RequiredPrepare journal entries to record Peru's 2023 and 2024 summarized transactions and the adjusting entries to record bad debt expense atthe end of each yearProblem S-11A Notes receivable LO4CHECK FIGURES: d. Interest income $454.93 e. Cash-$90,499.32Vauxall Holdings showed the following information regarding its notes receivableNote13Date ofNoteNov. 1/22Jan 5/23Nov 20/23Dec. 10/23Principal$240,000100,00010.000+0,000InterestRate4.0%5.0%4.5%5.5%Tem100 days90 des45 days30 daysMaturityDateRequiredFor each notea. Determine the maturity dateb. Calculate the days of accrued interest, if any, at December 31, 2023 (Vauxall Holdings' year-end)e. Calculate the amount of accrued interest, if any, at December 31, 2023,Days ofAccruedInterest atDec. 31,2023AccruedInterest atDee. 31,2023*For Note 3:4. Prepare the entry to record the accrued interest at December 31, 2023e. Prepare the entry to record the collection on the maturity date. Assume that both interest and principal are collected at maturity

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Vautall Holdings showed the following information regarding its notes receivable 3 4 Date of Nov 1/22 Jan. 5/23 Nov 20/23 Dec. 10/23 Principal $240,000 100,000 10.000 +0,000 Interest Rate 4.0% 5.0% 45% 5.5% Tem 100 days 90 des 45 des 30 des Maturity Date Den of Accrued Dec. 31, 2023 Accrued Interest at Dec. 31, 2023

Vautall Holdings showed the following information regarding its notes receivable 3 4 Date of Nov 1/22 Jan. 5/23 Nov 20/23 Dec. 10/23 Principal $240,000 100,000 10.000 +0,000 Interest Rate 4.0% 5.0% 45% 5.5% Tem 100 days 90 des 45 des 30 des Maturity Date Den of Accrued Dec. 31, 2023 Accrued Interest at Dec. 31, 2023

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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Computing Accrued Interest Compute the interest accrued on each of the following notes receivable held by Northland, Inc., on December 31: (Use 360 days for interest calculation. Round to the nearest dollar.) Maker Date ofNote Principal InterestRate Term Maple November 21 $180,000 6% 120 days Wyman December 13 140,000 7% 90 days Nahn December 19 210,000 5% 60 days Maple: Answer Wyman: Answer Nahn: Answer
On Jan. 1, 20x1, Bernie Bird Co., received a 10% note with face amount of P1,200,000. Both principal and compounded interests are due on Jan. 1, 20x4. How much interest receivable is reported on the December 31, 20x2 statement of financial position? a. 120,000 b. 132,000 c. 252,000 d. 168,000
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Determine the due date and the amount of interest due at maturity on the following notes: Date of note Face amount Interest Rate Term of Note a. January 6 b. March 23 40,000 9,000 9% 45 days 10 60 days c. May 30 12,000 12 90 days d. August 30 18,000 10 120 days e. October 1 10,500 8 60 days Due Date Interest a. Feb. 20 b. May 22 c. Aug. 28 d. Dec. 28 e. Nov. 30
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L. How much interest income should be reported on December 31, 2020 with regards to the note from Company B? 2-2 Notes Receivables The trial balance for BLUE Corporation prepared at December 31, 2020 showed a balance of P4,000,000 for Notes Receivables broken as follows: Notes receivable from Company A Notes receivable from Company B 3,000,000 1,000,000 Total 4,000,000 Additional information: The notes receivable from Company A is a three-year non- interest bearing note, with face value of P3,000,000. The note was received in exchange for a piece of land sold by BLUE on May 1, 2020. The land was carried in the books at the date of sale at P2,600,000. The difference between the face amount of the note and the carrying value of the land was credited to gain on sale of land. The market interest rate for a note of this type is 10%. The notes receivable from Company B bears interest at 10%. The note was received from sale of goods in the normal course of business. The note is dated October…
Calculate the due date, interest due, and maturity value of the following notes: Date of Note Face Amount Interest Rate Term of Note Due Date Interest Due Maturity Value a. 24-Apr $70,000 3% 60 days b. 13-Jul 30,000 5% 120 days c. 9-Aug 40,000 4% 45 days d. 12-Sep 60,000 8% 90 days e. 5-Nov 50,000 6% 30 days
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LO 8-3 E8-10 Recording Notes Receivable Transactions, Including Accrual Adjustment for Interest domic The following transactions took place for Smart Solutions Inc. 2020 a. July 1 b. Dec. 31 2021 c. July 1 250 06 Loaned $70,000 to employees of the company and received back one-year, 10 percent notes. shunt at las Accrued interest on the notes. d. July 1 berupa wollReceived interest on the notes. (No interest has been recorded since December 31.) ele St Received principal on the notes. noxidoa bed to Jouons tedW oli ni songly Bubanu adi 11 sqx mis bs& lo tuoms isrw Required: Prepare the journal entries that Smart Solutions Inc. would record for the above transactions.