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- Sunshine Service Center received a 120-day, 6% note for $40,000, dated April 12 from a customer on account. Assume 360 days per year. a. Determine the due date of the note. b. Determine the maturity value of the note. When required, round your answers to the nearest dollar.$fill in the blank df5724f79f8d02f_2 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. 10 Cash Cash Note Receivable Note Receivable Interest Revenue Interest RevenueChemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms of the note show a maturity date of 36 months, and an annual interest rate of 8%. What is the accumulated interest entry if 9 months have passed since note establishment?Quick Tire and Lube received a 120-day, 8% note for $72,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note.$fill in the blank 0578eff5f02bffe_2 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 fill in the blank 7c1e32ffb038033_2 fill in the blank 7c1e32ffb038033_3 fill in the blank 7c1e32ffb038033_5 fill in the blank 7c1e32ffb038033_6 fill in the blank 7c1e32ffb038033_8 fill in the blank 7c1e32ffb038033_9
- XYZ Company lent $9,000 at 10% interest on December 1, 2019. The amount plus all interests accrued will be collected after 1 year. At the end of December, which of the following journal entry is required to take up the interest income? Select one: a. Debit Cash $900; Credit Interest Revenue $900 b. Debit Interest Revenue $75; Credit Interest Receivable $75 c. Debit Interest Receivable $900; Credit Unearned Revenue $900 d. Debit Interest Receivable $75; Credit Interest Revenue $75A life insurance company issues a 10-year term insurance policyto a life aged 50, with sum insured $100 000. Level premiums are payablemonthly in advance throughout the term. You are given the following premium assumptions. (i) Commission is 20% of each premium payment in the first year (incurredat the premium payment times) and 5% of all premiums after the firstyear. (ii) Additional initial expenses are $100. (iii) Claim expenses are $250. (iv) The sum insured and claim expenses are payable one month after the dateof death. (v) Mortality follows the Standard Select Life Table, with UDD betweeninteger ages.(vi) i = 5%. Calculate the gross monthly premium.On August 1, 2021, Avonette, Inc., sold equipment and accepted a six-month, 9%, $50,000 note receivable. Avonette's year-end is December 31. Which of the following accounts will Avonette credit in the journal entry at maturity on February 1, 2022, assuming collection in full? O A. Interest Receivable B. Cash OC. Interest Payable O D. Note Payable
- Cube Ice Company received a 120-day, 10% note for $96,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note.$fill in the blank f3b771fe205d07f_2 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. Accounts Receivable Cash Interest Receivable Interest Revenue Notes Receivable Unearned Interest Aug. 7 fill in the blank 332b64fd401df83_2 fill in the blank 332b64fd401df83_3 fill in the blank 332b64fd401df83_5 fill in the blank 332b64fd401df83_6 fill in the blank 332b64fd401df83_8 fill in the blank 332b64fd401df83_9A 60-day, 12% note for $38,400, dated May 1, is received from a customer on account. The maturity value of the note is a.$39,168 b.$768 c.$43,008 d.$38,400On October 1, Black Company receives a 4% interest-bearing note from Reese Company to settle a $20,200 account receivable. The note is due in six months. At December 31, Black should record interest revenue of Oa. $212 Ob. $202 Oc. $199 Od. $209
- Mutiple choice: A hospitality company is the maker of an $18,000 note to be paid in quarterlyinstallments of $3,000 each. The first payment is to be made on June 30. How willthe note be represented on the balance sheet for May 31? A. $18,000 long-term liabilityB. $3,000 expense, $15,000 long-term liabilityC. $3,000 expense, $9,000 current liability, $6,000 long-term liabilityD. $12,000 current liability, $6,000 long-term liabilityfinal answer isAbc