General Accounting question Premier Supply receives a $12,500, 120-day, 8%note receivable from customer Alex Thompsonas payment on account on March 15. Calculatethe maturity value (amount due at maturity) ofthe note.

Step 1: Define Maturity ValueMaturity Value is the total amount due at the end of the loan or note…

Answered: Premier Supply receives a $12,500,…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

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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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Chemical 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?
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Arvan Patel is a customer of Banks Hardware Store. For Mr. Patels latest purchase on January 1, 2018, Banks Hardware issues a note with a principal amount of $480,000, 13% annual interest rate, and a 24-month maturity date on December 31, 2019. Record the journal entries for Banks Hardware Store for the following transactions. A. Note issuance B. Subsequent interest entry on December 31, 2018 C. Honored note entry at maturity on December 31, 2019.
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On August 2, Jun Co. receives a $6,400, 90-day, 12% note from customer Ryan Albany as payment on his $6,400 account receivable. 1. Compute the maturity date for the above note. O October 29 O October 30 O October 31 O November 1 O November 2 2. Prepare Jun's journal entry for August 2.
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Premier Supply receives a $12,500, 120-day, 8% note receivable from customer Alex Thompson as payment on account on March 15. Calculate the maturity value (amount due at maturity) of the note.