Answer Provide with option On November 1, 2016. Tim's Toys borrows $31,200,000 at 7% tofinance the holiday sales season. The note is for a 6-month term-endboth principal and interest are payable at maturity.What is the balance of interest payable for the loan as of December31, 2016?a. $91,000b. $1,092,000c. $182,000d. $364,000

Step 1: Definition of Interest Payable:Interest payable is a liability account used to record…

Answered: On November 1, 2016. Tim's Toys borrows…

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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A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an annual interest rate of 11%. If 6 months have passed since note establishment, what would be the recorded interest figure at that time? A. $7,150 B. $65,000 C. $14,300 D. $2,383
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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