Provide correct answer general accounting Riverway Technologies issued a$7,500, 8%, 90-day note receivable.What is the interest earned on thisnote?A) $150B) $200C) $180D) $120

Step 1: Define Simple InterestSimple Interest is the amount earned or paid on a principal sum at a…

Answered: Riverway Technologies issued a $7,500,…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...

See similar textbooks

Similar questions

Calculate the amount of interest to be charged on a $12,000, 8.5%, 90-day interest-bearing note.
Need answer
The interest on a $29000, 6%, 90-day note receivable is
Please see below. I really need help with this asap. Please include relevant terms and dates as needed.
Bull City Industries is considering issuing a $100,000, 7% note to a creditor on account.a. If the note is issued with a 45-day term, journalize the entries to record:1. the issuance of the note.2. the payment of the note at maturity.b. If the note is issued with a 90-day term, journalize the entries to record:1. the issuance of the note.2. the payment of the note at maturity.
A company issued a 60 day 11% note for $17,000. What is the principal amount of the note? Round your answer to the nearest dollar. A) $16,688 B) $17,000 C) $18,870 D) $17,312
Sunset West issues a $90617, 60-day, 9% note to Memorial Point in exchange for an overdue account payable. For MEMORIAL POINT: What is the amount that is debited to cash when Sunset West pays the note? Ans_________________
Determine the term of the note
The interest on a $ 21000, 6%, 60-day note receivable is (Use 360 days for calculation.) $ 210. $ 630. $ 420. $ 1260.
How do I solve this?
Note receivable Prefix Supply Company received a 120-day, 6% note for $500,000, dated April 12 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. 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. 88
Tamarisk, Inc. receives a $10500, 3-month, 8% promissory note from Nash's Trading Post, LLC in settlement of an open accounts receivable. What entry will Tamarisk, Inc. make upon receiving the note? A.Notes Receivable 10500 Accounts Receivable-Nash's Trading Post, LLC 10500 B.Notes Receivable 10500 Interest Receivable 210 Accounts Receivable-Nash's Trading Post, LLC 10500 Interest Revenue 210 OC.Notes Receivable 10710 Accounts Receivable-Nash's Trading Post, LLC 10710 D.Notes Receivable 10710 Accounts Receivable-Nash's Trading Post, LLC 10500 Interest Revenue 210

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

SEE MORE TEXTBOOKS

Riverway Technologies issued a $7,500, 8%, 90-day note receivable. What is the interest earned on this note? A) $150 B) $200 C) $180 D) $120