Quick answer of this accounting questions On March 15, Western Corp. issued a $95,000, 8%, 90-day note payable toMetro Bank. Assuming a 360-day year for your calculations, what is thematurity value of the note?A. $96,900B. $95,000C. $97,520D. $1,900

Step 1: Definition of Maturity ValueThe Maturity Value of a note is the amount that must be repaid…

Answered: On March 15, Western Corp. issued a…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

ChapterD: Notes Payable And Notes Receivable

Section: Chapter Questions

Problem 2P

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A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest Expense
Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual interest rate of 3.5%, due in 6 months. What journal entry is created when Jain honors the note?
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On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank. The note has a face value of 15,000 and a maturity value (principal plus interest) of 15,400. The discount is calculated to be 385, and the accrued interest income is 100. The recourse liability is estimated to be 1,000. Prepare the journal entry of Phillips to record the sale of the note receivable.
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What is the maturity value of the note on these general accounting question?
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On March 15, Western Corp. issued a $95,000, 8%, 90-day note payable to Metro Bank. Assuming a 360-day year for your calculations, what is the maturity value of the note? A. $96,900 B. $95,000 C. $97,520 D. $1,900