51. The business received a 90-day promissory note of P20,000, carrying an interest of 12% per year. The promissory note is dated May 1, 2013 and the Balance Sheet date of the business is June 30, 2013. The accrued interest is a. 200 C. 800 b. 400 d. 1,600
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- Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms of the note show a maturity date of 36 months, and an annual interest rate of 8%. What is the accumulated interest entry if 9 months have passed since note establishment?Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual interest rate of 3.5%, due in 6 months. What journal entry is created when Jain honors the note?Whirlie Inc. issued $300,000 face value, 10% paid annually, 10-year bonds for $319,251 when the market of interest was 9%. The company uses the effective-interest method of amortization. At the end of the year, the company will record ________. A. a credit to cash for $28,733 B. a debit to interest expense for $31,267 C. a debit to Discount on Bonds Payable for $1,267 D. a debit to Premium on Bonds Payable for $1.267
- On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.On September 30, 2022 World Company borrowed P1, 000, 000 on a 9% note payable. The entity paid the first of four quarterly payments of P264, 200 when due on December 31, 2022. 1. What amount should be reported as interest expense for 2022? A. 90, 000 В. 22,500 C. 67,500 D. 30,000 2. On December 31, 2022, what is the carrying amount of the note payable? A. 758, 300 В. 750, 000 С. 825, 800 D. 735, 80029.On September 12, 2021, an entity received a 120-day, 9% note for P50,000 for an overdue account from a customer. The entity uses an accounting year that ends on December 31. Which of the following statements is true? Use 360-day year.A. The maturity date of the note is January 12, 2022.B. The maturity value of the note is P51,500.C. Accrued interest on the note at December 31, 2021 is P1,375. a. A, B, and C b. A and B only c. B and C only d. B only
- On November 1, 2018, A-1 Products borrowed $64,000 on a 5%, 5-year note with annual installment payments of $12,800 plus interest due on November 1 of each succeeding year. On November 1, 2020, what is the balance of the Long-Term Notes Payable account? (Round your answer to nearest whole number.) OA. $38,400 OB. $64,000 OC. $12,800 O D. $51,200Jane's Donut Co. borrowed OMR 50,000 on March 1, 2018, and signed a one-year note bearing interest at 12%. Interest is payable in full at maturity on March 1, 2019. In connection with this note, Jane's should report interest expense at December 31, 2018, in the amount of: Select one: A. 7,000 B. 4,500 C. 6,000 D. 5,000On Sept 1, 20X1, Orange Co borrowed P240,000 from ABC Bank to fund a new business venture. Orange issued a 6-month 12% promissory note. Principal and interest is payable on maturity date . REQUIRED: Journal entries from Sept 1 until the note matures.
- On Sept 1, 20X1, Yellow Co borrowed P240,000 from ABC Bank to fund a new business venture. Yellow issued a 6-month 12% promissory note. Interest is payable monthly beginning Sept 30. REQUIRED: Journal entries from Sept 1 until the note matures.XYZ Company lent $9,000 at 10% interest on December 1, 2019. The amount plus all interests accrued will be collected after 1 year. At the end of December, which of the following journal entry is required to take up the interest income? Select one: a. Debit Cash $900; Credit Interest Revenue $900 b. Debit Interest Revenue $75; Credit Interest Receivable $75 c. Debit Interest Receivable $900; Credit Unearned Revenue $900 d. Debit Interest Receivable $75; Credit Interest Revenue $75On December 31, 2011 , Bunny Co. received a 10% note with face amount of P1,500,000. Both principal and compounded interests are due on December 31, 2014. How much interest receivable is reported on the December 31, 2012 statement of financial position?