Homework Answers
Answer : $ 237
Interest Payable at Maturity = Note Value *rate* months/12 = 7,900*9%*4/12 =$237 (Answer)
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Crane Company accepts from Gates Stores a $7,900, 4-month, 9% note dated May 31 in settlement...
Crane Company accepts from Gates Stores a $7,900,4-month, 9% note dated May 31 in settlement of...
Crane Company accepts from Gates Stores a $7,900,4-month, 9% note dated May 31 in settlement of Gates' overdue account. The maturity date of the note is September 30. (a1) Your answer is correct. Calculate the interest payable at maturity. Interest payable at maturity $ 237 e Textbook and Media List of Accounts Attempts: 1 of 2 used (a2) What entry does Crane Company make at the maturity date, assuming Gates pays the note and interest in full at that time?...
help Cullumber Company accepts from Gates Stores a $4,800, 4-month, 10% note dated May 31 in...
help
Cullumber Company accepts from Gates Stores a $4,800, 4-month, 10% note dated May 31 in settlement of Gates overdue account. The maturity date of the note is September 30. (a1) Your answer is correct. Calculate the interest payable at maturity. Interest payable at maturity $ 160.00 What entry does Cullumber Company make at the maturity date, assuming Gates pays the note and interest in full at that time? (Credit account titles are automatically indented when amount is entered. Do...
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Do It! Review 8-3 Skysong, Inc. accepts from Gates Stores a $6,400, 4-month, 11% note dated...
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ding inte ming Note Payable che On August 31, 2020, Pine Company issued a 9-month, 12% note payable to National Bank in the amount of $810,000. Interest is due at maturity. Record the entries for Pine Company on the following dates. a. Issuance of the note on August 31, 2020. b. Adjusting entry on December 31, 2020, Pine Company's fiscal year-end. c. Payment of the note payable on May 31, 2021. Note: List multiple debits or credits (when applicable) in...
NEXT Testbank Multiple Choice Question 104 On December 31, 2018, Crane Company is in financial difficulty...
NEXT Testbank Multiple Choice Question 104 On December 31, 2018, Crane Company is in financial difficulty and cannot pay a note due that day. It is a $3100000 note with $310000 accrued interest payable to Wildhorse, Inc. Wildhorse agrees to accept from Crane equipment that has a fair value of $1450000, an original cost of $2410000, and accumulated depreciation of $1140000. Wildhorse also forgives the accrued interest, extends the maturity date to December 31, 2021, reduces the face amount of...
2016 Dec. 16 Accepted a $14,500, 60-day, 9% note dated this day in granting Danny Todd...
2016 Dec. 16 Accepted a $14,500, 60-day, 9% note dated this day in granting Danny Todd a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Todd note. 2017 Feb. 14 Received Todd's payment of principal and interest on the note dated December 16. Mar. 2 Accepted a(n) $7,200, 98, 90-day note dated this day in granting a time extension on the past-due account receivable from Midnight Co. 17 Accepted...
Crane Company accepts from Gates Stores a $7,900,4-month, 9% note dated May 31 in settlement of Gates' overdue account. The maturity date of the note is September 30. (a1) Your answer is correct. Calculate the interest payable at maturity. Interest payable at maturity $ 237 e Textbook and Media List of Accounts Attempts: 1 of 2 used (a2) What entry does Crane Company make at the maturity date, assuming Gates pays the note and interest in full at that time?...
help
Cullumber Company accepts from Gates Stores a $4,800, 4-month, 10% note dated May 31 in settlement of Gates overdue account. The maturity date of the note is September 30. (a1) Your answer is correct. Calculate the interest payable at maturity. Interest payable at maturity $ 160.00 What entry does Cullumber Company make at the maturity date, assuming Gates pays the note and interest in full at that time? (Credit account titles are automatically indented when amount is entered. Do...
Do It! Review 8-3 Sheridan Company accepts from Gates Stores a $9,100, 4-month, 10% note dated May 31 in settlement of Gates' overdue account. The maturity date of the note is September 30. Calculate the interest payable at maturity. (Round answer to o decimal places, e.g. $155.) Interest payable at maturity SHOW LIST OF ACCOUNTS LINK TO TEXT What entry does Sheridan Company make at the maturity date, assuming Gates pays the note and interest in full at that time?...
Do It! Review 8-3 Skysong, Inc. accepts from Gates Stores a $6,400, 4-month, 11% note dated May 31 in settlement of Gates' overdue account. The maturity date of the note is September 30. Calculate the interest payable at maturity. (Round answer to o decimal places, e.g. $155.) Interest payable at maturity $ SHOW LIST OF ACCOUNTS LINK TO TEXT What entry does Skysong, Inc, make at the maturity date, assuming Gates pays the note and interest in full at that...
RCES Practice Do It! Review 02 a-b (Part Level Submission) Blossom Wholesalers accepts from Benton Stores a $10,550, 4-month, 12% note dated May 31 in settlement of Benton's overdue account. (b) What is the interest payable at the maturity date. Interest payable at the maturity date LINK TO TEXT
On August 31, 2020, Pine Company issued a 9-month, 12% note payable to National Bank in the amount of $180,000. Interest is due at maturity. Record the entries for Pine Company on the following dates. a. Issuance of the note on August 31, 2020. b. Adjusting entry on December 31, 2020, Pine Company's fiscal year-end. C. Payment of the note payable on May 31, 2021. Note: List multiple debits or credits (when applicable) in alphabetical order. Date Account Name Dr....
ding inte ming Note Payable che On August 31, 2020, Pine Company issued a 9-month, 12% note payable to National Bank in the amount of $810,000. Interest is due at maturity. Record the entries for Pine Company on the following dates. a. Issuance of the note on August 31, 2020. b. Adjusting entry on December 31, 2020, Pine Company's fiscal year-end. c. Payment of the note payable on May 31, 2021. Note: List multiple debits or credits (when applicable) in...
NEXT Testbank Multiple Choice Question 104 On December 31, 2018, Crane Company is in financial difficulty and cannot pay a note due that day. It is a $3100000 note with $310000 accrued interest payable to Wildhorse, Inc. Wildhorse agrees to accept from Crane equipment that has a fair value of $1450000, an original cost of $2410000, and accumulated depreciation of $1140000. Wildhorse also forgives the accrued interest, extends the maturity date to December 31, 2021, reduces the face amount of...
2016 Dec. 16 Accepted a $14,500, 60-day, 9% note dated this day in granting Danny Todd a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Todd note. 2017 Feb. 14 Received Todd's payment of principal and interest on the note dated December 16. Mar. 2 Accepted a(n) $7,200, 98, 90-day note dated this day in granting a time extension on the past-due account receivable from Midnight Co. 17 Accepted...
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