
Excel Applications for Accounting Principles
4th Edition
ISBN: 9781111581565
Author: Gaylord N. Smith
Publisher: Cengage Learning
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Notes receivable due in 90 days appear on what?
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TERM OF A NOTE Calculate total time in days for the following notes. (Assume there are 28 days in February.)
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JOURNAL ENTRIES (ACCRUED INTEREST RECEIVABLE) At the end of the year, the following interest is earned, but not yet received. Record the adjusting entry in a general journal. Interest on 6,000, 60-day, 5.5% note (for 24 days) 22.00 Interest on 9,000, 90-day, 6% note (for 12 days) 18.00 40.00
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JOURNAL ENTRIES (ACCRUED INTEREST PAYABLE) At the end of the year, the following interest is payable, but not yet paid. Record the adjusting entry in the general journal. Interest on 5,000, 60-day, 7% note (for 12 days) 11.67 Interest on 2,500, 30-day, 8% note (for 9 days) 5.00 16.67
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DETERMINING DUE DATE Determine the due date for the following notes. (Assume there are 28 days in February.)
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Can the 10,000 note be repaid on May 1? Explain.
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ACCRUED INTEREST RECEIVABLE The following is a list of outstanding notes receivable as of December 31, 20--: REQUIRED 1. Compute the accrued interest at the end of the year. 2. Prepare the adjusting entry in the general journal.
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compute number of days sales in receivables round your calculation and answer assume 365 days ina year
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For each notes receivable determine the interest revenue to be reported on the income statement for the year ended December 31. Use 360 days in your computations. date          Face           Rate%     Term
aug. 8. Â Â Â Â Â Â Â 45000. Â Â Â Â Â Â Â Â %7. Â Â Â Â 45days
Oct. 7 Â Â Â Â Â Â Â Â 62000 Â Â Â Â Â Â Â Â Â 5 Â Â Â Â Â Â 60
jan 6 Â Â Â Â Â Â Â Â Â 28000 Â Â Â Â Â Â Â Â Â 4 Â Â Â Â Â Â 120
nov 12 Â Â Â Â Â Â Â Â 43000 Â Â Â Â Â Â Â Â 6 Â Â Â Â Â Â Â 60
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What is the amount of interest revenue that must be accrued on December 31st for a nine-month, 6%, $2,000 note receivable that was accepted on November 1st?Â
what is the interest accrued?
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What is the due date of a $12,000 90-day, 8% note receivable dated August 5?
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Journalize the following, assuming a 360-day year is used for interest calculations:
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Apr. 30
Issued a $150,000, 30-day, 6% note dated April 30 to Misner Co. on account.
May 30
Paid Misner Co. the amount owed on the note dated April 30.
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ANSWER IN 30 MINUTES
What’s the difference between accounts payable and receivable?
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