Pharoah Company has the following two notes receivable at May 31, 2024, its fiscal year end:1.2.$40,800 six-month, 8% note issued January 1, 2024.$20,400 three-month, 4% note issued April 30, 2024.Interest is payable at maturity for both notes.(a)Calculate the accrued interest on both notes at May 31, 2024. (Round answers to the nearest whole dollar, e.g. 5,275.)Note 1:Note 2:Total accrued interest. $ Ivanhoe Clothing Co. is open for business six days a week. Weekly total salaries of $7,680 are paid every Monday morning toemployees for salary earned during the previous six-day workweek (Monday through Saturday). At year end on July 31, three daysremain unpaid.(a)Prepare the adjusting entry to accrue salaries at year end. (Credit account titles are automatically indented when amount is entered.Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry beforecredit entry.)DateAccount Titles and ExplanationDebitCredit

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Pharoah Company has the following two notes receivable at May 31, 2024, its fiscal year end: 1. 2. $40,800 six-month, 8% note issued January 1, 2024. $20,400 three-month, 4% note issued April 30, 2024. Interest is payable at maturity for both notes. (a) Calculate the accrued interest on both notes at May 31, 2024. (Round answers to the nearest whole dollar, e.g. 5,275.) Note 1: Note 2: Total accrued interest

Pharoah Company has the following two notes receivable at May 31, 2024, its fiscal year end: 1. 2. $40,800 six-month, 8% note issued January 1, 2024. $20,400 three-month, 4% note issued April 30, 2024. Interest is payable at maturity for both notes. (a) Calculate the accrued interest on both notes at May 31, 2024. (Round answers to the nearest whole dollar, e.g. 5,275.) Note 1: Note 2: Total accrued interest

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 24Q: Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms...

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