Principles of Accounting: On March 10, received an 80 day
$200,000, 8% note from ABC company...
Principles of Accounting: On March 10, received an 80 day $200,000, 8% note from ABC company... 4. On March 10, received an 80-day $200,000, 8% note from ABC company receivable from ABC company. ay $2...
On May 17, Otay Olive Co. accepted a $5,500, 8%, 90-day note from a customer. On June 11, the note was discounted at 10%. At maturity date, the note was dishonored and the bank charged a $15 protest fee. The amount that Otay Olive Co. would debit to Notes Receivable Dishonored is a. $5,625.00 b. $5,535.29 c. $5,638.00 d. $5,610.00
Chapter 8 Practice Problems Problem #11 - Notes Receivable ABC Company had a 90-day, 4.5% note for $600,000, dated January 10 from a customer on account. 1) Determine the maturity date for the note. 2) Determine the maturity value of the note. 3) Prepare journal entries for the receipt of the note on January 10, and the receipt of the cash on the maturity date of the note. Problem #12 - Notes Receivable ABC Company had a 180-day, 5% note...
SA 90-day, 12% note for S 10,000, dated May 1, is received from a customer on account. The maturity value of the note is a. $10,000 $10,300 c. $450 d. $9,550 6.A 60-day, 12% note for $10,000, dated May 1, is received from a customer on account. If the note is discounted on May 21 at 15%, the proceeds are a. $170 b. $9,830 c. $10,000 d. $10,030 7.A 60-day, 12% note received from a customer for $50,000, dated May...
1. April 20 Received $250,000 6% 120 day note from our customer for an overdue account. Required: Note: Please indicate the date for each of your journal entries. a) Record the receipt of the note and the appropriate date. b) Assuming the note was honored, record the collection on the note, and indicate the date. -) Assuming the note was dishonored, make necessary entries, if any and indicate the date your entry. - dianalınted at 14% by the bank.
bn June 3, 2019, Alaska State Company received a $5,400, 45-day, 12 percent note from Samuel Adams, a customer whose account was past due. If Samuel Adams dishonored the note receivable discounted by Alaska State, assuming the bank deducted the maturity value of the dishonored note plus a $40 service charge from Alaska State's bank account on the due date of the note. Record entry for dishonor of Samuel Adams discounted note. Note: Enter debits before credits. Date General Journal...
The March Madness Company (MMC) converted an account receivable into a 90-day note on 10/15. The face amount of the note was $10,000. The interest rate was 10% (annual rate). On 11/24 MMC discounted the note at the Big TenBank the discount rate was 12%. Determine the cash proceeds received from the bank and provide journal entries for both events detailed above.
CHECK MY WOK On June 3, 2019, Alaska State Company received a $5,400, 45 day, 12 percent note from Samuel Adams, a customer whose account was past due. If Samuel Adams dishonored the note receivable discounted by Alaska State, assuming the bank deducted the maturity value of the dishonored note plus a $10 service charge from Alaska State's bank account on the due date of the note. Prepare the entries in general journal form that Alaska State Company would make...
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.
The following information is extracted from Tara Corporation’s accounting records: May 1 Received a $6,000, 12%, 90-day note from V. Leigh, a customer. 6 Received a $9,000, 10%, 120-day note from C. Gable, a customer. 11 Sold the Leigh and Gable notes with recourse at the bank at 13%. In addition, borrowed $10,000 from the bank for 90 days at 12%. The bank remits the face value less the interest. The estimated recourse liability for Leigh and Gable is $84...
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...