Answer a. Due Date of Note = 7 August
Answer b. Maturity Value = $98560
Answer c. Journal on date of receipt of maturity value of note receivable
Date | Account | Debit | Credit |
7-Aug | Cash | $98,560 | |
Note receivable | $96,000 | ||
Interest Revenue | $2,560 | ||
(Note receivable realized) |
Detailed Workings
Calculation of Due date
DAYS | |
April = 30-9 | 21 |
May | 31 |
June | 30 |
July | 31 |
August | 7 = 7th August Due Date |
120 |
Calculation of maturity value
Amount of interest on note | =96000 x 8% x 120/360 |
=$2560 | |
Maturity Value | =$96000+$2560 |
=$98560 |
Hit Thumbs up if satisfied
Have any query mention in comment section please
Thank you
Note Receivable Cube Ice Company received a 120-day, 8% note for $96,000, dated April 9, from...
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.
Hasty and Tasty Foodservice received a 120-day, 8% note for $24,000, 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.
Sunshine Service Center received a 120-day, 6% note for $40,000, dated April 12 from a customer on account. Assume 360 days per year. a. Determine the due date of the note. b. Determine the maturity value of the note. When required, round your answers to the nearest dollar. $ 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. When required, round...
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.
Spring Designs & Decorators issued a 120-day, 4% note for $60,000, dated April 13 to Jaffe Furniture Company on account. Assume a 360-day year when calculating interest. a. Determine the due date of the note. b. Determine the maturity value of the note c1. Journaline the entry to record the receipt of the note by Jaffe Furniture. c2. Journalize the entry to record the receipt of 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.
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...
Cube Ice Company received a 120-day, 10% 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. August 7 b. Determine the maturity value of the note. $ 35,640 X Straight-Line Depreciation A building acquired at the beginning of the year at a cost of $140,400 has an estimated residual value of $5,400 and an estimated useful life of 10 years. Determine the following: (a)...
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...