The maturity value of a $50,000, 9%, 60- day note receivable dated July 3 is: A) $50,000. B) $50,750. C) $54,500. D) $59,000.
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- A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an annual interest rate of 11%. If 6 months have passed since note establishment, what would be the recorded interest figure at that time? A. $7,150 B. $65,000 C. $14,300 D. $2,383A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest ExpenseThe maturity value of a $192,000, 6%, 40-day note receivable dated July 3 is
- Compute the maturity value as indicated for each of the following notes receivable. A. A $9,000, 6%, 3-month note dated July 20. Maturity value $____________. B. A $16,000, 9%, 150-day note dated August 5. Maturity value $____________.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 $10,000, 12%, 60-day note receivable is received on January 12. The note is discounted at 12% on January 18. What is the maturity value of the note ? Prepare journal entry to record at the date of maturity.
