Accounting
Descriptors are provided below for six situations involving notes receivable being discounted at a bank. In each case, the maturity date of the note is December 31, 2021, and the principal and interest are due at maturity. For each, determine the proceeds received from the bank on discounting the note
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Descriptors are provided below for six situations involving notes receivable being discounted at a bank. In...
Descriptors are provided below for six situations involving
notes receivable being discounted at a bank. In each case, the
maturity date of the note is December 31, 2018, and the principal
and interest are due at maturity. For each, determine the proceeds
received from the bank on discounting the note. (Do not
round intermediate calculations. Round your final answers to the
nearest whole dollar.)
Note Date of Note Discount Rate 12% Proceeds Received 12% Note Face Value 60,000 60,000 60,000...
Check my wo Descriptors are proved below fc six situations involving notes receivable being discounted at...
Check my wo Descriptors are proved below fc six situations involving notes receivable being discounted at a bank. In each case, the maturity date of the note is Dember 317 18, and the principal and interest are due at maturity. For each, determine the proceeds received from the bank on disconting there. Do not round Intermediate calculations. Round your final answers to the nearest whole dollar.) Note Discount Rate Proceeds Received 109 Note Face Value $ 70,000 70,000 70,000 96,000...
After being held for 30 days, a 90-day 15% interest bearing note receivable was discounted at...
After being held for 30 days, a 90-day 15% interest bearing note receivable was discounted at M & T Bank at 18%. The proceeds received from the bank upon discounting would be the: a) Maturity value less the discount at 18%. b) Maturity value plus the discount at 18%. c) Face value less the discount at 18%. d) Face value plus the discount at 18%.
Recording Entries for the Discounting of a Note Receivable Aerobic Sports Company completed the following 2020...
Recording Entries for the Discounting of a Note Receivable Aerobic Sports Company completed the following 2020 transactions related to a note receivable. Prepare the journal entries, including any interest earned, that Aerobic Sports Company should make on February 1, 2020, and March 1, 2020. Note: Round your answers to the nearest whole dollar. a. February 1, 2020-Received a $80 000, 8%, interest-bearing, six-month note from Temple Company for land that had a carrying value of $24,000. Date Account Name Dr....
On December 31, 2020, Tobita Company had the following balances reported on its balance sheet: Notes...
On December 31, 2020, Tobita Company had the following balances reported on its balance sheet: Notes Receivable $17,700 Interest Receivable $97.00 The following information is available for the notes receivable reported on December 31, 2020. Customer Note Principal Interest Rate Issue Date Term Interest Accrued 1 E. Tessier $5,100 5.00% Nov. 1, 2020 3 months $42.50 2 R. Wolde 5,100 4.00% Nov. 30, 2020 5 months 17.00 3 D. Deng 7,500 6.00% Dec. 1, 2020 1 year 37.50 Total $17,700...
The notes receivable held by the Tuttle Company on August 3, 2019, are summarized below. On...
The notes receivable held by the Tuttle Company on August 3, 2019, are summarized below. On August 4, 2019, Tuttle discounted all of these notes at Community Bank and Trust at a discount rate of 12 percent. Note No. Date Face Amount Period Interest Rate 31 Apr. 4, 2019 $ 33,000 6 months 10 % 32 June 11, 2019 17,100 120 days 7 % 33 July 31, 2019 14,800 60 days 12 % Required: Compute the net proceeds received from...
On February 1, 2021, Stealth Trucks sold a diesel rig to Kansas Transports for $250,000, receiving a $50,000 down payme...
On February 1, 2021, Stealth Trucks sold a diesel rig to Kansas Transports for $250,000, receiving a $50,000 down payment and a 12-month, 10% note for the balance. Principal and interest are due at maturity, and the 10% interest rate reflected the market rate of interest at the time of sale. On August 1, 2021, Kansas Transports discounted the note without recourse at the First South Bank at 12% interest. Required: Prepare all required journal entries at August 1 to...
Bramble Corp. had the following transactions involving notes payable. July 1, 2020 Borrows $56,500 from First...
