On 1st Sept 2020 Sun LLC has accepted a note receivable for RO 1000 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 40 b. RO 39.45 c. RO 41.35 d. RO 38

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: At the end of 2020, the business has a notes payable with maturity value of TL60.000. The maturity…

A: Discount on notes payable  = Maturity value x rate of discount x no of months/12 = TL 60000 X 20% X…

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: On May 15, Maynard Co. Borrowed cash from texas bank by issuing a 60 day note with a face amount…

A: Notes payable is a negotiable instrument signed by the promisor who agreed to pay a certain amount…

Q: A 60-day, 6% note for $26,400, dated May 1, is received from a customer on account. The maturity…

A: Formula: Maturity Value of Note = Face Value of Note + Interest on Note Maturity Value of Note =…

Q: Sylvestor Systems borrows $185,000 cash on May 15 by signing a 150-day, 7%, $185,000 note. 1. On…

A: Journal: Recording of a business transactions in a chronological order.

Q: On January 1, 2019, Johnson Corporation issued a 2-year note due December 31, 2020, with a face…

A: Bonds are considered a financial instrument used to raise finance for the organization. It is also…

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: 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: 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: 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: Assume that on 15th January 2019 Mustafa and Sons LLC sold OMR 15000 goods to Ibri traders on…

A: The maturity value is the amount to be paid at the time of maturity of note note receivable by the…

Q: A 60-day, 6% note for $24,000, dated May 1, is received from a customer on account. The maturity…

A: The maturity value of note is calculated as sum of principal value and interest amount.

Q: amount of interest to be recorded

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

Q: Autumn Designs & Decorators issued a 120-day, 8% note for $78,000, dated April 13 to Zebra Furniture…

A: The note receivable is an asset for the business which is issued by the debtors of the business.

Q: Following are the current note receivables of Monsoon, Inc. as of December 31, 2020. All notes have…

A: Journal: Recording of a business transactions in a chronological order.

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

A: Interest Rate: It is a portion of the principal amount that is charged by a lender for the use of…

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

A: Note receivable and accounts receivable, both are considered as an asset of the company. The…

Q: SNK Corp. produces advertising videos. During the current year ending December 31, SNK received the…

A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…

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: On June 30, 2020, GHI Company discounted at the bank a customer P6,000,000, 6-month, 10% note…

A: A note receivable is an instrument that promises the holder of the note a certain amount of sum…

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: . Potts issued a 90-day, 7% note for $200,000, dated February 3 to Valley Co. on account.…

A: The person who promised to pay the specified amount by signing a note is treated as notes payable as…

Q: Determine the due date and the amount of interest due at maturity on the following notes: Date of…

A: Formulas: Due Date (Maturity Date) = Date of Note + term on the note (in days) Interest on Note =…

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: 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: n April 12, Hong Company agrees to accept a 60-day, 8%, $7,800 note from Indigo Company to extend…

A: Notes payable is debited by $7,800 since notes payable is a liability and a decrease in liability is…

Q: On November 1, Alan Company signed a 120-day, 11% note payable, with a face value of $14,400. What…

A: The question is related to maturity value of of notes Payables issued on November 1st for 120 days…

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

A: Notes payable is considered as a negotiable instrument signed by the promisor who agreed to pay a…

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: Sylvestor Systems borrows $181,000 cash on May 15 by signing a 180-day, 6%, $181,000 note. 1. On…

A: Answer 1) Calculation of maturity date of notes payable Maturity date of note = Issue date of note +…

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: Determine the due date and the amount of interest due at maturity on the following notes:   Date of…

A: Interest on Note = Face value X Rate of interest X Tenure in days/ 360 days

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: Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 from a customer on…

A: Introduction: A journal entry is a record of a business transaction in an organization's accounting…

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: On the 1st of March,a Note with a due date on March 31 is replaced by another one with a new due…

A: Discounting charges are the charges paid by the note holder to encash it before maturity date. It is…

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…