Account Title Beginning Balance Ending Balance Accounts receivable $28,600 $40,500 Allowance for doubtful accounts 1,760 2,160 Notes receivable 47,200 47,200 Interest receivable 930 4,234 The note receivable has a two-year term with a 7.00 percent interest rate. What amount of interest revenue was recognized during the period? How much cash was collected from interest? Please explain how you find the cash received for interest
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Account Title | Beginning Balance | Ending Balance |
---|---|---|
Accounts receivable | $28,600 | $40,500 |
Allowance for doubtful accounts | 1,760 | 2,160 |
Notes receivable | 47,200 | 47,200 |
Interest receivable | 930 | 4,234 |
The note receivable has a two-year term with a 7.00 percent interest rate. What amount of interest revenue was recognized during the period? How much cash was collected from interest?
Please explain how you find the cash received for interest
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- Which of the following accounts are used when a short-term note payable with 5% interest is honored (paid)? A. short-term notes payable, cash B. short-term notes payable, cash, interest expense C. interest expense, cash D. short-term notes payable, interest expense, interest payableA company collects an honored note with a maturity date of 24 months from establishment, a 10%interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of thehonored note at maturity date?A. Interest Revenue, Interest Expense, CashB. Interest Receivable, Cash, Notes ReceivableC. Interest Revenue, Interest Receivable, Cash, Notes ReceivableD. Notes Receivable, Interest Revenue, Cash, Interest ExpenseCompute the due date, amount of interest and total cash received on the maturity date for the following notes receivable: 1-Date of Note: May 30; $24,000, 9%, 120 days 2-Date of Note March1; $32,500, 8%, 90 days 3-Date of Note November6; $400,000, 12%; 5months
- 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 Value: $1,280 Interest Rate : 7.7 Date of Note: Sept 18 Term of Note (days) : 130 Maturity Date : ? Maturity Value (in $) $? Date of Discount : Dec 11 Discount Period (days) : ? Discount Rate (%) : 11.2 Proceeds (in $): $? If you purchase $28,000 in U.S. Treasury Bills with a discount rate of 4.9% for a period of 26 weeks, what is the effective interest rate (as a %)? Round to the nearest hundredth percent.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.)FaceValue Interest Rate (%) Date of Note Term of Note (days) Maturity Date Maturity Value (in $)$1,220 7.4 Sept. 18 130 ???? ???? Date of Discount Discount Period (days) Discount Rate (%) Proceeds (in $)Dec. 11 ??? 11.6 ???ble The balance sheet of Omni, Inc., at the end of last year included the following Offs and coverles items: Notes receivable from customers Accrued Interest on notes receivable Accounts recelvable...... .$ 5 40,000 10,800 Less: Allowance for doubtful accounts 2,268,000 54,000 STRUCTIONS You are to record the following events of the current year in general journal en- tries: a Accounts receivable of $51,840 are vritten off as uncollectible. b Acustomer's note for $14,850, on which interest of $810 has been accrued in the accounts, is deemed uncollectible, and both balances are written off against the Allowance for Doubtful Accounts. c An account receivable for $7,020 previously written off is collected. d Aging of accounts receivable at the end of the current year indicates a need for an $81,000 allowance to cover possible failure to collect accounts currently out- standing. (Consider the effect of entries for a, b, and e on the amount of the Allowance for Doubtful Accounts.)
- Calculate the missing information on the revolving credit account. Interest is calculated on the unpaid or previous month's balance. PreviousBalance AnnualPercentageRate (APR) MonthlyPeriodicRate(as a %) FinanceCharge(in $) Purchasesand CashAdvances PaymentsandCredits NewBalance(in $) $1,026.61 1.75% $322.20 $300.00 Step 1 In the credit account statement below, the values of the annual percentage rate (APR), finance charge, and the new balance must be calculated. PreviousBalance AnnualPercentageRate (APR) MonthlyPeriodicRate(as a %) FinanceCharge(in $) Purchasesand CashAdvances PaymentsandCredits NewBalance(in $) $1,026.61 1.75% $322.20 $300.00 Recall that the annual percentage rate (APR) is tied to the monthly periodic rate by the following formula. monthly periodic rate = APR 12 By solving this equation for the APR, the known value for the monthly periodic rate can be substituted to calculate the APR. APR = monthly periodic rate ✕ 12 The…Note Receivable Maggiano Supply Company received a 120-day, 6% note for $420,000, dated June 12, from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note.$ 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. Cash Notes Receivable Interest RevenueUsing ordinary interest, calculate the missing information for the following simple discount notes. Date of Bank Maturity Date Note Discount Aug. 14 Face Value 20. $50,000 21. $875,000 Discount Rate (%) 13 9/2/2 Apr. 5 Oct. 25 Term (days) 87 Proceeds
- Analyze the following: A $10,000 60 day interest bearing note was issued for cash on June 30 at a rate of 12%. Indicate the: Issue Date Maturity Date Face Amount Interest Amount Maturity Amount Journalize the issue date and maturity date transactions: Date Description Post Debit Credit ref 1 1 3 3 4 4 5 5 6 7 8 8Calculate the missing information on the revolving credit account. Interest is calculated on the unpaid or previous month's balance. PreviousBalance AnnualPercentageRate (APR) MonthlyPeriodicRate(as a %) FinanceCharge(in $) Purchasesand CashAdvances PaymentsandCredits NewBalance(in $) $45.00 12% % $ $176.20 $55.00 $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.) Maturity Maturity Value Face Interest Date of Term of Value Rate (%) Note Note (days) Date (in $) $1,210 7.7 Sept. 19 130 January 27 $ 1243.64 Date of Discount Discount Proceeds Discount Period (days) Rate (%) (in $) Dec. 12 84 X 11.6 $ 1175.94