Bramble Corp. had the following transactions involving notes payable. July 1, 2020 Borrows $56,500 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2020 Borrows $67,800 from Lyon County State Bank by signing a 3-month, 6% note. Dec. 31, 2020 Prepares adjusting entries. Feb. 1, 2021 Pays principal and interest to Lyon County State Bank. Apr. 1, 2021 Pays principal and interest to First National Bank. Prepare journal entries for each of the transactions. (Credit account titles...
с.s. Sunland Company had the following transactions involving notes payable. July 1, 2020 Borrows $50,500 from...
с.s. Sunland Company had the following transactions involving notes payable. July 1, 2020 Borrows $50,500 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2020 Borrows $64,000 from Lyon County State Bank by signing a 3-month, 6% note. Dec. 31, 2020 Prepares adjusting entries. Feb. 1, 2021 Pays principal and interest to Lyon County State Bank. Apr. 1, 2021 Pays principal and interest to First National Bank. Prepare journal entries for each of the transactions. (Credit account...
Check m 3. Problem 16.5A Recording the receipt, discounting, and payment of notes receivable. LO 16-3,...
Check m 3. Problem 16.5A Recording the receipt, discounting, and payment of notes receivable. LO 16-3, 16-4, 16-6, 16-7 25 points On May 16, 2019, Safeway Company received a 90-day, 8 percent, $6,200 interest beraring 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 13 percent. On August 15, Safeway recelved a notice that Black had paid the note and...
Descriptors are provided below for six situations involving
notes receivable being discounted at a bank. In each case, the
maturity date of the note is December 31, 2018, and the principal
and interest are due at maturity. For each, determine the proceeds
received from the bank on discounting the note. (Do not
round intermediate calculations. Round your final answers to the
nearest whole dollar.)
Note Date of Note Discount Rate 12% Proceeds Received 12% Note Face Value 60,000 60,000 60,000...
Check my wo Descriptors are proved below fc six situations involving notes receivable being discounted at a bank. In each case, the maturity date of the note is Dember 317 18, and the principal and interest are due at maturity. For each, determine the proceeds received from the bank on disconting there. Do not round Intermediate calculations. Round your final answers to the nearest whole dollar.) Note Discount Rate Proceeds Received 109 Note Face Value $ 70,000 70,000 70,000 96,000...
Recording Entries for the Discounting of a Note Receivable Aerobic Sports Company completed the following 2020 transactions related to a note receivable. Prepare the journal entries, including any interest earned, that Aerobic Sports Company should make on February 1, 2020, and March 1, 2020. Note: Round your answers to the nearest whole dollar. a. February 1, 2020-Received a $80 000, 8%, interest-bearing, six-month note from Temple Company for land that had a carrying value of $24,000. Date Account Name Dr....
On February 1, 2021, Stealth Trucks sold a diesel rig to Kansas Transports for $250,000, receiving a $50,000 down payment and a 12-month, 10% note for the balance. Principal and interest are due at maturity, and the 10% interest rate reflected the market rate of interest at the time of sale. On August 1, 2021, Kansas Transports discounted the note without recourse at the First South Bank at 12% interest. Required: Prepare all required journal entries at August 1 to...
Bramble Corp. had the following transactions involving notes payable. July 1, 2020 Borrows $56,500 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2020 Borrows $67,800 from Lyon County State Bank by signing a 3-month, 6% note. Dec. 31, 2020 Prepares adjusting entries. Feb. 1, 2021 Pays principal and interest to Lyon County State Bank. Apr. 1, 2021 Pays principal and interest to First National Bank. Prepare journal entries for each of the transactions. (Credit account titles...
с.s. Sunland Company had the following transactions involving notes payable. July 1, 2020 Borrows $50,500 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2020 Borrows $64,000 from Lyon County State Bank by signing a 3-month, 6% note. Dec. 31, 2020 Prepares adjusting entries. Feb. 1, 2021 Pays principal and interest to Lyon County State Bank. Apr. 1, 2021 Pays principal and interest to First National Bank. Prepare journal entries for each of the transactions. (Credit account...
Check m 3. Problem 16.5A Recording the receipt, discounting, and payment of notes receivable. LO 16-3, 16-4, 16-6, 16-7 25 points On May 16, 2019, Safeway Company received a 90-day, 8 percent, $6,200 interest beraring 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 13 percent. On August 15, Safeway recelved a notice that Black had paid the note and...
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