a.  Determine the due date of the note. July 18  b.  Determine the maturity value of the note. $  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. Notes receivable Accounts receiable valley designs

Q: entry Wholesalers accepts from Metlock Stores a $9,500, 4-month, 12% note dated May 31 in settlement…

A: Maturity date: Maturity date is the due date on note. On due date, the borrower is supposed to repay…

Q: прапу What formula should Hardy Company uses add-on interest? Gordon Company signed a note payable…

A: When a person or company borrows money, a formal agreement for repayment of money and stated rate of…

Q: A business issued a 60-day, 10% note for $80,000 to a creditor on account. Journalize the entries to…

A:

Q: Autumn Designs & Decorators issued a 120-day, 6% note for $76,800, dated April 13 to Zebra Furniture…

A: Maturity Value of the Note = Face Value + (Face Value * Interest rate * Days of Note / 360) Interest…

Q: еВook Show Me How Journalizing Installment Notes On the first day of the fiscal year, a company…

A: AN INSTALLMENT NOTE IS AN OBLIGATION OR LIABILITY THAT REQUIRES THE BORROWER TO REPAY THE PRINCIPAL…

Q: Note Receivable Quick Tire and Lube received a 120-day, 7% note for $12,000, dated April 9, from a…

A: The note receivable is issued on April 9 for 120 days. The due date of the note from April 9 after…

Q: Accounting for a note receivable On June 6, Lakeland Bank & Trust lent $80,000 to Stephan…

A: When money is lent against notes, the notes receivable (asset) is debited and cash is credited.

Q: Entries for Discounted Note Payable A business issued a 30-day note for $48,000 to a creditor on…

A: Introduction: A note payable is a promissory note in writing. Under this agreement, a borrower…

Q: Autumn Designs & Decorators issued a 120-day, 9% note for $48,000, dated April 13 to Zebra Furniture…

A: Interest on Note = Face value of note x rate of interest x No. of days/360 days =48000*9%*120/360 =…

Q: Journalizing Installment Notes On the first day of the fiscal year, a company issues $39,000, 10%,…

A: Notes payable is a form of liability for the business, which needs to be paid out either in short…

Q: Spring designs and decorators issued a 120- day, 8% note for 78,000, dated April 13th to Jaffe…

A: Maturity value of note = Note amount + Interest

Q: Entries for Notes Receivable Autumn Designs & Decorators issued a 120-day, 5% note for $93,000,…

A: Computation of due date is as follows:

Q: Entries for installment note transactionsOn January 1, Year 1, Luzak Company issued a $120,000,…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Entries for Notes Receivable Autumn Designs & Decorators issued a 120-day, 5% note for $93,000,…

A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…

Q: Autumn Designs & Decorators issued a 120-day, 8% note for $78,000, dated April 13 to Zebra Furniture…

A: The note receivable is an asset for the business which is issued by the debtors of the business.

Q: June 23 Received a $48,000, 90-day, 8% note dated June 23 from Radon Express Co. on account. Sept.…

A: Note Receivable :- It is a written promise to receive money in the future date.  This amount…

Q: Autumn Designs & Decorators issued a 120-day, 5% note for $93,000, dated April 13 to Zebra Furniture…

A: Introduction: Journals: Recoding of a business transactions in a chronological order. First step in…

Q: Note Receivable Cube Ice Company received a 120-day, 7% note for $60,000, dated April 9 from a…

A: DUE DATE : = APRIL 9 + 120 DAYS  = AUGUST 7

Q: Spring Designs & Decorators issued a 180-day, 9% note for $88,400, dated April 13 to Jaffe Furniture…

A: A. due date of the note = Date of issue of note + Life of note in days

Q: Answer all questions. Ch.5-4

A: Please find the whole answer in the picture.

Q: A business issued a 120-day, 6% note for $9,000 to a creditor on account. The company uses a 360-day…

A: Notes payable are defined as the written promissory note or an agreement under which the borrower…

Q: A business issued a 90-day note for $57,000 to a bank. The note was discounted at 6%. Assume a…

A: Interest expense = Face value of Notes x rate of discount x No. of days /360 =57000*6%*90/360 = $855

Q: Entries for installment note transactionsOn January 1, Year 1, Luzak Company issued a $120,000,…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Note Receivable Hasty and Tasty Foodservice received a 120-day, 8% note for $48,000, dated April 9,…

A: a.Calculation of due date of the note: Thus, August 7 will be the due date of the note.

