Prefix Supply Company received a 120-day, 10% note for $24,000, dated April 12 from a customer on account. Assume 360-days in a year. Question Content Area a.  Determine the due date of the note.   b.  Determine the maturity value of the note. fill in the blank 1 of 1$

Q: Sylvestor Systems borrows $50,000 cash on May 15 by signing a 60-day, 5%, $50,000 note.   1. On what…

A: The note payable is the liability for the business which is to be paid on due date with interest.

Q: entry Wholesalers accepts from Metlock Stores a $9,500, 4-month, 12% note dated May 31 in settlement…

A: Maturity date: Maturity date is the due date on note. On due date, the borrower is supposed to repay…

Q: On March 1, Year 1, a company loans cash to another company and accepts a note in return. The terms…

A: 1. Journal Entry for the LoanWhen the company makes the loan and accepts the note in return on March…

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: Sylvestor Systems borrows $103,000 cash on May 15 by signing a 150-day, 4%, $103,000 note. 1. On…

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

Q: Sylvestor Systems borrows $185,000 cash on May 15 by signing a 150-day, 7%, $185,000 note. 1. On…

A: Journal: Recording of a business transactions in a chronological order.

Q: ired 2B rest at turity ure? Required 2B General Journal

A: Answer : Note mature date = 12 October 15 May + 150 days = 12 Oct.  16 Days remaining from May + 30…

Q: A business issued a 60-day note for $87,000 to a bank. The note was discounted at 7%. Journalize the…

A: Businesses may issue short-term discount notes in consideration of goods, services, or cash.These…

Q: Denger

A: Detailed Explanation To record the journal entry for Sampson  Calculate the discount:  Discount =…

Q: MCM Company issued a note receivable to a customer on September 1, 2020. The face value of the note…

A: Note receivable is considered as a negotiable instrument. It represents the claim amount due on the…

Q: Bull City Industries is considering issuing a $100,000, 7% note to a creditor on account. Assume a…

A: Introduction: Journals: Recording of a business transaction in a chronological order. First step in…

Q: On June 6, Nova Inc. accepts a $21,500 note from a customer in payment of an overdue account. The…

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

Q: Determine the interest and due dates on notes                                   Cora Company had the…

A: Interest Due :— It is the amount of interest due on loan. It is calculated by multiplying amount of…

Q: Prepare journal entries for the following transactions for the current year Note: Use 360 days a…

A: Notes receivable refers to the notes accepted by the entity instead of the accounts receivable or…

Q: Determine the maturity date, interest at maturity, and maturity value for each of the following…

A: Time to Maturity is the period between the issue and maturity of the note. It can be different for…

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: Entries for Notes Receivable Autumn Designs & Decorators issued a 120-day, 6% note for $30,000,…

A: The note receivable is an asset for the business which is issued by the debtors of the business.…

Q: Autumn Designs & Decorators issued a 120-day, 6% note for $30,000, dated April 13 to Zebra Furniture…

A: Notes receivable is an asset which is a kind of promise from a another party that it will receive…

Q: Analyze the following: A $10,000 60 day interest bearing note was issued for cash on June 30 at a…

A:

Q: Sylvestor Systems borrows $75,000 cash on May 15 by signing a 60-day, 7%, $75,000 note. 1. On what…

A: In most cases, companies issue notes in order get financing. The notes do have a maturity period…

Q: Note receivable Prefix Supply Company received a 120-day, 7% note for $84,000, dated April 12 from a…

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

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

A:

Q: Zion Architects & Engineers issued on account 120-day, 8% note for $60,000, dated June 13 to…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Same Day Surgery Center received a 120-day, 7% note for $96,000, dated April 9 from a customer on…

A: Maturity value of the note = Face value of bonds + Interest

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: Journalize the transactions. Assume 360 days for interest calculations and record two entries for…

A: In accounting, journalizing transactions involves recording financial events in a systematic way to…

Q: Good Day Service Center received  a 120-day, 6% note for $250,000, dated April 12 from a customer on…

A: Calculation of due date of the Note Due Date of Note will be 120 days form the date on which it is…

Q: Linstrum Company received a 60-day, 9% note for $56,000, dated July 23, from a customer on account.…

A: Notes receivable:  Notes receivable is a agreement between lender and borrower for payment of…

Q: On May 1, Knack Company signed a $80,000, 240-day, 6% note payable with Central Savings Bank. What…

A: Notes payable is current liabilities if it is due to pay able with one year. Interest is also…

Q: Quick Tire and Lube received a 120-day, 9% note for $60,000, dated June 12, from a customer on…

A: Maturity value of the note=Face value of note+Interest revenue

Q: $45,300, 7-month, 6% note dated October 31, 2021 with Q Tile LLC. All of the note's interest is due…

A: Notes receivable are claims for which formal instruments of credit, such as a promissory note, are…

Q: Tamarisk, Inc. receives a $10500, 3-month, 8% promissory note from Nash's Trading Post, LLC in…

A: Note receivables means the instrument in which the outsider agree to pay certain sum with or without…

Q: a01

A: Step 1:The required journal entries for the given transactions related to the notes payable are…

Q: Autumn Designs & Decorators issued a 120-day, 8% note for $78,000, dated April 13 to Zebra Furniture…

A: The note receivable is an asset for the business which is issued by the debtors of the business.

Q: Entries for notes payable A business issued a 120-day, 5% note for $100,000 to a creditor on…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

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: Sylvestor Systems borrows $183,000 cash on May 15 by signing a 90-day, 6%, $183,000 note. 1. On what…

A: Notes payable are issued to raise the long-term or short-term funds. If the notes payable are to be…

Q: Discounting a Note Receivable Sonic Inc. received from a customer a $2,400, 9% interest-bearing note…

A: Introduction: A note receivable is a written promise to pay another party a certain sum of money on…

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

A: Given information is: Lundquist Company received a 60-day, 9% note for $21,500, dated July 23, from…

Q: Note Receivable Cube Ice Company received a 120-day, 7% note for $60,000, dated April 9 from a…

A: DUE DATE : = APRIL 9 + 120 DAYS  = AUGUST 7

Q: Sylvestor Systems borrows $50,000 cash on May 15 by signing a 90-day, 8%, $50,000 note. 1. On what…

A: The note payable is treated as liability in the business. The note that matures in less than one…

Q: Spring Designs & Decorators issued a 180-day, 9% note for $88,400, dated April 13 to Jaffe Furniture…

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

Q: Below are the transactions related to notes receivable activity for Barton Corporation.…

A: Generally days for interest calculation in accounting taken 360 days in a year.  Note receivable…