Compute the interest accrued on each of the following notes payable owed by Galloway, Inc., on December 31: (Round to nearest whole dollar.) Lender Date of Note Principal Interest Rate (%) Term Accrued Interest Payable Barton 12/4 $65,000 9 120 days Answer   Lawson 12/13 78,000 6 90 days Answer   Riley 12/19 97,500 7 60 days Answer

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A: Every company will operate to increase the profitability of the company. The profitability of the…

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

A: Interest on note receivable = Note receivable x rate of interest x days/365  = $80,000*9%*30/365 =…

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A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…

Q: Journalize the following entries on the books of the borrower and creditor. (Assume a 360-day year…

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

Q: Compute the interest accrued on each of the following notes receivable held by Southland, Inc., on…

A: Interest: Interest is the amount of interest paid on the issue price of the notes by the issuer at…

Q: From the information given below, determine the due date for the following notes:   Date Issued…

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A: Lender Issuance Date  Principal  Coupon rate (%) Term   Accrued Interest  Nissim 21-Nov  $…

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

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Q: Jackson Bank lends Jabbour Clothing Company $125,000 on September 1. Jabboursigns a $125,000, 6%,…

A: Interest accrued on December 31 = Notes payable x rate of interest x no. of months / 12 = $125,000 x…

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A: Given, Face value of the note = 12,600 Interest rate = 4%

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Q: Sandhill Co. borrows $65,600 on July 1 from the bank by signing a $65,600, 8%, one-y (a) Prepare the…

A: From July 1 to December 31 = 6 months So interest is accrued for 6 months on December 31.

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Q: Transactions: Apr. 30 Issued a $198,000, 30-day, 6% note dated April 30 to Misner Co. on account.…

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A: vv

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