Homework Answers
Answer(1): True, When a note receivable is dishonored, Account receivable is debit. Total amount due from note receivable is transferred to the Account receivable from the debtor side. Note is considered reclassified but in that case, debt is not cancelled.
Answer(3): False, The banker's rule is to take the 360 days in a year rather than 365 days so as to simplify the calculation.
Answer(4): $8670 (Option a) is correct.
Total amount due on maturity: 8500 + (8500*8%*90/360) = $8670
Answer(5): Dishonoring a note is the correct option.
Dishonoring a note refers to the note that has not paid by debtor at the specified time.
Answer(7): Paid in full. When a note receivable is honored, it indicates that maker has paid the note in full.
Answer(9): True, Maturity date is the date on which the repayment of note should be made.
Answer(10): Note receivable is the correct answer.
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and select the corresponding oval. DQuestion 1 1 pts When a note receivable is dishonored, it...
421m 9) A promissory note received from a customer in exchange for an account receivable is...
421m 9) A promissory note received from a customer in exchange for an account receivable is recorded by the payee as: A) An account receivable B) A cash equivalent. C) A note payable. D) A note receivable E) A short-term investment. 8AIATRT 10) The maturity date of a note receivable: A) Is the day the note was signed. B) Is the day of the credit sale. C) Is the day the note is due to be repaid. D) Is the...
Match each description to the appropriate term (a-h). The party promising to pay a note 1....
Match each description to the appropriate term (a-h). The party promising to pay a note 1. Face amount The amount due that must be paid at the due date of a note receivable 2. Term The stated rate charged for using the money of another party 3. Interest The dollar amount stated on a promissory note 4. Maturity value The time between the date a note is issued and the due date of the note 5. Dishonored note 6. Maker...
REQUIRED Record the transactions in a general journal. 2/3) len: S3.49 NOTES RECEIVABLE DISCOUNTING Marienau Suppliers...
REQUIRED Record the transactions in a general journal. 2/3) len: S3.49 NOTES RECEIVABLE DISCOUNTING Marienau Suppliers had the following transactions: Mar. 1 Sold merchandise on account to G. Perez $5,000. G. Perez's note is discounted at Commerce Bank at a discount rate of 8%. merchandise. 20 G. Perez gave a $5,000, 90-day, 6% note to extend time for payment. Apr. 20 Received a $3,000, 60-day, 6% note from D. Larson in payment for sale of May 5 D. Larson's note...
please slove both O False DQuestion 7 1 pts An endothermic reaction can be spontaneous. O...
please slove both
O False DQuestion 7 1 pts An endothermic reaction can be spontaneous. O True O False D Question 8 1 pts Consider liquid water boiling at 1 atm of pressure. Liquid water and water vapor are at at 100°C. O True ○ False 1 pts Question 9
ow.com/r/takeAssignment/takeAssignment Main.doinvoker assignments&takeAssignmentSessionLocatoreassignment-takeinprogressa false eBook E Show Me How Calculator Print Item Details of Notes Receivable...
ow.com/r/takeAssignment/takeAssignment Main.doinvoker assignments&takeAssignmentSessionLocatoreassignment-takeinprogressa false eBook E Show Me How Calculator Print Item Details of Notes Receivable and Related Entries Gen-X Ads Co. produces advertising videos. During the current fiscal year, Gen-X Ads Co. received the following notes: Date Face Amount Interest Rate Term 1. Jan. 14 $33,000 30 days 2. Mar. 9 3. July 12 4. Aug. 23 5. Nov. 15 6. Dec. 10 60,000 48,000 16,000 36,000 24,000 45 days 90 days 75 days 60 days 60 days Required:...
Ditzler Company, a construction supply company, uses unting for uncollectible accounts receivable. Selected transactions comple the...
Ditzler Company, a construction supply company, uses unting for uncollectible accounts receivable. Selected transactions comple the allowance method of accoun Ditzler Company are as follows: by Eeh. 1 Sold merchandise on account to Ames Co., $8,000. The cost of the mer- chandise sold was $4,500. Accepted a 60-day, 12% note for $8,000 from Ames Co. on account. 15, 9. Mar. Wrote off a $2500 account from Dorset Co. as uncollectible Loaned $7,500 cash to Jill Klein, receiving a 90-day, 14%...
1. If a 90-day, $5000, 6%, note receivable is dated July 12, what is the maturity...
1. If a 90-day, $5000, 6%, note receivable is dated July 12, what is the maturity date of the note and what is the interest? (2 points) 2. If a 60-day, $8.000. 3% note receivable is dated September 22, what is the maturity date of the note? (2 points)
Problem 9-5A Analyzing and journalizing notes receivable transactions LO C2, C3, P4 The following selected transactions...
