Homework Answers
ANSWER
a)
interest payable at maturity = note amount * interest rate * (time till maturity/ 12 months)
=$6,400 * 10%* (4/12)
=$213.33
=$213...........(rounded to 0 decimals).
b)
Debit Credit
Bank/cash ac debit with (6,400 +213) 6613
Credit 10% note of gates 6400
Credit interest income 213
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Date
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On June 1, Merando Company borrows $90,000 from First Bank on a
6-month, $90,000, 8% note.
Prepare the entry on June 1. (Credit account titles
are automatically indented when amount is entered. Do not indent
manually.)
Date
Account Titles and Explanation
Debit
Credit
June 1
SHOW LIST OF ACCOUNTS
LINK TO TEXT
Prepare the adjusting entry on June 30. (Credit
account titles are automatically indented when amount is entered.
Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit...
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