11.
A) Maturity date = January 10 + 90 days
= April 9
B) Maturity value of the note
= 600,000 + (600,000*4.5%*90/360)
= 606,750
C)
DATE | GENERAL JOURNAL | DEBIT | CREDIT |
Jan 10 | Notes Receivable | 600,000 | |
Accounts Receivable | 600,000 | ||
Apr 8 | Cash | 606,750 | |
Notes Receivable | 600,000 | ||
Interest revenue | 6,750 |
.
.
.
12.
A) Maturity date = April 3 + 180 days
= September 30
B) Maturity value of the note
= 950,000 + (950,000*5%*180/360)
= 973,750
C)
DATE | GENERAL JOURNAL | DEBIT | CREDIT |
Apr 3 | Notes Receivable | 950,000 | |
Accounts Receivable | 950,000 | ||
Sep 30 | Cash | 973,750 | |
Notes Receivable | 950,000 | ||
Interest revenue | 23,750 |
Chapter 8 Practice Problems Problem #11 - Notes Receivable ABC Company had a 90-day, 4.5% note...
Chapter 8 Practice Problems Problem #9 - Analysis of Accounts Receivable Method At the end of the current year, Accounts Receivable has a balance of $6,000,000; Allowance for Doubtful Accounts has a credit balance of $50,000; and Net Sales for the year total $18,000,000. Using the Analysis of Accounts Receivable Method the balance for the Allowance for Doubtful Accounts is estimated as $125,000. 1) Calculate the dollar amount required to record the allowance amount. 2) Prepare the adjusting journal entry...
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.
1. Entries for Notes Receivable Valley Designs issued a 90-day, 9% note for $36,000, dated April 19, to Bork Furniture Company on account. Assume 360 days in a year when computing the interest. a. Determine the due date of the note. b. Determine the maturity value of the note. $ c1. Journalize the entry to record the receipt of the note by Bork Furniture. If an amount box does not require an entry, leave it blank. c2. Journalize the entry...
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...
Entries for Notes Receivable Valley Designs issued a 90-day, 6 note for $36,000, dated April 19, to Bark Furniture Company on account. Assume 360 days in a year when computing the interest. a. Determine the due date of the note b. Determine the maturity value of the note.c1. Journalize the entry to record the receipt of the note by Bork Furniture. If an amount box does not require an entry, leave it blank.c2. Souralire the entry to record the receipt of payment of...
entires for notes recievable Entries for notes receivable Instructions Chart of Accounts Starting Questions Instructions Spring Designs & Decorators issued a 180-day, 5% note for $82,600, dated April 13 to Jaffe Furniture Company on account Required: A. Determine the due date of the note. B. Determine the maturity value of the note. Assume a 360-day year when calculating interest. C. Journalize the entries to record the following: (1) receipt of the note by Jaffe Furniture and (2) receipt of payment...
PE 9-5B Note receivablePrefix Supply Company received a 120-day, 8% note for $450,000, dated April 9, from a customer on account. 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.
Note Receivable Quick Tire and Lube received a 120-day, 6% note for $84,000, 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.
Note Receivable Quick Tire and Lube received a 120-day, 7% note for $36,000, 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.
Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 from a customer on account. Required: 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. Refer to the Chart of Accounts for exact wording of account titles.