Beginning Balances for Quentin's Four Credit Cards Card A Card B Card C Card D Balance $4,134.00 $2,865.00 $932.00 $1,269.00 APR (interest rate) 15% 21% 11% 13% Minimum Payment calculation 2% of balance 4% of balance 4% of balance 3% of balance (must be at least $15) Minimum Payment this month $82.68 $114.60 $37.28 $38.07 Months required to payoff Amount of Interest Paid (if only minimum payments are made)

Beginning Balances for Quentin's Four Credit Cards Card A Card B Card C Card D Balance $4,134.00 $2,865.00 $932.00 $1,269.00 APR (interest rate) 15% 21% 11% 13% Minimum Payment calculation 2% of balance 4% of balance 4% of balance 3% of balance (must be at least $15) Minimum Payment this month $82.68 $114.60 $37.28 $38.07 Months required to payoff Amount of Interest Paid (if only minimum payments are made)

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter17: Accounting For Notes And Interest

Section: Chapter Questions

Problem 8SEB: JOURNAL ENTRIES (NOTE ISSUED FOR BANK LOAN) Prepare general journal entries for the following...

See similar textbooks

Similar questions

JOURNAL ENTRIES (NOTE ISSUED FOR BANK LOAN) Prepare general journal entries for the following transactions: July15 Borrowed 5,000 cash from the bank, giving a 60-day non- interest-bearing note. The note is discounted 8% by the bank. Sept.13 Paid the 5,000 note, recognizing the discount as interest expense.
Exercise 4-54 Operating Cycle and Current Receivables a. Dither and Sly are attorneys-at-law who specialize in federal income tax law. The): complete their typical case in 6 months or less and collect from the typical client within 1 additional month. b. Johnstons Market specializes in fresh meat and fish. All merchandise must be sold within one week of purchase. Almost all sales are for cash and any receivables are generally paid by the end of the following month. c. Mortondos is a womens clothing store specializing in high-style merchandise. Merchandise spends an average of 7 months on the rack following purchase. Most sales are on credit and the typical customer pays within 1 month of sale. d. Trees Inc. grows Christmas trees and sells them to various Christmas tree lots. Most sales are for cash. It takes 6 years to grow a tree. Required: For each of the businesses described above, indicate the length of the operating cycle.
Question Sylvestor Systems borrows $69,000 cash on May 15 by signing a 60-day, 8%, $69,000 note. 1. On what date does this note mature?2-a. Prepare the entry to record issuance of the note.2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity. Complete this question by entering your answers in the tabs below. Required 1 Required 2A Required 2B Interest at Maturity Required 2B General Journal On what date does this note mature? On what date does this note mature? Complete this question by entering your answers in the tabs below. Required 2A Prepare the entry to record issuance of the note. Journal entry worksheet Record the issuance of the note. Note: Enter debits before credits. Date General Journal Debit Credit May 15…
PROBLEM IV Journalize the following transaction: Mar. 1 Received a 60-day, note for $24, 000 dated today from Toy Co. on account Apr. 30 Received amount due on note above. Apr. 30 Received a 90-day , 10% note for $4,800, dated April 30, from Bear Co. on account. May 10 Discounted the note dated April 30 at Third National Bank at a discount rate of 10%.
Question 13 On November 1, Fastly Co. sold goods and accepted a note of $72,000, six-month, with annual interest rate of 10% (real from the customer. The December 31 adjusting entry should be: Debit Interest Receivable 3,600; Credit Interest Revenue 3,600 Debit Interest Receivable 1,200; Credit Interest Revenue 1,200 O Debit Discount on Notes Receivable 1,200; Credit Interest Revenue 1,200 Debit Interest Revenue 3,600; Credit Interest Receivable 3,600
Journalize the following transaction: Mar. 1 Received a 60-day, note for $24, 000 dated today from Toy Co. on account Apr. 30 Received amount due on note above. Apr. 30 Received a 90-day , 10% note for $4,800, dated April 30, from Bear Co. on account. May 10 Discounted the note dated April 30 at Third National Bank at a discount rate of 10%.
Dallas Pierce’s most recent credit card statement follows. His finance charge is 18% APR. Calculate Dallas’s average daily balance, finance charge, and new balance. 30-day billing cycle 9/2 Billing date $ 1,200 previous balance 9/7 Payment $ 100 cr. 9/13 Charge: Kohl’s $ 350 9/17 Payment $ 200 cr. 9/28 Charge: WalMart 50 Average daily balance Finance charge New balance
Cy loans Mookie The Beagle Concierge $1,000 at 6% annual interest. Record the transaction as a loan payable as follows. Required: 1. Complete a Deposit. a. Select (+) New icon > Bank Deposit b. Select Account: 1001 Checking c. Select Date: 01/12/2023 d. In Add Funds to This Deposit section, select Account: + Add New > Account Type: Other Current Liabilities > Detail Type: Loan Payable > Name: Loan Payable > Number: 2300 > Save and Close e. Select Payment Method: Check f. Enter Reference Number: 5002 g. Enter Amount: 1000.00 h. Select Save and close i. What is the Amount of the Loan Payable? Note: Answer this question in the table shown below. Round your answer to the nearest dollar amount. Amount of the loan payable () View the Transaction Journal for the Deposit. a. From the Navigation Bar, select Accounting b. From the Chart of Accounts, select 2300 Loan Payable > View Register c. From the Register, select the transaction just recorded > Edit d. From the…
Dallas Pierce’s most recent credit card statement follows. His finance charge is 18% APR. Calculate Dallas’s average daily balance, finance charge, and new balance. (Round your final answers to the nearest cent.) 30-day billing cycle 9/2 Billing date $ 1,090 previous balance 9/7 Payment $ 300 cr. 9/13 Charge: Kohl’s $ 450 9/17 Payment $ 300 cr. 9/28 Charge: WalMart 105 Average daily balance Finance charge New balance
2. A credit card statement showed these transactions during October.October 1 Previous balance $257.28October 12 Purchases $79.55October 29 Payment $55.00The credit card has an interest rate of 4.5% on the average daily balance. Findthe average daily balance, the finance charge for the month, and the newbalance on November 1. [Hint: Remember that October has 31 days.]
ah6 please help me. Thankyou. Aurora Company received a four-month 6%, 2,800 note receivable on December 1. The adjusting entry on December 31 will include Question content area bottom Part 1 A. debit Interest Receivable 14. B. credit Interest Revenue 14. C. both a and b. D. credit Interest Revenue 168 .
converted a $5,000 Accounts payable with a Notes payable on December 1, 2015. The note is a 60 day note with an interest rate of 4%. What is included in the year end journal entry? O a. O b. Oc. d Debit to interest expense for $33 Credit to interest payable for $200 Credit to notes payable of $5,000 Debit to interest expense for $17