On 1st Sept 2020 Sun and sand LLC has accepted a note receivable for RO 2000 from one of the accounts receivables. The maturity period is 120 days. The interest rate is 12%. The amount of interest to be recorded in account on 31 December will be a. RO 80 b. RO 78.9 c. RO 81.35 d. RO 76

Q: Sylvestor Systems borrows $50,000 cash on May 15 by signing a 60-day, 5%, $50,000 note.   1. On what…

A: The note payable is the liability for the business which is to be paid on due date with interest.

Q: Blue Spruce Corp. lends Dobson industries $ 60000 on August 1, 2017, accepting a 9-month, 6%…

A: Interest receivable on December 31, 2017 = 60,000 x 6/100 x 5/12 = $1,500  Interest revenue from…

Q: Valley Designs issued a 90-day, 12% note for $36,000, dated April 15, to Bork Furniture Company on…

A: Maturity Value of Note will be Principal Amount and Interest on Note Interest = Principal * Interest…

Q: Note Company provided the following information on its notes payable as of December 31, 2020: Note…

A: Liability is a sum of money an individual or organization owns. Current liabilities are an…

Q: On October 12, 2020, Golf Co. received from one of its customers, Ping Co., a $30,500, 8% 90 day…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: Erza Company has a P180,000, 10%, 90-day note receivable outstanding at December 31. The note is…

A: Interest receivable is interest accrued but not received. Interest receivable is an asset. Increase…

Q: On 5th October 2020 Mazoon LLC has accepted a note receivable from one of the accounts receivables.…

A: Note receivables are receivables that are due on account of promise being made by maker by note for…

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

A: Answer a) Due date =August 11 17+31+30+31+11

Q: On October 12, 2020, Golf Co. received from one of its customers, Ping Co., a $30,500, 8% 90 day…

A: Interest accrued on December 31, 2020 = Face value of note x interest rate x no. of days/360 =…

Q: On November 12, 2021, Jones Corporation borrows money at James National Bank by issuing a $10,000, 3…

A: Discount on note = face value of notes x rate of discount x no. of months/12  =$10000 x 12% x 3/12 =…

Q: 7-On 1st Sept 2020 Sun and sand  LLC has accepted a note receivable for RO 2000 from one of the…

A: Notes receivable: It is a written document by which the other person promises to pay a certain…

Q: On 1st Sept 2020 Sun LLC has accepted a note receivable for RO 1000 from one of the accounts…

A: Days outstanding  from 1st step to 31 dec   =  122 Maturity period is less than it so total interest…

Q: On June 8, Williams Company issued an $85,200, 9%, 120-day note payable to Brown Industries.…

A: Note payable is issued by the debtor as a. Promise note that he would make the payment on time with…

Q: on June 8th Alton Co issued an $70620 11% 120 Day note payable to seller Co. Assuming a 360 day year…

A: Interest on Note = Face value of Note x rate of interest x No. of days /360 days =…

Q: $45,300, 7-month, 6% note dated October 31, 2021 with Q Tile LLC. All of the note's interest is due…

A: Notes receivable are claims for which formal instruments of credit, such as a promissory note, are…

Q: amount of interest to be recorded

A: Interest on note receivable = Amount of note receivable * Interest rate * Months of maturity/12…

Q: On November 16, 2019, Clear Glass Company borrowed $20,000 from First American Bank by issuing a…

A: The calculation as,

Q: On 1 Dec. 2020, Segma Trading Co. borrowed $300,000 for 90 days at 5% by signing a note payable on…

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

Q: On 1st July 2020 Star LLC has accepted a note receivable for RO 2000 from one of the accounts…

A: Computation of interest as follows RO 2000 * 10% * 6/12 = RO 100

Q: Cube Ice Company received a 120-day, 10% note for $96,000, dated April 9 from a customer on account.…

A: Given: Number of days to maturity = 120 days Discount rate = 10% Maturity value = $96,000 Date 9th…

Q: 2. On July 1, 2019, XYZ Co. borrowed P2,000,000 and İssued a one-year promissory note. The lender…

A: The notes payable is an agreement where the borrower promises to pay interest and principal at…

Q: On 1st July 2020 Star LLC has accepted a note receivable for RO 2000 from one of the accounts…

A: Interest on note receivable shall be calculated from date of issuance till date of maturity.

