Homework Answers
a., b., c.
| Date of Note | Principal | Interest Rate | Term | Maturity Date | Days of accrued interest at Dec 31, 2020 | Accrued interest at Dec 31, 2020 |
| Nov. 1/19 | $ 240,000.00 | 4.0% | 180 days | Apr. 29/20 | ||
| Jan. 5/20 | $ 100,000.00 | 5.0% | 90 days | Apr. 4/20 | ||
| Nov. 20/20 | $ 90,000.00 | 4.5% | 45 days | Jan. 4/21 | 41 | $ 454.93 |
| Dec. 10/20 | $ 120,000.00 | 5.5% | 30 days | Jan. 9/21 | 21 | $ 379.73 |
Since 2020 is a leap year, for Calculation of maturity date for Note Nov 1/19 has been calculated by taking 29 days in february
d.
| Date | Account Titles | Debit | Credit |
| Dec-31 | Interest Receivable | $ 834.66 | |
| Interest Revenue | $ 834.66 |
e.
| Date | Account Titles | Debit | Credit | |
| Apr. 29/20 | Cash | $ 244,721.31 | ||
| Note Receivable | $ 240,000.00 | |||
| Interest Receivable | $ 1,573.77 | =240000*4%*60/366 | ||
| Interest Revenue | $ 3,147.54 | =240000*4%*120/366 | ||
| Apr. 4/20 | Cash | $ 101,229.51 | ||
| Note Receivable | $ 100,000.00 | |||
| Interest Revenue | $ 1,229.51 | =100000*5%*90/366 | ||
| Jan. 4/21 | Cash | $ 90,499.32 | ||
| Note Receivable | $ 90,000.00 | |||
| Interest Receivable | $ 454.93 | =90000*4.5%*41/365 | ||
| Interest Revenue | $ 44.38 | =90000*4.5%*4/365 | ||
| Jan. 9/21 | Cash | $ 120,542.47 | ||
| Note Receivable | $ 120,000.00 | |||
| Interest Receivable | $ 379.73 | =120000*5.5%*21/365 | ||
| Interest Revenue | $ 162.74 | =120000*5.5%*9/365 |
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Problem 8-11A Notes receivable LO4 CHECK FIGURES:d. Interest income = $454.93 e. Cash = $90,499.32 Vauxall...
Notes receivable
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Details of Notes Receivable and Related Entries Gen-X Ads Co. produces advertising videos. During...
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eBook Show Me How Calculator Details of Notes Receivable and Related Entries Gen-X Ads Co. produces...
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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 $12,500, 60-day, 8% 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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Exercise 7-11 Notes receivable transactions LO C2 Following are selected transactions of Danica Company for 2016 Ints Suped Dec. 1) Accepted a $20,000, 45-day 7 note dated December 13 In granting Miranda Lee a time extension on her past-due account receivable. 31 Prepared an adjusting entry to record the accrued interest on the Lee note. eBook Complete the table to calculate the interest amounts at December 31st and use the calculated value to prepare your journal entries. (Do not round...
Exercise 8-12 a-b Elburn Supply Co. has the following transactions related to notes receivable during the...
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Problem 9-5A Analyzing and journalizing notes receivable transactions LO C2, C3, P4 The following selected transactions...
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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:...
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eBook Show Me How Calculator 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 Interest Rate Term 1. Apr. 10 4% 60 days Face Amount $78,000 14,400 45,000 2. June 24 30 days July 1 4. Oct. 31 120 days 60 days 60 days 30 days 5. 45,000 90,000 126,000 Nov. 15 6. Dec. 27 Required: Assume 360 days in a year. 1....
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 $12,500, 60-day, 8% 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....
Oriole Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $23,500 cash to Manny Lopez on a 12-month, 12% note. Dec, 11 Sold goods to Ralph Kremer, Inc., receiving a $61.200, 90-day, 10% note. Received a $97,200, 180 day, 8% note in exchange for Joe Fernetti's outstanding accounts receivable. 31 Accrued interest revenue on all notes...
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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:...
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