Question

roRTOTORECETVoce H 4 Record the following notes receivable transactions 5 6 Wyoming Company received a 90-day, 11 % note for $36,000, dated July 1, from C. Buss Co on account 7 Compute the maturity date of the note. 8 a Term of Note 10 11 12 13 Compute the maturity value of the note (use a 360-day year). 14 D Compute the Interest on the note 1) 15 16 Add the interest and the principle 2) 17 18 19 Record the receipt of payment on the note as of the maturity date from C. Buss Co. 20 C Depreciation Notes Receivable Assets Bank Reconciliation Uncollectible Accounts 4 Select destination and press ENTER or choose Paste Type here to search O

I need help with this excel spreadsheet

Answer 1

a) Compute the maturity date of the note
Notes issued	7/1/19
Term	90	days
Maturity Date of the Note (July 1,1019 + 90 days)	9/29/19
b)
Interest on the note = Principal x Interest Rate x Frequency of a year =  $36000 x 11% x 90/360	$      990.00
Principal + Interest = $36000 + $990	$ 36,990.00
c)
Account Titles	Debit	Credit
Cash	36,990
Notes Receivable		36000
Interest Revenue [36,000 x 11% x (90/360)]		990
To record receipt of Buss Company note principal and interest.