Q: Sylvestor Systems borrows $96,000 cash on May 15 by signing a 60-day, 7%, $96,000 note.   1. On what…

A: SOLUTION- 1                                      CALCULATION OF DATE OF MATURE OF NOTE DATE OF…

Q: ABC Company received a ten-month, $18,000, 4% note from XYZ Corporation on April 1, 2020 to replace…

A: First understand the Journal Entry on Dec 31, 2020 Date General Journal Debit Credit Dec 31…

Q: ABC Company received a ten-month, $18,000, 4% note from XYZ Corporation on April 1, 2020 to replace…

A: Formula: Interest amount = Principal amount xx interest rate Multiplying principal amount with…

Q: On May 1, 2022, FDN Trading accepted a 120-day, 8% P60,000 note from ABC Co. 30 days after, FDN…

A: Let's understand some basics  Notes are usually discounted with recourse, when it is discounted with…

Q: Lone Star Company received a 90-day, 6% note for $80,000, dated March 12 from a customer on account.…

A: Journal Entry is the primary entry of business transactions. Every transaction has a dual effect…

Q: On 1st July 2020 Star LLC has accepted a note receivable for RO 2000 from one of the accounts…

A: Notes receivable: It's a current asset having a life of less than one year. Notes receivable should…

Q: On October 1, Ramos Co. signed a $90,000, 60-day discounted note at the bank. The discount rate was…

A: Discount on notes payable = Amount of note payable x discount rate = $90000 x 6% = $5400

Q: On July 8, Action Co. issued an $80,000, 6%, 90-day note payable to Scanlon Co. Assuming a 360-day…

A: The note is the liability on which a specific percentage of interest has to be paid over the…

Q: Zenephia Corp. accepted a nine-month note receivable from a customer on October 1, 2022. If Zenephia…

A: As per Revenue Recognition principle, revenue is recognized when the goods are sold or services are…

Q: Sunshine Service Center received a 120-day, 6% note for $40,000, dated April 12 from a customer on…

A: Notes receivable is a negotiable instrument that indicates the claims to be paid at a specific date…

Q: Sylvestor Systems borrows $69,000 cash on May 15 by signing a 60-day, 8%, $69,000 note. 1. On what…

A: Formula: Interest expense = Notes amount x Time period x Interest rate

Q: Suppose, on September1, 2019 Fido Corporation borrows $30,000 from its bank for a period of 8 months…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: Outer Armour (OA) is a company that sells high quality outerwear. OA has accepted two notes…

A: Part 2: Note receivable A=Sep. 1 to Dec. 31=4 monthsNote receivable A=Nov. 1 to Dec. 31=1 month

Q: Vaughn Manufacturing lends Pina Colada industries $51600 on August 1, 2022, accepting a 9-month, 12%…

A: Note Interest means, with respect to any Investor at any time, the undivided interest in the Note…

Q: On October 1, Ramos Co. signed a $90,000, 60-day discounted note at the bank.  The discount rate was…

A: Part-A Amount which will be Discounted by Bank  = $ 90,000 x 6% x 60360…

Q: (a) Determine the due date of the note. (b) Determine the maturity value of the note. (c) Journalize…

A: Note receivable:   Note receivable refers to a written promise received by the creditor from the…

Q: Sylvestor Systems borrows $63,000 cash on May 15 by signing a 120-day, 6%, $63,000 note. 1. On what…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: Quick Tire and Lube received a 120-day, 8% note for $72,000, dated April 9 from a customer on…

A: Journal is a place where accounting transactions are listed in the book keeping system before ledger…

Q: On July 31, 2020, Clear Company discounted at the bank a customer's P600,000 interest-bearing note,…

A: Net Proceeds from discounted note = Maturity Value - Discount on note

Q: On December 31, 2021, Bart Company purchased a machine in exchange for a noninterest bearing note…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: On April 12 Hong co. agrees to accept a 60 day, 6% 6,900 note from indigo co to extend the due date…

A: Introduction: Journals: Recording of a business transaction in a chronological order. First step in…

Q: On Dec 30, 2020 Fox purchased a machine from Grisley Corp in exchange for a zero-interest bearing…

A: Number of Payments= 8 Down payment date= Dec 30, 2020 (Ist payment date) Rate of Interest= 11%…

Q: Sylvestor Systems borrows $ 110,000 cash on May 15 by signing a 60-day, 12%, 110,000 note 1. On what…

A: 1. On July 14th the note mature.

Q: 60-day, 9% note for $10,000, dated May 1, is received from a customer on account.  Use 30 day months…

A: The  note is type of exchange in which they are is promised to pay the specified amount within a…

Q: On January 1, 2022 Hideki Matsuyama provides services in exchange for a $10,000 zero-interest…

A: Solution: Present value of note on Jan 1, 2022 = $10,000 * PV of 1 at 15% for 4 periods = $10,000 *…

Q: Valley Designs issued a 90-day, 9% note for $96,000, dated April 19, to Bork Furniture Company on…

A: Notes receivable are made by Debtors as a promissory note that they will make the payment on due…

Q: Sylvestor Systems borrows $70,000 cash on May 15 by signing a 90-day, 5%, $70,000 note. 1. On what…

A: Notes payable are the written agreement in which maker of the note promises to pay a certain amount…

Q: On June 8, Alton Co. issued an $73,184, 9%, 120-day note payable to Seller Co. Assuming a 360-day…

A: It is the total sum that the note holder has to pay on the maturity date. The sum includes interest…