On 1st July 2020 Star LLC has accepted a note receivable for RO 2000 from one of the accounts receivables. The maturity period is 60 days . The interest rate is 10%. The amount of interest to be recorded in account on 31 December will be. a. RO 22 b. RO 32.87 c. RO 24 d. RO 33.97
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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?Arvan Patel is a customer of Banks Hardware Store. For Mr. Patels latest purchase on January 1, 2018, Banks Hardware issues a note with a principal amount of $480,000, 13% annual interest rate, and a 24-month maturity date on December 31, 2019. Record the journal entries for Banks Hardware Store for the following transactions. A. Note issuance B. Subsequent interest entry on December 31, 2018 C. Honored note entry at maturity on December 31, 2019.On 1st July 2020 Star LLC has accepted a note receivable for RO 2000 from one of the accounts receivables. The maturity period is 6 months. The interest rate is 10%. The amount of interest to be recorded in account on 31 December will be. a. RO 300 b. RO 200 c. RO 400 d. RO 100
- On 1st July 2020 Suntek LLC has accepted a note receivable for RO 4000 from one of the accounts receivables. The maturity period is 6 months. The interest rate is 10%. The amount of interest to be recorded in account on 31 December will be a. RO 500 b. RO 400 c. RO 300 d. RO 200On 1st Sept 2020 Sun and sand LLC has accepted a note receivable for RO 2000 from one of the accounts receivables. The maturity period is 120 days. The interest rate is 12%. The amount of interest to be recorded in account on 31 December will be a. RO 80 b. RO 78.9 c. RO 81.35 d. RO 76On 1st Sept 2020 Sun LLC has accepted a note receivable for RO 1000 from one of the accounts receivables. The maturity period is 120 days. The interest rate is 12%. The amount of interest to be recorded in account on 31 December will be. a. RO 40 b. RO 39.45 c. RO 41.35 d. RO 38
- On 5th October 2020 Mazoon LLC has accepted a note receivable from one of the accounts receivables. The maturity period is three months. The maturity date will be. a. 3rd December 2020 b. 5th January 2021 c. 3rd January 2021 d. 5th December 2020A promissory note has a face value of $5175.00 and it has a date of issue of April 2 this year. The term is for 5 months. The rate of interest is 6.75%. What is the maturity value of the note? Select one: O A. $5334.20 O B. $5444.30 O C. $5342.30 O D. $5234.30 O E. $5324.30MCM Company issued a note receivable to a customer on September 1, 2020. The face value of the note was $20,000 at 5% interest for 7 months. What would be included in the journal entry on March 30, 2021? A credit to Interest Income for $250.00 A debit to Interest Income for $583.33 A credit to Interest Receivable for $250.00 A debit to Interest Receivable for $583.33
- 3. Assume the following information regarding a note received by LENDYOU Company: January 1, 2020 6 months Date of note Term of note Interest rate 12% Date of discounting Discount rate March 1, 2020 15% Accrued interest on note P15,000 How much is the carrying amount of the note receivable on March 1, 2020?Problem: ABC Company issued a promissory note to RCBC Bank. Details from the promissory note are as follows: Date of note: November 1, 2020 Term of note: 180 days Principal: P120,000 Interest rate: 12% Determine the following: 1. What is the account to be credited on the adjusting entry on December 31, 2020? 2. How much is the amount to be credited on December 31, 2020? 3. How much is the total interest expense for the full term of the note.K Bethany Realty loaned money and received the following notes during 2024. (Click the icon to view the notes received.) Read the requirements. Requirement 1. Determine the maturity date and maturity value of each note. (For each applicable note, compute interest using a 365-day year. Round to the nearest dollar.) Note Note (1) Note (2) Note (3) Jun. 19 Date Principal Amount Interest Rate Term Due date Month/Day Year Apr. 1 Sep. 30 $ 18,000 8% 1 year 24,000 12% 6 months 20,000 9% 180 days Data table Principal Note Date Amount Interest Rate Term Note (1) Note (2) Note (3) Jun. 19 Apr. 1 Sep. 30 $ 18,000 8% 1 year 24,000 12% 6 months 20,000 9% 180 days Print Done - ☑ Question Viewer