Note receivable Prefix Supply Company received a 120-day, 6% note for $48,000, dated April 12 from a customer on account. Assume 360-days in a year. a. Determine the due date of the note. August 10 b. Determine the maturity value of the note. Feedback Check My Work The due date is the date the note is to be paid. Assume a 360 day year. The maturity value is the amount that must be paid at the due date 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. 8*8* Cash Notes Receivable Interest Revenue Feedback Check My Work At the due date, the company records the receipt of payment on the note. Check My Work

Note receivable Prefix Supply Company received a 120-day, 6% note for $48,000, dated April 12 from a customer on account. Assume 360-days in a year. a. Determine the due date of the note. August 10 b. Determine the maturity value of the note. Feedback Check My Work The due date is the date the note is to be paid. Assume a 360 day year. The maturity value is the amount that must be paid at the due date 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. 88 Cash Notes Receivable Interest Revenue Feedback Check My Work At the due date, the company records the receipt of payment on the note. Check My Work

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...

See similar textbooks

Similar questions

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?
A 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 the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest Expense
Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual interest rate of 6%, and payable in four months. How much interest will Marathon Peanuts owe at the end of four months? A. $2,600 B. $7,800 C. $137,800 D. $132,600
Note Receivable Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 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. $ Feedback Check My Work The due date is the date the note is to be paid. Assume a 360 day year. The maturity value is the amount that must be paid at the due date 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. Aug. 7 Feedback Check My Work At the due date, the company records the receipt of payment on the note.
Sunshine Service Center received a 120-day, 6% note for $40,000, dated April 12 from a customer on account. Assume 360 days per year. a. Determine the due date of the note. b. Determine the maturity value of the note. When required, round your answers to the nearest dollar.$fill in the blank df5724f79f8d02f_2 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. Aug. 10 Cash Cash Note Receivable Note Receivable Interest Revenue Interest Revenue
Quick Tire and Lube received a 120-day, 8% note for $72,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note.$fill in the blank 0578eff5f02bffe_2 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. Aug. 7 fill in the blank 7c1e32ffb038033_2 fill in the blank 7c1e32ffb038033_3 fill in the blank 7c1e32ffb038033_5 fill in the blank 7c1e32ffb038033_6 fill in the blank 7c1e32ffb038033_8 fill in the blank 7c1e32ffb038033_9
Cube Ice Company received a 120-day, 10% note for $96,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note.$fill in the blank f3b771fe205d07f_2 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. Accounts Receivable Cash Interest Receivable Interest Revenue Notes Receivable Unearned Interest Aug. 7 fill in the blank 332b64fd401df83_2 fill in the blank 332b64fd401df83_3 fill in the blank 332b64fd401df83_5 fill in the blank 332b64fd401df83_6 fill in the blank 332b64fd401df83_8 fill in the blank 332b64fd401df83_9
Good Day Service Center received a 120-day, 6% note for $250,000, dated April 12 from a customer on account. a. Determine the due date of the note. b. Determine the maturity value of the note using a year of 365 days. Last Day Service Center received a 90-day, 6% note for $150,000, dated March 12 from a customer on account. a. Determine the due date of the note. b. Determine the maturity value of the note using a year of 365 days .
Linstrum Company received a 60-day, 6% note for $28,000, dated July 23, from a customer on account. Required: a. Determine the due date of the note. b. Determine the maturity value of the note. Assume 360 days in a year. Do not round your intermediate calculations and round your final answer to the nearest dollar. c. Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
Lone Star Company received a 90-day, 6% note for $80,000, dated March 12 from a customer on account. (Assume a 360-day year when calculating interest.) 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. June 10
Prefix Supply Company received a 60-day, 5% note for $57,000 dated July 12 from a customer on account. Required: a. Determine the due date of the note. b. Determine the maturity value of the note. Assume a 360-day year. c. Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles. a. Determine the due date of the note. September 10 b. Determine the maturity value of the note. Assume a 360-day year. (Note: Round computations to the nearest whole dollar.) c. Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles.