Compute the interest accrued on each of the following notes payable owed by Northland, Inc., on December 31: (Round to nearest whole dollar.) Lender Date of Note Principal Interest Rate (%) Term Accrued interest payable Maple 11/21 $18,000 10 120 days $ 5 x Wyman 12/13 14,000 90 days 0 x Nahn 12/19 16,000 12 60 days

Compute the interest accrued on each of the following notes payable owed by Northland, Inc., on December 31: (Round to nearest whole dollar.) Lender Date of Note Principal Interest Rate (%) Term Accrued interest payable Maple 11/21 $18,000 10 120 days $ 5 x Wyman 12/13 14,000 90 days 0 x Nahn 12/19 16,000 12 60 days

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 2CE

See similar textbooks

Similar questions

On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank. The note has a face value of 15,000 and a maturity value (principal plus interest) of 15,400. The discount is calculated to be 385, and the accrued interest income is 100. The recourse liability is estimated to be 1,000. Prepare the journal entry of Phillips to record the sale of the note receivable.
Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms of the note show a maturity date of 36 months, and an annual interest rate of 8%. What is the accumulated interest entry if 9 months have passed since note establishment?
Entries for installment note transactions On January 1, 20Y2, Hebron Company issued a 175,000, five-year, 8% installment note to Ventsam Bank. The note requires annual payments of 43,830, beginning on December 31, 20Y2. Journalize the entries to record the following:
Proceeds from notes payable On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a 45-day note with a face amount of 150,000. A. Determine the proceeds of the note, assuming the note carries an interest rate of 10%. B. Determine the proceeds of the note, assuming the note is discounted at 10%.