On July 8, Jones Inc. issued an $66,300, 11%, 120-day note payable to Miller Company. Assume that the fiscal year of Jones ends on July 31. Using the 360-day year, what is the amount of interest expense recognized by Jones in the current fiscal year? Round your answer to the nearest whole dollar. a.$1,216 b.$1,013 c.$608 d.$466

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A: Interest Expense: The cost of debt which is incurred during a particular accounting period is called…

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A: From July 8th to July 31st = 23 days

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A: This question is asking about the Journal entries for 31 October of issue of notes, 30 November of…

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

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Q: On June 8, Alton Co. issued an $77,100, 7%, 120-day note payable to Seller Co. Assume that the…

A: Interest:   An interest is the cost of the funds loaned to the business by any lender.

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A: The company can issue notes to borrow funds. The note can be issued either for the long term or the…

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A: Sheridan Company has borrowed on July 1. Interest for 6 months is due as on 31st December. Interest…

Q: the amount of interest expense

A: The note payable is a liability account which is a written promissory note.It is usually considered…

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A: Notes Payable is a piece of documentary evidence issued by the borrower to the payee. This document…

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A: The maturity date is the date when note is due for payment. The accrued interest is the interest due…

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A: It is a process Of recording transactions in a journal

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

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A: The note payable is reported as the liabilities in the balance sheet. The accrued interest is the…

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A: Interest revenue = face value of not x rate of interest x No. of days / 360 days

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A: Lets understand the basics. Entity issues note in order to obtain finance from the outside. In notes…

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A: Notes payable is a negotiable instrument where a borrower records a promise to pay a certain amount…

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A: Definition:   Accrued interest: Accrued interest is the outstanding interest expense in the…

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A: From July 8 to July 31 = 23 days Interest expense has been accrued for 23 days for the note payable.…

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A: Note receivable:  Note receivable refers to a written promise received by the creditor from the…

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A: Notes payable represent a promissory note issued by the borrower to repay the principal amount…

Q: )Determine the due date of the note. b)Determine the maturity value of the note. Assume 360 days in…

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A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.

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A: A. due date of the note = Date of issue of note + Life of note in days

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A: A journal entry is prepared by the company to record the non-economic & economic transactions of…

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A:

Q: Dan Dayle started a business by issuing an $98,000 face value note to First State Bank on January 1,…

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A: Solution We are provided with the following information Interest rate = 8% Amount of note payable =…

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A: In the given situation, there is a note payable with 6% rate for 120 days. We need to find the…

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A: Introduction: A promissory note, also known as a note, is a written promise to pay a sum of money at…

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

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

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A: Answer: The exact answer is $1,061 . So the nearest option to $1,061 is option D - $1,050 .

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A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

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A:

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A: The question is based on the concept of Financial Accounting.

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

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A: Maturity value of note = issue price + interest accrued over term (for 120 days)