please answer in text form and in proper format answer with must explanation , calculation for each part and steps clearly Record the interest accrued on 60,000 notes payable and 30,000 notespayable for the month of February. The interest rate is 10%.

Interest accrued refers to the interest that has been incurred on a loan or other financial…

Answered: Record the interest accrued on 60,000…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Similar questions

On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a 90-day note with a face amount of $45,600. Assume 360 days in a year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 10%. b. Determine the proceeds of the note, assuming the note is discounted at 10%.
On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a 45-day note with a face amount of $300,000. Assume 360 days in a year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 6%.
What will be the total interest earned on a 6%, $2,000 note receivable that is due in nine months?
Compute the maturity value as indicated for each of the following notes receivable. (Use 360 days for calculation.) 1. An $8,500, 8%, 3-month note dated April 20. Maturity value $ 2.A $28,500, 8%, 72-day note dated March 5. Maturity value $ 3.A $13,400, 6%, 30-day note dated September 10. Maturity value $ 4. A $6,400,7%, 6-month note dated November 15. Maturity value $
A 120-day, 10% interest-bearing note receivable is sold to a bank with recourseafter being held for 60 days. The proceeds are calculated using an 8% interest rate. In this situation,what happened to the notes receivable?
Calculate the missing amount for each of the following notes receivable.Face Value Annual Interest Rate Fraction of the Year Interest $11,000 6% 4 months (a) $30,000 5% (b) $1,500 $35,000 (c) 6 months $1,225 (d) 8% 6 months $ 700
Assuming a 360-day year, the interest charged by the bank, at the rate of 12%, on a 90-day, discounted note payable of $106,824 is:
A 100-day note with a face amount of $54,000 and interest rate of 9% is issued on June 1. Required: 1.Compute the following using a 360-day year: a. Maturity value of the note $___________ b. Maturity date ___________ c. Interest $___________ 2.The note is discounted on July 1. The bank discount rate is 12%. Compute the following: a. Number of days in the discount period ___________ b. Discount amount $___________ c. Proceeds $___________
On January 26, Vibrant Co. borrowed cash from Conrad Bank by issuing a 30- day note with a face amount of $74,400. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 5%.
From the information given below, calculate the accrued interest for the following notes (round to two decimal places, if necessary). Assume 360 days in a year.:
Calculate the missing amount for each of the following notes receivable. Face Value Annual Interest Rate Fraction of the Year Interest $10,700 6 % 4 months $27,000 5 % months $450 $32,000 % 6 months $640 10 % 6 months $670
On January 1, $50,000 cash is borrowed from a bank in return for a 6% installment note with 24 monthly payments of $2,216 each. 1. Prepare the journal entry to record the issuance of the note.2. Prepare the journal entry to record the first monthly interest payment.

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Record the interest accrued on 60,000 notes payable and 30,000 notes payable for the month of February. The interest rate is 10%.