Need correct answer general Accounting question Western Bank issued a 150-day note for $250,000 on November1, 2024, with an annual interest rate of 7%. Calculate the accruedinterest as of December 31, 2024.

Step 1: Define Accrued InterestAccrued interest refers to interest that has accumulated but has not…

Answered: Western Bank issued a 150-day note for…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 24Q: Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms...

See similar textbooks

Similar questions

On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10% interest rate. Each annual payment is in the amount of $39,569 and payment is due each Dec. 31. What is the journal entry on Jan. 1 to record the cash received and on Dec. 31 to record the annual payment? (You will need to prepare the first row in the amortization table to determine the amounts.)
Frame company has an 8% note receivable dated June 30, 2021, in the original amount of P1,500,000. Payments of P500,000 in principal plus accrued interest are due annually on July 1, 2022, 2023 and 2024. What is the balance of note receivable on July 1, 2022?On june 30,2023, what amount should be reported as accrued interest receivable on the note receivable?
Sh5
Samco signed a 9-year note payable on January 1, 2025, of $540,000. The note requires annual principal payments each December 31 of $60,000 plus interest at 6%. The entry to record the annual payment on December 31, 2026, includes A. a debit to Interest Expense for $28,800. B. a credit to Cash of $92,400. C. a debit to Interest Expense for $32,400. D. a credit to Notes Payable for $60,000.
On March 1, 2024, Lewis Services issued a 10% long - term notes payable for $24,000. It is payable over a 6– year term in $4000 principal installments on March 1 of each year, beginning March 1, 2025. Which of the following entries needs to be made on March 1, 2024? O A. Current Portion of Long - Term Notes Payable Long- Term Notes Payable 24,000 24,000 O B. Long - Term Notes Payable Accounts Payable 24,000 24,000 O C. Long - Term Notes Payable 4000 Cash 4000 O D. Cash 24,000 Long - Term Notes Payable 24,000
On July 1, 2021, ABC Co. borrowed P1,000,000 and issued a one-year note payable. The lenderdiscounted the note at 12%.Prepare all the necessary journal entries under the following scenarios:a. The note is due on lump sum on June 30, 2022. The effect of discounting is immaterial.b. The note is due in equal quarterly installments starting September 20, 2021
On 1 September 2019, J & J Co. issued a note payable to National Bank in the amount of P900,000, bearing interest at 12%, and payable in three equal annual principal payments of P300,000. On this date, the bank's prime rate was 11%. The first payment for interest and principal was made on 1 September 2020. At 31 December 2020, J & J should record accrued interest payable of what amount?
On January 1, 2021, Diggs Co. lends some money in exchange for a 10% $100,000 10-year note. The market rate for similar notes is 8%. Interest is received semiannually each July 1 and January 1. The financial year ends December 31. Round to the nearest whole number. (Hint: Prepare a partial amortization schedule to July 1, 2023) a. The note is issued at ___________(par / premium / discount) b. The present value of the note is $______________ c. The cash received at July 1, 2021 is $__________________ d. The interest income to Diggs Co. at December 31, 2022 is $_________________ e. The carrying amount of the note at July 1, 2023 is $__________________
a seven-year note for $2800.00 issued on october 1,2015, with interest at 5.7% compounded annually is discounted on june 1,2021, at 8.8% compounded quarterly. what are the proceeds of the note?
On January 1, 2018, the Merit Group issued to its bank a $41 million, five-year installment note to be paid infive equal payments at the end of each year. Installment payments of $10 million annually include interest atthe rate of 7%. What would be the amount(s) related to the note that Merit would report in its statement of cashflows for the year ended December 31, 2018?
On September 1, 2020, a company borrowed on a P5,400,000 note payable from a bank. The note bears interest at 12% and is payable in 3 equal annual principal payments of P1,800,000. On this date, the bank's prime rate was 11%. The first annual payment for interest and principal was made on September 1, 2021. On December 31, 2021, what amount should be reported as accrued interest payable?
the pita pit borrowed 197000 on november 1 2021 and signed a six month note bearing interest at 12%. principal and interest are payable in full at maturity on may 1 2022 in connection with this note. the pita pit should report interest expense at december 31 2021 in the amount of.

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Financial Accounting

Accounting

ISBN:

9781305088436

Author:

Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:

Cengage Learning

EBK CONTEMPORARY FINANCIAL MANAGEMENT

Finance

ISBN:

9781337514835

Author:

MOYER

Publisher:

CENGAGE LEARNING - CONSIGNMENT

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Financial Accounting

Accounting

ISBN:

9781305088436

Author:

Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:

Cengage Learning

EBK CONTEMPORARY FINANCIAL MANAGEMENT

Finance

ISBN:

9781337514835

Author:

MOYER

Publisher:

CENGAGE LEARNING - CONSIGNMENT

CONCEPTS IN FED.TAX., 2020-W/ACCESS

Accounting

ISBN:

9780357110362

Author:

Murphy

Publisher:

CENGAGE L

SEE MORE TEXTBOOKS

Western Bank issued a 150-day note for $250,000 on November 1, 2024, with an annual interest rate of 7%. Calculate the accrued interest as of December 31, 2024.