Homework Answers
| 6. Maker | The party promising to pay a note |
| 4. Maturity value | The amount due that must be paid at the due date of a notes receivable |
| 8. Interest rate | The stated rate charged for using the money of another party |
| 1. Face amount | The dollar amount stated on a promissory note |
| 2. Term | The time between the data a note is issued and the due date of the note |
| 7. Notes receivable | The formal, written instrument of credit that represents amount due from customers |
| 5. Dishonored note | A note that is not paid when it is due |
| 3 .Interest | The amount charged for using the money of another party |
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Match each description to the appropriate term (a-h). The party promising to pay a note 1....
The time between the date a note is issued and the due date of the note...
The time between the date a note is issued and the due date of the note 1. Face amount The dollar amount stated on a promissory note 2. Term The stated rate charged for using the money of another party 3. Interest The amount charged for using the money of another party 4. Maturity value A note that is not paid when it is due 5. Dishonored note 6. Maker The party promising to pay a note 7. Notes receivable...
Principles of Accounting: On March 10, received an 80 day $200,000, 8% note from ABC company... 4. On March 10, received an 80-day $200,000, 8% note from ABC company receivable from ABC company. ay $2...
Principles of Accounting: On March 10, received an 80 day
$200,000, 8% note from ABC company...
4. On March 10, received an 80-day $200,000, 8% note from ABC company receivable from ABC company. ay $200, recourse. e from the bank at an interest rate of 10%. The note was endorsed wit On the maturity date, the our customer dishonored the note. was di Iscounted note was dishonored. The bank charged $300 protest fee because Fifteen days after the maturity date...
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:...
and select the corresponding oval. DQuestion 1 1 pts When a note receivable is dishonored, it...
and select the corresponding oval. DQuestion 1 1 pts When a note receivable is dishonored, it reverts to an account receivable. O True O False D Question 2 1 pts The notes receivable account of a business should include both the notes that have not yet matured and the dishonored notes. O True O False D Question 3 1 pts The banker's rule simplifies interest computations by treating a year as having 365 days. O True O False DI Question...
Match the following terms with their definitions Chicoed 1 Amount bank charges in the discounting process...
Match the following terms with their definitions Chicoed 1 Amount bank charges in the discounting process 2 Rate bank charges in the discounting process 3. Number of days bank will wait for its money in the discount process 4. True rate of interest 5. The principal 6. Maturity value greater than original note 7. Ability to borrow quickly 8 Signs the note 9. Due date 10 Cash paid on due date 11. Maturity value minus bank discount 12 A written...
40. A note on which no rate of interest is specified is atn) market-rate note interest-bearing...
40. A note on which no rate of interest is specified is atn) market-rate note interest-bearing note. non-interest-bearing note variable note b. d. rses a note and transfers it to a bank, the process is callerd discounting a note receivable. b. cosigning a note receivable. collecting a note receivable dishonoring a note receivable. person who promises to pay a certain amount of money at a definite future time is caliled the b. c. discounter of the note. 42. The maker...
Gemstone P used by Gem and all cred stone Products allows customers to use bank credit...
Gemstone P used by Gem and all cred stone Products allows customers to use bank credit cards to charge purchases. The bank by Gemstone Products processes all bank credit cards in exchange for a 3% processing fee all credit card receipts deposited are credited to the company account on the day of deposit. ssume that on January 18, Gemstone Products sold and deposited $18,000 worth of bank credit card receipts. Prepare the general journal entry to record this transaction. 9)...
Select the phrase that best fits each term of the description A through H. Hems Secured...
Select the phrase that best fits each term of the description A through H. Hems Secured bond Description A Pledges specific assets of the issuer as collateral B. Maintains a separate asset account from which bondholders are paid at maturity. c. Can be exchanged for shares of the issuer's stock. Scheduled for maturity on a specific date. E Occurs when the contract rate is less than the market rate F is unregistered interest is paid to whoever possesses them. G....
To pay for an order of supplies, a firm signed a note on February 19, maturing...
