Violet Enterprises issued its own USD 15,000, 60-day, non-interest-bearing note to a bank. If the note is discounted at 8 percent, the proceeds to Violet Enterprises are: a. USD 15,000 b. USD 13,700 c. USD 14,800 d. USD 13,500 e. None of the above
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- Anderson Co. issued a $57,329, 60-day, discounted note to National Bank. The discount rate is 9%. At maturity, assuming a 360-day year, the borrower will payCullumber Inc. assigns $4728000 of its accounts receivables as collateral for a $3.30 million loan with a bank. The bank assesses a 3% finance charge on the loan amount and charges interest on the note at 6%. What would be the journal entry to record this transaction? O Debit Cash for $3201000, debit Interest Expense for $99000, and credit Accounts Receivable for $3300000 O Debit Cash for $3003000, debit Interest Expense for $297000, and credit Notes Payable for $3300000 O Debit Cash for $1890800, debit Interest Expense for $99000, debit Due from Bank for $1428000, and credit Accounts Receivable for $4728000 O Debit Cash for $3201000, debit Interest Expense for $99000, and credit Notes Payable for $3300000Brooke Company discounted its own P5, 000,000 one year note at a bank, at a discount rate of 12%, when the prime rate was 10%. In reporting the note in Brooke’s statement of Financial position prior to maturity, what rate should Brooke use for the recording of Interest expense?
- The notes receivable account of Caimito, Inc. consisted of the following: 1. 60-day note of P10,000 dated May 15 with a 9% interest rate, discounted at the bank on June 8 at 12%. 2. 120-day note of P100,000 (face amount) dated October 1 with no stated interest rate and a market rate of 9% interest, discounted at the bank on November 30 at 12%. This note was received from the sale of equipment. The proceeds from discounting of the 60-day note amount to: A. 10,150 B. 10,000 C. 10,028 D. 10,059Bencorp issues a $90,000, 6-month, noninterest-bearing note that the bank discounted at a 10% discount rate. Required: 1. Prepare the appropriate journal entry to record the issuance of the note. 2. Determine the effective interest rate. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the appropriate journal entry to record the issuance of the note. (If no entry is required for a tr journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record the issuance of $90,000, 6-month, non-interest-bearing note issued at a 10% discount rate. Note: Enter debits before credits.American Bank has loaned $12,000 to Shoreline Petroleum Inc. using a 60-day non-interest-bearing note. The bank discounted the note at 12%. The proceeds of the loan will be a.$240. b.$12,240. c.$12,000. d.$11,760.
- On January 16, K Corp, accepted a P600,000, 9%, 90 day note from a customer. On February 10, the note was discounted at 12%. Assume the note was discounted on a without recourse basis. Compute for the cash received from discounting.a. 613,500b. 600,000c. 600,207.50d. 595,095 Gain (or Loss) on notes receivable discountinga. (3,542.50)b. 207.50c. 13,500d. 3,750 Assume that the note was discounted with recourse and treat the discounting as a conditional sale. Compute for the gain (or loss) on notes receivable financingOn June 3, 20X1, Alaska State Company received a $6,600, 45-day, 12 percent note from Samuel Adams, a customer whose account was past due. Alaska discounted the note on June 18, 20X1 at Georgia State Bank and Trust. Samuel Adams dishonored the note receivable discounted by Alaska State. Assume the bank deducted the maturity value of the dishonored note plus a $40 service charge from Alaska State's bank account on the due date of the note. Required: Prepare the entries in general journal form that Alaska State Company would make. (Use 360 days a year.) No 1 Date July 18, 20X1 Answer is not complete. General Journal Notes receivable-Discounted Accounts receivable/Samuel Adams Cash Debit 6,600 CreditThe following interest-bearing promissory note was discounted at a bank by the payee before maturity. Use the ordinary interest method, 360 days, to calculate the missing information. (Round dollars to the nearest cent.)
- On December 1, 2022, Grenade Company assigned specific accounts receivable totaling P2,000,000 as collateral on a P1,500,000, 9% note from a bank. In addition to the interest on the note, the bank also charged a 2.5% finance fee deducted in advance on the P1,500,000 value of the note.The December collections of assigned accounts receivable amounted to P1,000,000 less cash discounts of P20,000. The company accepted sales returns of P50,000 on the assigned accounts and wrote off assigned accounts of P75,000.The company notified the customers that their accounts have been assigned to the bank and must direct their payments to the assignee. 1. What amount of cash was received from the assignment of accounts receivable on December 1, 2022? 2. What is the carrying amount of note payable on December 31, 2022? 3. What is the balance of accounts receivable — assigned on December 31, 2022? 4. What amount should be disclosed as the equity of Grenade Company in assigned accounts on…On June 30, 2020, OPQ Company discounted at the bank a customer P6,000,000, 6-month, 10% note receivable dated April 30,2020. The bank discounted the note at 12%. What amount should be reported as net proceeds from the discounted note receivable? *The following interest-bearing promissory note was discounted at a bank by the payee before maturity. Use the ordinary interest method, 360 days, to calculate the missing information. (Round dollars to the nearest cent.) Face Interest Value Rate (6) $1,200 Need Help? Read Date of Note Date of Discount Dec. 7 Term of Note (days) 130 Discount Period (days) Maturity Date Seled Discount Rate (6) LEA Maturity Value (in $) Proceeds (in 5)
