Homework Answers
| a) | Accounts Payable A/c Dr | 47640 | |
| Discount on Notes payable ( 48000*9*30/360*100) | 360 | ||
| Notes payable | 48000 | ||
| ( Issue of note payable) | |||
| B) | Notes payable A/c Dr | 48000 | |
| Cash | 48000 | ||
| ( Payment of note at maturity) |
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Entries for Discounted Note Payable A business issued a 30-day note for $48,000 to a creditor...
Entries for Discounted Note Payable A business issued a 90-day note for $42,000 to a creditor...
Entries for Discounted Note Payable A business issued a 90-day note for $42,000 to a creditor on account. The note was discounted at 8%. 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. b. Journalize the entry to record the payment of the note at maturity. b
Entries for Discounted Note Payable A business issued a 60-day note for $63,000 to a creditor...
Entries for Discounted Note Payable A business issued a 60-day note for $63,000 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. b. Journalize the entry to record the payment of the note at maturity. b.
Entries for Discounted Note Payable A business issued a 90-day note for $57,000 to a creditor...
Entries for Discounted Note Payable A business issued a 90-day note for $57,000 to a creditor on account. The note was discounted at 8%. 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. Accounting numeric field b. Journalize the entry to record the payment of the note at maturity.
ntries for Discounted Note Payable business issued a 30-day note for $51,000 to a creditor on...
ntries for Discounted Note Payable business issued a 30-day note for $51,000 to a creditor on account. The note was discounted at 8%. Assume a 360-day year . 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 b. Journalize the entry to record the payment of the note at maturity
Entries for Discounted Note Payable A business issued a 120-day note for $39,000 to a creditor...
Entries for Discounted Note Payable A business issued a 120-day note for $39,000 to a creditor on account. The note was discounted at 8%. 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. b. Journalize the entry to record the payment of the note Accounts Payable Cash Interest Payable b. Jo...
Entries for Notes Payable A business issued a 60-day, 15% note for $89,000 to a creditor...
Entries for Notes Payable A business issued a 60-day, 15% note for $89,000 to a creditor on account. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including interest. Assume a 360-day year. If an amount box does not require an entry, leave it blank а. b.
Entries for Discounted Note Payable A business issued a 60-day note for $60,000 to a bank....
Entries for Discounted Note Payable A business issued a 60-day note for $60,000 to a bank. The note was discounted at 8%. 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. b. Journalize the entry to record the payment of the note at maturity. If an amount box does not require an entry, leave it blank.
A business issued a 120-day, 15% note for $92,000 to a creditor on account
Entries for Notes Payable A business issued a 120-day, 15% note for $92,000 to a creditor on account. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including interest. Assume a 360-day year. If an amount box does not require an entry, leave it blank.
A business issued a 30-day, 7% note for $42,000 to a creditor on account. The company...
A business issued a 30-day, 7% note for $42,000 to a creditor on account. The company uses a 360-day year for interest calculations. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including interest. If an amount box does not require an entry, leave it blank. When required, round your answers to the nearest dollar.
Entries for Discounted Note Payable A business issued a 90-day note for $51,000 to a creditor...
Entries for Discounted Note Payable A business issued a 90-day note for $51,000 to a creditor on account. The note was discounted at 7%. 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. b. Journalize the entry to record the payment of the note at maturity. b. 2. Calculate Payroll...
Entries for Discounted Note Payable A business issued a 90-day note for $42,000 to a creditor on account. The note was discounted at 8%. 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. b. Journalize the entry to record the payment of the note at maturity. b
Entries for Discounted Note Payable A business issued a 90-day note for $57,000 to a creditor on account. The note was discounted at 8%. 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. Accounting numeric field b. Journalize the entry to record the payment of the note at maturity.
ntries for Discounted Note Payable business issued a 30-day note for $51,000 to a creditor on account. The note was discounted at 8%. Assume a 360-day year . 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 b. Journalize the entry to record the payment of the note at maturity
Entries for Discounted Note Payable A business issued a 120-day note for $39,000 to a creditor on account. The note was discounted at 8%. 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. b. Journalize the entry to record the payment of the note Accounts Payable Cash Interest Payable b. Jo...
Entries for Notes Payable A business issued a 60-day, 15% note for $89,000 to a creditor on account. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including interest. Assume a 360-day year. If an amount box does not require an entry, leave it blank а. b.
Entries for Discounted Note Payable A business issued a 60-day note for $60,000 to a bank. The note was discounted at 8%. 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. b. Journalize the entry to record the payment of the note at maturity. If an amount box does not require an entry, leave it blank.
A business issued a 30-day, 7% note for $42,000 to a creditor on account. The company uses a 360-day year for interest calculations. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including interest. If an amount box does not require an entry, leave it blank. When required, round your answers to the nearest dollar.
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