On July 9, Mifflin Company receives an $9,100, 120-day, 6% note from customer Payton Summers as...
On July 9, Mifflin Company receives an $9,100, 120-day, 6% note from customer Payton Summers as payment on account. What entry should be made on the maturity date assuming the maker pays in full, and no adjusting entries have been made related to the note? (Use 360 days a year.)
Homework Answers
| Date | Accounts | Debit | Credit |
| October 7 | cash | 9236.5 | |
| Notes receivable | 9100 | ||
| Interest revenue (9100*6%*90/360) | 136.50 |
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On July 9, Mifflin Company receives an $9,100, 120-day, 6% note
from customer Payton Summers as...
On July 9, Mifflin Company receives a $9,300, 120-day, 12% note from customer Payton Summers as...
On July 9, Mifflin Company receives a $9,300, 120-day, 12% note from customer Payton Summers as payment on account What entry should be made on July 9 to record receipt of the note? 8 024134 Multiple Choice 0 Debit Notes Receivable 59.669, credit interest Revenue $360, credit Accounts Receivable $9.300 O Debit Notes Receivable 59,672. credit Sales 59,672 0 Debit Accounts Receivable 59.300. credit Seles 59300
On July 9, Mifflin Company receives a $9,300, 120-day, 12% note from customer Payton Summers as...
On July 9, Mifflin Company receives a $9,300, 120-day, 12% note from customer Payton Summers as payment on account. What entry should be made on July 9 to record receipt of the note? Multiple Choice Debit Notes Receivable $9,300; credit Sales $9,300. Debit Notes Receivable $9,300; credit Accounts Receivable $9,300. Debit Notes Receivable $9,669; credit Interest Revenue $369; credit Accounts Receivable $9,300. Debit Notes Receivable $9,672; credit Sales $9,672. Debit Accounts Receivable $9,300; credit Sales $9,300.
Note Receivable Cube Ice Company received a 120-day, 8% note for $96,000, dated April 9, from...
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.
Note Receivable Quick Tire and Lube received a 120-day, 6% note for $84,000, dated April 9,...
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.
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.
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...
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...
On December 1, Daw Co. accepts a $34,000, 45-day, 9% note from a customer. (1) Prepare...
On December 1, Daw Co. accepts a $34,000, 45-day, 9% note from a customer. (1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31 (2) Prepare the entry required on the note's maturity date assuming it is honored. (Use 360 days a year.) View transaction list Journal entry worksheet Record the year-end adjustment related to this note, if any. Note: Enter debts before credits Debit Credit Date General Journal De 31
On December 1, Daw Co. accepts a $32,000, 45-day, 9% note from a customer.
On December 1, Daw Co. accepts a $32,000, 45-day, 9% note from a customer. (1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31. (2) Prepare the entry required on the note's maturity date assuming it is honored. (Use 360 days a year.)
On December 1, Daw Co. accepts a $14.000, 45-day, 6% note from a customer.
On December 1, Daw Co. accepts a $14.000, 45-day, 6% note from a customer. (1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31. (2) Prepare the entry required on the note's maturity date assuming it is honored. (Use 360 days a year.)
Note Receivable Quick Tire and Lube received a 120-day, 7% note for $36,000, dated April 9,...
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.
On July 9, Mifflin Company receives a $9,300, 120-day, 12% note from customer Payton Summers as payment on account What entry should be made on July 9 to record receipt of the note? 8 024134 Multiple Choice 0 Debit Notes Receivable 59.669, credit interest Revenue $360, credit Accounts Receivable $9.300 O Debit Notes Receivable 59,672. credit Sales 59,672 0 Debit Accounts Receivable 59.300. credit Seles 59300
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.
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.
On December 1, Daw Co. accepts a $34,000, 45-day, 9% note from a customer. (1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31 (2) Prepare the entry required on the note's maturity date assuming it is honored. (Use 360 days a year.) View transaction list Journal entry worksheet Record the year-end adjustment related to this note, if any. Note: Enter debts before credits Debit Credit Date General Journal De 31
On December 1, Daw Co. accepts a $14.000, 45-day, 6% note from a customer. (1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31. (2) Prepare the entry required on the note's maturity date assuming it is honored. (Use 360 days a year.)
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