On September 3, 2018, Axe Co. received a 10% $60,000 120-day note for consultancy services rendered. The maturity date of the note is: (Date format is ddmmyyyy.)
On September 3, 2018, Axe Co. received a 10% $60,000 120-day note for consultancy services rendered....
For services rendered, an attorney accepts a 120-day note for $4,100 at 8% simple interest from a client. (Both interest and principal are repaid at the end of 120 days.) Wishing to use her money sooner, the attorney sells the note to a third party for $4,180 after 60 days. What annual interest rate will the third party receive for the investment? The third party will receive an annual interest rate of %. (Type an integer or decimal rounded to...
Blackwell Industries received a 120-day, 9% note for $180,000, dated August 10 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.
Keesha Co. borrows $200,000 cash on November 1, 2017, by signing a 120-day, 10% note with a face value of $200,000. 1. On what date does this note mature? (Assume that February has 28 days) O March 27, 2018. O March 28, 2018. O March 29, 2018. March 30, 2018. O March 01, 2018 2. & 3. What is the amount of interest expense in 2017 and 2018 from this note? (Use 360 days a year. Round final answers to...
A business issued a 120-day, 5% note for $60,000 to a creditor on account. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including interest. Assume a 360-day year. Refer to the Chart of Accounts for exact wording of account titles.
Problem 2(20 points) On September 1, 2018, Smit Co. received a 12%, six-month note receivable in settlement of accounts receivable of $320,000. Smit Co. insists that any customer who fails to pay an account receivable when due must replace their unpaid account receivable with an interest-bearing note receivable. Assume the company makes adjusting entries for accrued interest revenue once a year on December 31. Journalize the following events on the books of Smit Co.: 1. Record the receipt of the...
Keesha Co. borrows $115,000 cash on November 1 of the current year by signing a 120- day, 10%, $115,000 note. 1. On what date does this note mature? 2. & 3. What is the amount of interest expense in the current year and the following year from this note? 4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity.
Keesha Co. borrows $285,000 cash on November 1 of the current year by signing a 120-day, 10% $285,000 note. 1. On what date does this note mature? 2. & 3. What is the amount of interest expense in the current year and the following year from this note? 4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity.
Keesha Co. borrows $175,000 cash on November 1 of the current year by signing a 120-day, 10%, $175,000 note. 1. On what date does this note mature? 2. & 3. What is the amount of interest expense in the current year and the following year from this note? 4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) 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.