Question

46 When a bank collects a note for the holder, it notifies the holder on a form called a 87)55,000, 12% note is dated April 10 and is due in 90 days. The due date would be 4e When the holder of an interest-bearing note is unable to collect the note when due, the jo entry includes 49. Face value of a note plus interest is called the The adjusting entry for accrued interest on a notes receivable includes 51. American Bank has loaned $12,000 to Shoreline Petroleum Inc. using a 60-day non-interest note. The bank discounted the note at 12%. The proceeds of the loan will be s2. Tangitile assets include (tal eshate 53. The write off of the cost of plant and equipment is called e pre ciatnn assets include (eal esale

Answer 1

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Statementshowing Computations
Paticulars	Amount
Q47
Date of note	Apr 10
Due date = 20 days in April +31 days in May + 30 days in june +9 days in July	09 July
Q49 Interest-Bearing Note Payable
Q50
Interest receivable dr
To Interest revenue Cr