2 QS 7-11 (Algo) Computing note interest and maturity date LO C2Determine the maturity date and compute interest for each note.Note: Use 360 days a year. Do not round intermediate calculations.Note Contract Date1.March 42.May 183.October 23Contract Date1. March 42. May 183. October 23Principal$ 18,00018,00011,000Maturity MonthMayAugustDecemberInterestRate5%74Maturity DatePeriod ofNote (Term)60 days90 days45 daysInterestExpense

A note payable is a formal promissory note wherein the creator, or one party, agrees in writing to…

Answered: Determine the maturity date and compute…

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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Hide or show questions Progress:28/29 items Determine the due date and amount of interest due at maturity on the following notes. Assume 360 days per year. OriginationDate FaceAmount Termof Note InterestRate MaturityDate InterestAmount a. Mar. 15 $8,000 60 days 9% $fill in the blank 2 b. May 1 $12,000 90 days 8% $fill in the blank 4
QS 7-12 (Algo) Computing note interest and maturity date LO C2 Determine the maturity date and compute interest for each note. (Use 360 days a year. Do not round intermediate calculations.) Note Contract Date Principal Interest Rate Period of Note (Term) 1. March 5 $ 15,000 7% 60 days 2. May 19 20,000 9 90 days 3. October 24 12,000 5 45 days
1 . 3 L23456 Determine the maturity date and compute interest for each note. Days to be used per year 360 days 16 17 Note 1 2 3 Note Contract Date March 11 May 25 October 22 1 2 3 Principal 9 0 Required Determine the maturity date and compute interest for each note. 1 $24,000 24,000 18,000 Interest Rate 5% 7% 4% Period of Note (Term) 60 days 90 days 45 days Contract Date Maturity Date Interest Expense Mar 11 May 25 Oct 22.
Entries for notes payable Bull City Industries is considering issuing a $100,000, 7% note to a creditor on account. Assume a 360-day year. If an amount box does not require an entry, leave it blank. a. If the note is issued with a 45-day term, journalize the entries to record: the issuance of the note. the payment of the note at maturity. 1. fill in the blank a37cc101b03af8c_2 fill in the blank a37cc101b03af8c_3 fill in the blank a37cc101b03af8c_5 fill in the blank a37cc101b03af8c_6 2. fill in the blank a37cc101b03af8c_8 fill in the blank a37cc101b03af8c_9 fill in the blank a37cc101b03af8c_11 fill in the blank a37cc101b03af8c_12 fill in the blank a37cc101b03af8c_14 fill in the blank a37cc101b03af8c_15 b. If the note is issued with a 90-day term, journalize the entries to record: the issuance of the note. the payment of the note at maturity. 1. fill in the blank addbbd064fa6f8c_2 fill in the blank addbbd064fa6f8c_3 fill in…
Date Face Amount Term Interest Rate 1. Mar. 6 $75,000 60 days 4% 2. Apr. 7 40,000 45 days 6% 3. Aug. 12 36,000 120 days 5% 4. Oct. 22 27,000 30 days 8% 5. Nov. 19 48,000 90 days 3% 6. Dec. 15 72,000 45 days 5% Required: 1. Determine for each note (a) the due date and (b) the amount of interest due at maturity, identifying each note by number. Assume a 360-day year. 2. Journalize the entry to record the dishonor of Note (3) on its due date. Refer to the Chart of Accounts for exact wording of account titles. 3. Journalize the adjusting entry to record the accrued interest on Notes (5) and (6) on December 31. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year. 4. Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) in January and February. Refer to the Chart of Accounts for exact wording of account titles.
QS 7-14 (Algo) Note receivable interest and maturity LO P4 On December 1, Daw Company accepts a $26,000, 45-day, 6% note from a customer. (1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31. (2) Prepare the entry required on the note's maturity date assuming it is honored. Note: Use 360 days a year.
Question Content Area Note receivable Prefix Supply Company received a 120-day, 10% note for $24,000, dated April 12 from a customer on account. Assume 360-days in a year. Question Content Area a. Determine the due date of the note. b. Determine the maturity value of the note.fill in the blank 1 of 1$ Question Content Area c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank - Select - - Select - - Select - - Select - - Select - - Select -
Determine the maturity date and maturity value of each note. Date Principle Amount Interest Rate Term (Note 1) Oct. 1 $18,000 14% 1 year (Note 2) Jun. 30 $14,000 10% 9 months (Note 3) Sept. 19 $26,000 12% 90 days Begin with the journal entry to establish note 1. Journalize the entry to establish note 2. Journalize the entry to establish note 3. Journalize the single adjusting entry to record accrued interest revenue on any applicable note(s) on December 31, 2024, the fiscal year-end. Now journalize the collection of principal and interest at maturity on the three notes. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.) Journalize the collection of principal and interest at maturity for note (1). Journalize the collection of principal and interest at…
Determine due date and interest on notes 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 5* $87,000 6% 120 days b. February 15* 27,000 4 30 days c. May 19 65,000 8 45 days d. August 20 32,000 5 90 days e. October 19 A 48,000 7 90 days *Assume a non-leap year in which February has 28 days. Assume 360 days in a year when computing the interest. Note a. b. C. d. e. Due Date Interest
Receivables 0 E EX 8-19 Determine due date and interest on notes Obi 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 120 days January 5* 30 days February 15* 45 days May 19 90 days 90 days $90,000 21,000 C. 68,000 d. 34,400 e. 50,000 * Assume a leap year in which February has 29 days. a. b. August 20 October 19 6% 4 8 57 Obi.6
Activity No.6 Notes Receivable DUE DATE The date a note is to be paid is called the DUE DATE or Maturity Date. The period of time between the issuance date and the due date of the short-term note may be stated in either days or months. When the term of the note is stated in days, the due date is the specified number of days after its issuance. Your activity starts here---- Promissory Note A. P5,000 Butuan City, Philippines March 16, 2021 Ninety days AFTER DATE We PROMISE TO PAY TO THE ORDER OF Fuji Enterprises Five Thousand and 00/100 only PESOS PAYABLE AT First National Bank VALUE RECEIVED WITH INTEREST AT 10% NO. 10 DUE J. P. ALINGALAN TREASURER, CALA COMPANY B. P30,000.00 Butuan City, Philippines July 8, 2021 One hundred twenty days AFTER DATE We PROMISE TO PAY TO THE ORDER OF Fuji Enterprises Thirty Thousand and 00/100 only. PESOS PAYABLE AT First National Bank VALUE RECEIVED WITH INTEREST AT 12% 11 DUE W. P. DALUGDOG TREASURER, AMOR COMPANY NO. C. P25,000.00 Butuan City,…
Determine Due Date and Interest on Notes 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 10* $40,000 5% 90 days b. March 19 18,000 8. 180 days C. June 5 90,000 7 30 days d. September 8 36,000 3 90 days November 20 27,000 60 days е. *Assume that February has 28 days. Assume 360-days in a year when computing the interest. Note Due Date Interest a. С. d. е. II b.

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