Problem 9-5A Analyzing and journalizing notes receivable transactions LO C2, C3, P4 The following selected transactions are from Ohlm Company (Use 360 days a year.) 2016 Dec. 16 Accepted a $10,100, 60-day, 6 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....
Chapter 8 Practice Problems Problem #11 - Notes Receivable ABC Company had a 90-day, 4.5% note...
Chapter 8 Practice Problems Problem #11 - Notes Receivable ABC Company had a 90-day, 4.5% note for $600,000, dated January 10 from a customer on account. 1) Determine the maturity date for the note. 2) Determine the maturity value of the note. 3) Prepare journal entries for the receipt of the note on January 10, and the receipt of the cash on the maturity date of the note. Problem #12 - Notes Receivable ABC Company had a 180-day, 5% note...
Problem 9-5A Analyzing and journalizing notes receivable transactions LO C2, C3, P4 The following selected transactions...
Problem 9-5A Analyzing and journalizing notes receivable transactions LO C2, C3, P4 The following selected transactions are from Ohlm Company. (Use 360 days a year.) 2016 Dec. 16 Accepted a $14,700, 60-day, 98 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....
421m 9) A promissory note received from a customer in exchange for an account receivable is recorded by the payee as: A) An account receivable B) A cash equivalent. C) A note payable. D) A note receivable E) A short-term investment. 8AIATRT 10) The maturity date of a note receivable: A) Is the day the note was signed. B) Is the day of the credit sale. C) Is the day the note is due to be repaid. D) Is the...
Match each description to the appropriate term (a-h). The party promising to pay a note 1. Face amount The amount due that must be paid at the due date of a note receivable 2. Term The stated rate charged for using the money of another party 3. Interest The dollar amount stated on a promissory note 4. Maturity value The time between the date a note is issued and the due date of the note 5. Dishonored note 6. Maker...
REQUIRED Record the transactions in a general journal. 2/3) len: S3.49 NOTES RECEIVABLE DISCOUNTING Marienau Suppliers had the following transactions: Mar. 1 Sold merchandise on account to G. Perez $5,000. G. Perez's note is discounted at Commerce Bank at a discount rate of 8%. merchandise. 20 G. Perez gave a $5,000, 90-day, 6% note to extend time for payment. Apr. 20 Received a $3,000, 60-day, 6% note from D. Larson in payment for sale of May 5 D. Larson's note...
please slove both
O False DQuestion 7 1 pts An endothermic reaction can be spontaneous. O True O False D Question 8 1 pts Consider liquid water boiling at 1 atm of pressure. Liquid water and water vapor are at at 100°C. O True ○ False 1 pts Question 9
ow.com/r/takeAssignment/takeAssignment Main.doinvoker assignments&takeAssignmentSessionLocatoreassignment-takeinprogressa false eBook E Show Me How Calculator Print Item Details of Notes Receivable and Related Entries Gen-X Ads Co. produces advertising videos. During the current fiscal year, Gen-X Ads Co. received the following notes: Date Face Amount Interest Rate Term 1. Jan. 14 $33,000 30 days 2. Mar. 9 3. July 12 4. Aug. 23 5. Nov. 15 6. Dec. 10 60,000 48,000 16,000 36,000 24,000 45 days 90 days 75 days 60 days 60 days Required:...
Ditzler Company, a construction supply company, uses unting for uncollectible accounts receivable. Selected transactions comple the allowance method of accoun Ditzler Company are as follows: by Eeh. 1 Sold merchandise on account to Ames Co., $8,000. The cost of the mer- chandise sold was $4,500. Accepted a 60-day, 12% note for $8,000 from Ames Co. on account. 15, 9. Mar. Wrote off a $2500 account from Dorset Co. as uncollectible Loaned $7,500 cash to Jill Klein, receiving a 90-day, 14%...
1. If a 90-day, $5000, 6%, note receivable is dated July 12, what is the maturity date of the note and what is the interest? (2 points) 2. If a 60-day, $8.000. 3% note receivable is dated September 22, what is the maturity date of the note? (2 points)
Problem 9-5A Analyzing and journalizing notes receivable transactions LO C2, C3, P4 The following selected transactions are from Ohlm Company (Use 360 days a year.) 2016 Dec. 16 Accepted a $10,100, 60-day, 6 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....
Chapter 8 Practice Problems Problem #11 - Notes Receivable ABC Company had a 90-day, 4.5% note for $600,000, dated January 10 from a customer on account. 1) Determine the maturity date for the note. 2) Determine the maturity value of the note. 3) Prepare journal entries for the receipt of the note on January 10, and the receipt of the cash on the maturity date of the note. Problem #12 - Notes Receivable ABC Company had a 180-day, 5% note...
Problem 9-5A Analyzing and journalizing notes receivable transactions LO C2, C3, P4 The following selected transactions are from Ohlm Company. (Use 360 days a year.) 2016 Dec. 16 Accepted a $14,700, 60-day, 98 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....
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