On June 8, Alton Co. issued an $77,100, 7%, 120-day note payable to Seller Co. Assume that the fiscal year of Seller Co. ends June 30. Using a 360-day year in your calculations, what is the amount of interest revenue recognized by Seller in the following year? When required, round your answer to the nearest dollar. $450 $1,469 $900 $5,397

Q: On July 8th, Jones Inc. issued a $75,600, 12%, $120 Day note payable to Miller company. Assume that…

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

Q: The following transactions are from Ohlm Company. Note: Use 360 days a year. Year 1 December 16…

A: Notes Receivable are the written documents issued by the borrower to the payee. This is a promissory…

Q: Entries for notes receivable Valley Designs issued a 90-day, 10% note for $24,000, dated April 19,…

A: The journal entries are the first step in accounting to record transactions. The T0accounts are…

Q: Preparing Entries and Interest Schedule for Long-Term Note Receivable; Effective Interest Method On…

A: Req : a       Computation of Present Value of Notes receivable:       Table Value are Based on:…

Q: 2, 69 st dol

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

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: the amount of interest expense

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

Q: Keesha Company borrows $125,000 cash on November 1 of the current year by signing a 180-day, 7%,…

A: Funds can be borrowed by issuing notes. The not can be issued for long term or short term. The note…

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: Transactions: Apr. 30 Issued a $162,000, 30-day, 6% note dated April 30 to Misner Co. on account.…

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

Q: Prefix Supply Company received a 120-day, 6% note for $500,000, dated April 12 from a customer on…

A: Journal entries are the primary reporting of the business transactions in the books of accounts,…

Q: Keesha Company borrows $105,000 cash on November 1 of the current year by signing a 180-day, 7%,…

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

Q: On January 1, Gemstone Company obtained a $165,000, 7%, 10-year installment note from Guarantee…

A: Notes payable refer to a written agreement between two parties. Under this agreement, the lender…

Q: Journalize the following transactions (assume a 360-day year when calculating interest): Mar. 1…

A: A journal entry is used to record any business transaction in the accounting records of a…

Q: A. Determine the due date of the note. B. Determine the maturity value of the note. Assume a 360-day…

A:

Q: Martinez Co. borrowed $74,240 on March 1 of the current year by signing a 60-day, 12%,…

A: Given, Face value of the note = $74,240 Interest rate = 12% Period = 60 days

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: Spring designs and decorators issued a 120- day, 8% note for 78,000, dated April 13th to Jaffe…

A: Maturity value of note = Note amount + Interest

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

A: The 150 days from November  1 will expire on March 31. Thetefore, Note will expire on March 31 next…

Q: On July 8, Jones Inc. issued an $63,400, 8%, 120-day note payable to Miller Company. Assume that the…

A: To compute the interest expense recognized in current fiscal year: Principal = $63,400 Interest rate…

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: 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: Journalize the following transactions (use a 360-day year in interest calculations):   Mar. 1…

A: Interest amount is calculated by considering the amount, rate of interest and the time period the…

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: On November 1, Alan Company signed a 120-day, 10% note payable, with a face value of $20,700. What…

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

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: Journalize the following transactions (use a 360-day year in interest calculations):   Mar. 1…

A: Notes Receivable - Note is an instrument exchanged by the payer to the receiver. It is a promissory…

Q: ne 8, Alton Co. issued an $79,432, 10%, 120-day note payable to Seller Co. Assuming a 360-day year…

A: Solution: Maturity value of the note is amount that is arrived by adding total amount of interest…

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

A: Introduction: Journals: Recording of a business transactions in a chronological order. Each and…

Q: y 8, Jones Inc. issued an $79,100, 6%, 120-day note payable to Miller Company. Assume that the…

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

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: 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