Q: Entries for Notes Receivable Valley Designs issued a 90-day, 6% note for $48,000, dated April 17,…

A: Average due date: Due date is the date when the amount of bill is payable and the average due date…

Q: Entries for Notes Receivable Spring Designs & Decorators issued a 120-day, 4% note for $60,000,…

A: Answer a) Calculation of Maturity date of note Maturity date of note will be 120 days from April 13…

Q: Note Receivable Maggiano Supply Company received a 120-day, 6% note for $420,000, dated June 12,…

A: Meaning :  1. Note Receivable:  Note receivable record the value of promissory note that a business…

Q: Hasty and Tasty Foodservice received a 120-day, 7% note for $84,000, dated June 12, from a customer…

A: In case of a credit sale, the customer is given an option to make payment for the sale within a…

Q: Entries for Notes Receivable Valley Designs issued a 90-day, 8% note for $78,000, dated April 22,…

A: Notes receivable are a balance sheet item, that records the value of promissory notes and its refers…

Q: Journalizing Installment Notes On the first day of the fiscal year, a company issues $26,000, 12%,…

A: INSTALLMENT NOTES ARE LONG - TERM LIABILITIES THAT CARRY INTEREST COSTS AND MUST BE PAID BACK AT…

Q: Spring Designs & Decorators issued a 180-day, 6% note for $76,800, dated April 13 to Jaffe…

A: A. Following are the calculation of due date of the note:

Q: Valley Designs issued a 90-day, 8% note for $24,000, dated April 19, to Bork Furniture Company on…

A: The person who promised to pay the specified amount by signing a note is treated as notes payable as…

Q: Note Receivable Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 from a…

A: Introduction: A journal entry is a transcript of the a business deal in an organization's accounting…

Q: On January 1, 20Y2, Hebron Company issued a $33,000, 4-year, 8% installment note to Ventsam Bank.…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: On January 1, Year 1, Luzak Company issued a $45,000, 4-year, 8% installment note to McGee Bank. The…

A: Let us prepare the repayment schedule for Note payable: Year Opening balance (a)  Interest @…

Q: Entries for notes payable A business issued a 45-day, 6% note for $210,000 to a creditor on…

A: Note payable is a form of loan or debt taken by the business on which it has to pay interest amounts…

Q: A business issued a 120-day, 15% note for $83,000 to a creditor on account. Journalize the entries…

A: Increase in assets should be debited and decrease in assets should be credited. Increase in…

Q: Prefix Supply Company received 120-day, 8% note for $450,000, dated April 9, from a customer on…

A: Note receivable refers to a negotiable instrument. It represents the claim amount due on the…

Q: Entries for Discounted Note PayableA business issued a 90-day note for $36,000 to a creditor on…

A: a. Prepare journal entry.

Q: The following note transactions occurred during the year for Towne Company: Nov. 25 Towne issued a…

A: Adjusting journal entry: To record any unrecognized income or expenses for the period company made…

Q: Calculating Interest on Promissory Notes Receivable Dallas Company receives a six-month note from a…

A: Calculating the value of total amount of interest income for a 6-months note. We have,Total amount…

Q: Spring Designs & Decorators issued a 180-day, 7% note for $65,400, dated April 13 to Jaffe…

A: Given:Face Value - $65,400Rate of Interest -  7%Time Period – 180 daysIssue Date – April 13Due date…

Q: Proceeds from Notes Payable On January 26, Vibrant Co. borrowed cash from Conrad Bank by issuing a…

A: Note Payable is the liability of a firm which is required to be repaid in short-term. It allows the…

Q: Entries for Notes Recelvable valley Designs issued a 90-day, 9% note for s60,000, dated April 17, to…

A: Journal: Recording of a business transactions in a chronological order.

Q: utumn Designs & Decorators issued a 120-day, 7% note for $65,400, dated April 13 to Zebra Furniture…

A: Answer a) The due date of note received will be 120 days from the date of issue of note (i.e., April…

Q: Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 from a customer on…

A: b)