Principal $60,000, Rate of interest 14%, Time 60 days.Date note made July 5, Date noted discontinued July 20. Note to be discounted at 11% Find maturity value, Discount Period and Procceeds.
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Principal $60,000, Rate of interest 14%, Time 60 days.Date note made July 5, Date noted discontinued July 20. Note to be discounted at 11%
Find maturity value, Discount Period and Procceeds.
Solution:
Principal amount of note = $60,000
Date of issue = July 5
Period = 60 days
Maturity date = 5 July + 60 days = September 3
Rate of interest = 14%
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- 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 ExpenseJain 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?Use ordinary interest: Principal Rate of Interest Time Maturity Value Date Note Made Date Note Discounted Discount Period Proceeds $70,000 11% 90 days A March 10 April 15 B C Note to be discounted at 10%
- Use ordinary interest: Principal Rate of Interest Time Maturity Value Date Note Made Date Note Discounted Discount Period Proceeds $18,000 8% 120 days A June 9 September 6Use ordinary interest: Principal Rate of Interest Time Maturity Value Date Note Made Date Note Discounted Discount Period Proceeds $90,000 10% 150 days A May 3 June 12 B C Note to be discounted at 11%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 -
- j. Interest was accrued on the note receivable received on October 17 ($100,000, 90-day, 9% note). Assume 360 days per year. Date Description Debit Credit Dec. 31 Interest Receivable v 1,850 X Interest Revenue v 2,250 XCompute interest and find the maturity date for the following notes. (a) date of note: June 10 Principal: $80,000 Interest Rate: 6% Term: 60 days (b) Date of Note: July 14 Principal: $50,000 Interest Rate: 7% Term: 90 days (c) Date of Note: April 27 Principal:$12,000 Interest Rate: 8% Term: 75 daysEntries for Discounted Note PayableA business issued a 90-day note for $36,000 to a creditor on account. The note was discounted at 9%. Assume a 360-day year.a. Journalize the entry to record the issuance of the note. For a compound transaction, if an amount box does not require an entry, leave it blank. If necessary, round to one decimal place.a. Accounts Payable Notes Payable Interest Expense b. Journalize the entry to record the payment of the note at maturity.
- Use ordinary interest: (Round your "Proceeds" answer to the nearest cent.) Principal Rate of Interest Time Maturity Value Date Note Made Date Note Discounted Disount Period Proceeds $18,000 8% 120 days Jun 09 Sept 6 _____days Note to be discounted at 10%Entries for Notes Receivable Autumn Designs & Decorators issued a 120-day, 5% note for $93,000, dated April 13 to Zebra Furniture Company on account. Assume a 360-day year when calculating interest. a. Determine the due date of the note.August 11 b. Determine the maturity value of the note.$ c1. Journalize the entry to record the receipt of the note by Zebra Furniture. If an amount box does not require an entry, leave it blank. Notes Receivable Accounts Receivable-Autumn Designs and Decorators c2. Journalize the entry to record the receipt of payment of the note at maturity. If an amount box does not require an entry, leave it blank. Cash Notes Receivable Interest RevenueEntries for Notes Receivable Autumn Designs & Decorators issued a 120-day, 6% note for $30,000, dated April 13 to Zebra Furniture Company on account. Assume a 360-day year when calculating interest. Question Content Area a. Determine the due date of the note. b. Determine the maturity value of the note.$fill in the blank 9a5f4f073f8df8f_2 Question Content Area c1. Journalize the entry to record the receipt of the note by Zebra Furniture. If an amount box does not require an entry, leave it blank. blank Notes Receivable Notes Receivable Accounts Receivable-Autumn Designs Decorators Accounts Receivable-Autumn Designs Decorators Question Content Area c2. Journalize the entry to record the receipt of payment of the note at maturity. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - - Select - - Select -