To pay for an order of supplies, a firm signed a note on February 19, maturing on May 31. The face value of the note was $114,500, with interest of 7%. The firm made a partial payment of $31,000 on March 5 and a second partial payment of $25,900 on April 26. Using the United States Rule, find the amount due on the maturity date of the note and the amount of interest paid on the note, The amount due...
Please help me complete this. I have been struggling for quite some time, and mainly I...
Please help me complete this.
I have been struggling for quite some time, and mainly I need
the answer.
Thank you !
ESSAY. Write your answer in the space provided or on a separate sheet of paper. 6) At the end of the current year, Accounts Receivable has a balance of $900,000, the Allowance for Uncollectible Accounts has a debit balance of $1,000 and net credit sales for the year are $3,000,000. The company uses the percent-of-sales method. Its credit...
The time between the date a note is issued and the due date of the note 1. Face amount The dollar amount stated on a promissory note 2. Term The stated rate charged for using the money of another party 3. Interest The amount charged for using the money of another party 4. Maturity value A note that is not paid when it is due 5. Dishonored note 6. Maker The party promising to pay a note 7. Notes receivable...
Principles of Accounting: On March 10, received an 80 day
$200,000, 8% note from ABC company...
4. On March 10, received an 80-day $200,000, 8% note from ABC company receivable from ABC company. ay $200, recourse. e from the bank at an interest rate of 10%. The note was endorsed wit On the maturity date, the our customer dishonored the note. was di Iscounted note was dishonored. The bank charged $300 protest fee because Fifteen days after the maturity date...
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:...
and select the corresponding oval. DQuestion 1 1 pts When a note receivable is dishonored, it reverts to an account receivable. O True O False D Question 2 1 pts The notes receivable account of a business should include both the notes that have not yet matured and the dishonored notes. O True O False D Question 3 1 pts The banker's rule simplifies interest computations by treating a year as having 365 days. O True O False DI Question...
Match the following terms with their definitions Chicoed 1 Amount bank charges in the discounting process 2 Rate bank charges in the discounting process 3. Number of days bank will wait for its money in the discount process 4. True rate of interest 5. The principal 6. Maturity value greater than original note 7. Ability to borrow quickly 8 Signs the note 9. Due date 10 Cash paid on due date 11. Maturity value minus bank discount 12 A written...
40. A note on which no rate of interest is specified is atn) market-rate note interest-bearing note. non-interest-bearing note variable note b. d. rses a note and transfers it to a bank, the process is callerd discounting a note receivable. b. cosigning a note receivable. collecting a note receivable dishonoring a note receivable. person who promises to pay a certain amount of money at a definite future time is caliled the b. c. discounter of the note. 42. The maker...
Gemstone P used by Gem and all cred stone Products allows customers to use bank credit cards to charge purchases. The bank by Gemstone Products processes all bank credit cards in exchange for a 3% processing fee all credit card receipts deposited are credited to the company account on the day of deposit. ssume that on January 18, Gemstone Products sold and deposited $18,000 worth of bank credit card receipts. Prepare the general journal entry to record this transaction. 9)...
Select the phrase that best fits each term of the description A through H. Hems Secured bond Description A Pledges specific assets of the issuer as collateral B. Maintains a separate asset account from which bondholders are paid at maturity. c. Can be exchanged for shares of the issuer's stock. Scheduled for maturity on a specific date. E Occurs when the contract rate is less than the market rate F is unregistered interest is paid to whoever possesses them. G....
To pay for an order of supplies, a firm signed a note on February 19, maturing on May 31. The face value of the note was $114,500, with interest of 7%. The firm made a partial payment of $31,000 on March 5 and a second partial payment of $25,900 on April 26. Using the United States Rule, find the amount due on the maturity date of the note and the amount of interest paid on the note, The amount due...
Please help me complete this.
I have been struggling for quite some time, and mainly I need
the answer.
Thank you !
ESSAY. Write your answer in the space provided or on a separate sheet of paper. 6) At the end of the current year, Accounts Receivable has a balance of $900,000, the Allowance for Uncollectible Accounts has a debit balance of $1,000 and net credit sales for the year are $3,000,000. The company uses the percent-of-sales method. Its credit...
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