Homework Answers
On the maturity date the note receivable value is $9696.
So answer is option d.
$9600*8%*45/365= $96 is the interest.
$9600 + $96 = $9,696.
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The amount due on the maturity date of a $9,600, 45-day 8%, note receivable is: (Use...
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Help Save & Exit On April 12, Hong Company agrees to accept a 60-day, 7%, $9,600 note from Indigo Company to extend the due date on an overdue account. What is the journal entry that Indigo Company would make, when it records payment of the note on the maturity date? (Use 360 days a year.) Multiple Choice Debit Notes Payable $9.600, debit Interest Expense $112, credit Cash $9.712 Debit Cash $9.712, credit Interest Revenue $112, credit Notes Receivable $9,600 Debit...
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4 Determine Due Date and Interest on Notes Determine the due date and the amount of...
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Determine Due Date and Interest on Notes Determine the due date and the amount of interest...
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Help Save & Exit On April 12, Hong Company agrees to accept a 60-day, 7%, $9,600 note from Indigo Company to extend the due date on an overdue account. What is the journal entry that Indigo Company would make, when it records payment of the note on the maturity date? (Use 360 days a year.) Multiple Choice Debit Notes Payable $9.600, debit Interest Expense $112, credit Cash $9.712 Debit Cash $9.712, credit Interest Revenue $112, credit Notes Receivable $9,600 Debit...
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