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8 On October 29, 2019, the Berkeley Company accepted a 60-day, 9 percent note from Devon...
On May 16, 2016, Reliable Company received a 90-day, 8 percent, $6,600 interest-bearing note from White...
On May 16, 2016, Reliable Company received a 90-day, 8 percent, $6,600 interest-bearing note from White Company in settlement of White's past-due account. On June 30, Reliable discounted this note at Fargo Bank and Trust. The bank charged a discount rate of 13 percent. On August 15, Reliable received a notice that White had paid the note and the interest on the due date. Prepare the entries in general journal form to record these transactions. (Use 360 days a year....
On May 20, Sheffield Company discounted at Sunshine Bank a $7,290 (maturity value), 139-day note ...
On May 20, Sheffield Company discounted at Sunshine Bank a $7,290 (maturity value), 139-day note dated Feb. 20. Sunshine’s discount rate was 8%. (Use Days in a year table.) What proceeds did Sheffield Company receive? (Use 360 days a year. Do not round intermediate calculations.) Proceeds received :?
Bill Blank signed an $7,540 note at Citizen's Bank. Citizen's charges a 8.2% discount rate. Assume...
Bill Blank signed an $7,540 note at Citizen's Bank. Citizen's charges a 8.2% discount rate. Assume the loan is for 270 days. a. Find the proceeds. (Use 360 days a year. Round your intermediate calculations and final answer to the nearest cent.) Proceeds b. Find the effective rate charged by the bank. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest tenth percent.) Effective rate You were offered the opportunity to purchase either...
On May 16, 2019, Safeway Company received a 90-day, 9 percent, $6,000 interest-bearing note from Black...
On May 16, 2019, Safeway Company received a 90-day, 9 percent,
$6,000 interest-bearing note from Black Company in settlement of
Black's past-due account. On June 30, Safeway discounted this note
at Fargo Bank and Trust. The bank charged a discount rate of 14
percent. On August 15, Safeway received a notice that Black had
paid the note and the interest on the due date.
Required: Prepare the entries in general journal form to record
these transactions.
Analyze: If the company...
on August 15 Sheffield Company discounted at sunshine bank a $8,500 (maturity value), 130- day note...
on August 15 Sheffield Company discounted at sunshine bank a $8,500 (maturity value), 130- day note dated May 13. Sunshine’s discount rate was 10%. (Use days in a year table) what proceeds did Sheffield Company receive? ( use 360 days a year. Do not round immediate calculations)
11-8 Ron Prentice bought goods from Shelly Katz. On May 20, Shelly gave Ron a time...
11-8
Ron Prentice bought goods from Shelly Katz. On May 20, Shelly
gave Ron a time extension on his bill by accepting a $4,320, 6%,
175-day note. On Aug. 25, Shelly discounted the note at Roseville
Bank at 8%. (Use Days in a year table.)
What proceeds does Shelly Katz receive? (Use 360 days a
year. Do not round intermediate calculations. Round your answer to
the nearest cent.)
Proceeds received
$
11-9
Hafers, an electrical supply company, sold $3,800 of...
#9 Hafers, an electrical supply company, sold $5,800 of equipment to Jim Coates Wiring, Inc. Coates...
#9 Hafers, an electrical supply company, sold $5,800 of equipment to Jim Coates Wiring, Inc. Coates signed a promissory note May 12 with 3.0% interest. The due date was August 10. Short of funds, Hafers contacted Charter One Bank on July 20; the bank agreed to take over the note at a 4.7% discount. (Use Days in a year table.) What proceeds will Hafers receive? (Use 360 days a year. Do not round intermediate calculations. Round your final answer to...
Note Receivable Cube Ice Company received a 120-day, 8% note for $96,000, dated April 9, from...
Note Receivable Cube Ice Company received a 120-day, 8% note for $96,000, dated April 9, from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note. c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank.
Abardeen Corporation borrowed $85,000 from the bank on October 1, Year 1. The note had an...
Abardeen Corporation borrowed $85,000 from the bank on October 1, Year 1. The note had an 6 percent annual rate of interest and matured on March 31, Year 2. Interest and principal were paid in cash on the maturity date. Required a. What amount of cash did Abardeen pay for interest in Year 1? b. What amount of interest expense was recognized on the Year 1 income statement? (Do not round intermediate calculations. Round your answer to the nearest dollar...
Apr. 8 Issued a $5.000. 60-day, six percent note payable in payment of an account with...
Apr. 8 Issued a $5.000. 60-day, six percent note payable in payment of an account with Bennett Company May 15 Borrowed $40.000 from Lincoln Bank, signing a 60-day note at nine percent. Jun. 7 Pald Bennett Company the principal and interest due on the April 8 note payable. Jul. 6 Purchased $12,000 of merchandise from Bolton Company: signed a 90-day note with ten percent interest. Jul. 14 Paid the May 15 note due Lincoln Bank. Oct. 2 Borrowed $30,000 from...
Bill Blank signed an $7,540 note at Citizen's Bank. Citizen's charges a 8.2% discount rate. Assume the loan is for 270 days. a. Find the proceeds. (Use 360 days a year. Round your intermediate calculations and final answer to the nearest cent.) Proceeds b. Find the effective rate charged by the bank. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest tenth percent.) Effective rate You were offered the opportunity to purchase either...
On May 16, 2019, Safeway Company received a 90-day, 9 percent,
$6,000 interest-bearing note from Black Company in settlement of
Black's past-due account. On June 30, Safeway discounted this note
at Fargo Bank and Trust. The bank charged a discount rate of 14
percent. On August 15, Safeway received a notice that Black had
paid the note and the interest on the due date.
Required: Prepare the entries in general journal form to record
these transactions.
Analyze: If the company...
11-8
Ron Prentice bought goods from Shelly Katz. On May 20, Shelly
gave Ron a time extension on his bill by accepting a $4,320, 6%,
175-day note. On Aug. 25, Shelly discounted the note at Roseville
Bank at 8%. (Use Days in a year table.)
What proceeds does Shelly Katz receive? (Use 360 days a
year. Do not round intermediate calculations. Round your answer to
the nearest cent.)
Proceeds received
$
11-9
Hafers, an electrical supply company, sold $3,800 of...
Note Receivable Cube Ice Company received a 120-day, 8% note for $96,000, dated April 9, from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note. c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank.
Apr. 8 Issued a $5.000. 60-day, six percent note payable in payment of an account with Bennett Company May 15 Borrowed $40.000 from Lincoln Bank, signing a 60-day note at nine percent. Jun. 7 Pald Bennett Company the principal and interest due on the April 8 note payable. Jul. 6 Purchased $12,000 of merchandise from Bolton Company: signed a 90-day note with ten percent interest. Jul. 14 Paid the May 15 note due Lincoln Bank. Oct. 2 Borrowed $30,000 from...
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