1.…
A: Notes Payable is an instrument issued by the borrower. It acts like a promissory note that carries a…
Q: Rice Inc. issued a 120-day note in the amount of $150,000 on October 31, 2013 with an annual rate of…
A: NOTES PAYABLENotes payable are reported under the liabilities section of the balance sheet. Notes…
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: 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, 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: amount of interest to be recorded
A: Interest on note receivable = Amount of note receivable * Interest rate * Months of maturity/12…
Q: Autumn Designs & Decorators issued a 120-day, 8% note for $78,000, dated April 13 to Zebra Furniture…
A: The note receivable is an asset for the business which is issued by the debtors of the business.
Q: A business issued a 90-day, 5% note for $24,000 to a creditor on account. The company uses a 360-day…
A: Notes payable is a negotiable instrument used for differing payments. In this one-party agree to pay…
Q: Taylor Bank lends Guarantee Company $98,618 on January 1. Guarantee Company signs a $98,618, 12%,…
A: Journal entry - It refers to the process where the business transactions are recorded in the books…
Q: Maker Maple Wyman. Nahn. Date of Note 11/21 12/13 12/24 Principal $20,000 14,000 21,000 Interest…
A: Accrued interest on notes receivable is the amount of interest that has been earned by not yet paid.…
Q: A 90-day, 5% note for $9,600, dated May 1, is received from a customer on account. The maturity…
A: The maturity value of note will include the face value of note and Interest accrued thereon.…
Q: Spring Designs & Decorators issued a 120-day, 6% note for $42,000, dated April 13 to Jaffe Furniture…
A: Interest on note = Face value of note x rate of interest x no. of days / 360 = $42000 x 6% x 120/360…
Q: Note Receivable Cube Ice Company received a 120-day, 7% note for $60,000, dated April 9 from a…
A: DUE DATE : = APRIL 9 + 120 DAYS = AUGUST 7
Q: On June 1, Davis Inc. issued an $68,700, 8%, 120-day note payable to Garcia Company Assume that the…
A: Solution We are provided with the following information Interest rate = 8% Amount of note payable =…
Q: July 15 Borrowed $1,000 cash from the bank, giving a 60-day non-interest-bearing note. The note is…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
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: Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms…
A: NOTES PAYABLE Notes Payable is a Short Term Loan. Notes Payable are reported under the Non Current…
Q: ABC signed a 5-year, 9% note payable for $80,000 on May 1, 2012. Which account will be credited when…
A: Journal entry for Note Payable 1.Interest expense will be debited to book current years interest…
Q: June 1. Purchased tools by issuing a $120,000, 60-day note to Rassmuessen Co., which discounted the…
A: Journal entry recording is the first step in accounting cycle process, under which atleast one…
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: Indigo County Bank agrees to lend the Wildhorse Brick Company $534000 on January 1. Wildhorse Brick…
A: Notes Payable is a documentary evidence issued by the borrower. This document acts as a promissory…
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: need answer
A: Consider,June = 30 days, given June 8 = 30-8= 22 daysThen,In June month remaining days = 22 daysJuly…
Q: Determine the due date and the amount of interest due at maturity on the following notes: Date of…
A: Formulas: Due Date (Maturity Date) = Date of Note + term on the note (in days) Interest on Note =…
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…
Q: On June 8, Williams Company issued an $75,972, 6%, 120-day no required, round your answer to the…
A: Maturity amount is the amount that has to be paid at the end of the life of bond or notes payable.…
Q: TORR, Inc. issues a $600,000, 9%, five-year note payable on January 1, 20X1. If the monthly payment…
A: Carrying value of note payable Liability note payable =$600000 on January 1 Add Finance cost…
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- On June 8, Williams Company issued an $74,068, 8%, 120-day note payable to Brown Industries. Assuming a 360-day year for your calculations, what is the maturity value of the note? When required, round your answer to the nearest dollar. a.$79,993 b.$76,043 c.$74,068 d.$5,925On May 22, Jarrett Company borrows 9, 200, signing a 90-day, 7% $9, 200 noteWhat is the journal entry made by Jarrett Company to record the payment of the note on the maturity date? Choice Notes Payable $9,200, credit interest Expense $161 credit Cash $9,039 Notes Payable 9.200 credit Cash $9.200 Debit Notes Payable $9,361, credit Cash $9.361On June 1, Davis Inc. issued an $64,900, 7%, 120-day note payable to Garcia Company Assume that the fiscal year of Garcia ends June 30. Using a 360-day year in your calculations, what is the amount of interest revenue recognized by Garcia in the following year? When required, round your answer to the nearest dollar. a.$379 b.$1,148 c.$757 d.$4,543
- On July 1, 20X1, ABC Corp received a P450,000 10% 3-year note from a customer. The principal and interest of the note is collectible in 3 equal payments every June 30, starting June 30, 20X2. How much is the Interest Receivable at Dec 31, 20X1? 22,500 45,000 135,000 0Subject:- accountingnces On 1 October 20X6, Halpern Co borrowed $180,000 from Canada Bank The note has a two-year term, and requires that interest of 9% be paid each 30 September, with the principal payable 30 September 20X8 Required: Provide all entries for the note from 20X6 to 20X8 (If no entry is required for a transaction/event. select "No journal entry required" in the first account field.) View transaction list 1 Record the borrowings from Canada Bank. 2 Record the accrual of intest for the period ending 31st December 20x6. a Record the interest payment on 30 September 20x7. 4 Record the accrual of interest for the period ending 31st December 20X7 5 Record the interest payment on 30 September 20X8. Record the repayment of borrowings to Canada Bank 6 Note: journal entry has been entered Record entry Clear entry EX - - 2 Credit View gener al journal
- TORR, Inc. issues a $300,000, 6%, five-year note payable on January 1, 20X1. If the monthly payment is $5,800, what is the note's carrying value after the first month's payment is made on January 31, 20X1? Select one: a. $294,200 b. $300,000 c. $298,500 d. $295,700 e. $298,214Issued, On January 01, 2010, a four-year note to ABC Bank. Face value of note is $40,000. It is a 5% note discounted at 8%. 2A). A journal entry for the issuance of the note on January 01, 2010. 2B). A journal entry for interest accrued on December 31, 2010. 2C). A journal entry for interest accrued on December 31, 2011. 2D). A journal entry for interest accrued on December 31, 2012. 2E). A journal entry for interest accrued on December 31, 2013. 2F). A journal entry for payment of the interest on December 31, 2013. 2G). A journal entry for payment of the note to XYZ Bank on December 31, 2013. Don't give answer in image formatAl Reem Co. signed an $18,000 six-month note payable on September 1 that bears intérest at a rate of 5%. How much is the total interest to be accrued on this note at December 31? O a. $300. O b. $900. O c. $75. O d. $450.
- On June 8, Williams Company issued an $80,000, 5%, 120-day note payable to Brown Industries. Assuming a 360-day year, what is the maturity value of the note? When required, round your answer to the nearest dollar. a. $82,600 b. $84,000 c. $81,333 d. $88,200Note Receivable 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. b. Determine the maturity value of the note. $ Feedback Check My Work The due date is the date the note is to be paid. Assume a 360 day year. The maturity value is the amount that must be paid at the due date 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 Feedback Check My Work At the due date, the company records the receipt of payment on the note.On June 8, Williams Company issued an $72,000, 7%, 120-day note payable to Brown Industries. Assuming a 360-day year, what is the maturity value of the note? Round your answer to the nearest whole dollar. a. $5,040 b. $73,680 c. $77,040 Od. $72,000