Answer:
6% = 12 months
November 1 - December 31 = 2 months
for 2 months interest = 2*6/12
=1%
So interest = $500,000*0.01 = 5,000
Therefore Interest is $5,000
Question 3 (1 point) Universal Travel Inc. borrowed $500,000 on November 1, 2021, and signed a...
Universal Travel, Inc. borrowed $494,000 on November 1, 2021, and signed a twelve-month note bearing interest at 6%. Principal and interest are payable in full at maturity on October 31, 2022. In connection with this note, Universal Travel, Inc. should report interest payable at December 31, 2021, in the amount of
22) Universal Travel Inc. borrowed $500,000 on November 1, 2021, and signed a 12- hole bearing interest at 6%. Interest is payable is full y on October 31, 2022. Prepare the journal entries for 1. the issuance of the mote and the interest December 31, 2021 that Universal Travel Inc. (Round your final answer to the nearest woke dollar.) | v 1 2021 Debit Credit Dec. 31, 2021 23) Branch Corporation issued $15 million of commercial paper on March 1...
The Pita Pit borrowed $198,000 on November 1, 2021, and signed a six-month note bearing interest at 12%. Principal and interest are payable in full at maturity on May 1, 2022. In connection with this note, The Pita Pit should report interest expense at December 31, 2021, in the amount of: (Do not round your intermediate calculations.) Multiple Choice $0. $3,960. $11,880. $23,760. This is the last question in the assignment. To submit, use Alt + Shift + S. To...
Jane's Donut Co. borrowed $193,000 on January 1, 2021, and signed a two-year note bearing interest at 9%. Interest is payable in full at maturity on January 1, 2023. In connection with this note, Jane's should report interest expense at December 31, 2021, in the amount of: Multiple Choice $34,740. $17,370. $36,824. $0.
The Pita Pit borrowed $205,000 on November 1, 2021, and signed a six-month note bearing Interest at 12%. Principal and Interest are payable in full at maturity on May 1, 2022 In connection with this note, The Pita Pit should report Interest expense at December 31, 2021, In the amount of: (Do not round your intermediate calculations.) Multiple Choice Ο Ο $12.300. Ο 84,100. Ο Ο 524,600. Ο Ο $0. On September 1, 2021. Daylight Donuts signed a $160,000,8% six-month...
6) Jane's Donut Co. borrowed $200,000 on September 1, 2018, and signed a one-year note bearing interest at 12%. Interest is payable in full at maturity on September 1, 2019. In connection with this note, Jane's should report interest expense at December 31, 2018, in the amount of:
Jane's Donut Co. borrowed $200,000 on January 1, 2016, and signed a one-year note bearing interest at 12% in payable in full at maturity on october 31, 2017. write journal entry for the following dates: Nov 1, 2016 (borrowed), December 31, 2016 (accured interest), and october 21. 2017 ( due date)?
On November 1, 2021, New Morning Bakery signed a $207,000, 6%, six-month note payable with the amount borrowed plus accrued interest due six months later on May 1, 2022. New Morning Bakery records the appropriate adjusting entry for the note on December 31, 2021. What amount of cash will be needed to pay back the note payable plus any accrued interest on May 1, 2022? (Do not round your intermediate calculations.) Multiple Choice $208,035. $212,175. $207,000. $213,210.
On September 1, 2021, Daylight Donuts signed a $160,000, 10%, six-month note payable with the amount borrowed plus accrued interest due six months later on March 1, 2022. Daylight Donuts records the appropriate adjusting entry for the note on December 31, 2021. In recording the payment of the note plus accrued interest at maturity on March 1, 2022, Daylight Donuts would: (Do not round your intermediate calculations.) Multiple Choice Debit Interest Expense, $8,000. Debit Interest Expense, $5,333. Debit Interest Payable,...
Brown Corp. borrowed 100,000 on Oct. 1, 2018 and signed a 12 month note bearing interest at 6 %. Interest is payable in full at maturity on Sep. 30, 2019. Brown Corp should report interest payable at Dec. 31,2018 in the amount of journal entry to record the accrued liability: