Answer- The amount of interest has accrued as of December 31,2019=$1800.
Explanation- Amount of interest has accrued as of December 31,2019= ($180000*6%)*2 months/12 months
= $1800
D ont y wered Marked out of 2.00 Plague Brothers Inc. issued a 120 day note...
Porter's Inc. issued a 120-day note in the amount of $160,000 on 12/14/12 with an annual rate of 9%. What amount of interest has accrued as of 12/31/12?
Meyer, Inc., issued a $50,000, 120-day, noninterest-bearing note on November 1, 2018, payable to the bank. At the date of discount, the bank's discount rate was 15 percent.Myer would prepare which of the following journal entries on December 31, 2018? a) Interest Expense 1,250 Discount on Notes Payable 1,250 b) Interest Expense 1,250 Cash 1,250 c) Interest Expense 1,250 Interest Payable 1,250 d)Interest Payable 1,250 Discount on Notes Payable 1,250
Ancient Grains Inc. issued a 4 month note in the amount of $500,000 on October 1, 2021 with an annual rate of 5%. What amount of interest has accrued as of December 31, 2020? Select one: o A. $2,083 O B. $6,250 o C. $8,333 o D. $25,000
On July 8, Jones Inc. issued an $76,400, 7%, 120-day note payable to Miller Company. Assume that the fiscal year of Jones ends on July 31. Using the 360-day year, what is the amount of interest expense recognized by Jones in the current fiscal year? Round your answer to the nearest whole dollar.
On November 1, Alan Company signed a 120-day, 8% note payable, with a face value of $12,600. What is the adjusting entry for the accrued interest at December 31 on the note? (Use 360 days a year.)
On November 1, Alan Company signed a 120-day, 10% note payable, with a face value of $22,500. What is the adjusting entry for the accrued Interest at December 31 on the note? (Use 360 days a year.)
Question 1 Not complete Marked out of 18.00 P Flag question Adjusting Entries for Interest The following note transactions occurred during the year for Towne Company: Nov. 25 Towne issued a 90-day, nine percent note payable for $8,000 to Hyatt Company for merchandise Dec 7 Towne signed a 120-day, $30,000 note at the bank at ten percent. Dec. 22 Towne gave Barr, Inc., a $12,000, four percent, 60-day note in payment of account. Prepare the general journal entries necessary to...
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On June 1, Davis Inc. issued an $60,000, 10%, 120-day note payable to Garcia Company. Assume that the fiscal year of Garcia ends June 30. Using the 360-day year, what is the amount of interest revenue (rounded) recognized by Garcia in the following year? Oa. $6,000 Ob. $1,500 c. $500 d. $1,000 G
On July 1, Alton Co. issued an $73,100,12%, 120-day note payable to Seller Co. Assume that the fiscal year of Alton Co. ends July 31. Using a 360-day year in your calculations, what is the amount of interest expense recognized by Alton in the current fiscal year? When required, round your answer to the nearest dollar. Select the correct answer. $1,462 $2,193 $731 $8,772
Proceeds from Notes Payable On September 1, Bella Salon Company issued a 120-day note with a face amount of $67,200 to Hamlet Hair Products Company for merchandise inventory. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 8%. b. Determine the proceeds of the note, assuming the note is discounted at 8%