On June 8, Alton Co. issued an $75,537, 7%, 120-day note payable to Seller Co. Assuming a 360-day year for your calculations, what is the maturity value of the note? When required, round your answer to the nearest dollar. Select the correct answer. $5,288$75,537$80,825$77,300

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 February 1, Electronic Warehouse Co. issued a 45-day note with a face amount of $80,000 to Yamura…

A: Notes are issued by the organisation for receivables and payables that are to be received or paid in…

Q: 1. On June 8, Williams Company issued an $70,894, 9%, 120-day note payable to Brown Industries.…

A: Interest = Value of Note * Interest Rate * No. of DaysInterest = $70,894 * 9% * 120/360Interest =…

Q: Autumn Designs & Decorators issued a 120-day, 6% note for $76,800, dated April 13 to Zebra Furniture…

A: Maturity Value of the Note = Face Value + (Face Value * Interest rate * Days of Note / 360) Interest…

Q: On October 1, 2011, Coast Financial loaned Barr Corporation$300,000, receiving in exchange a…

A: Maturity date of Notes = October 1, 2011 + 9 months = July 1, 2012 No. of Months from January 1,…

Q: On June 8, Alton Co. issued an $77,100, 7%, 120-day note payable to Seller Co. Assume that the…

A: Interest:   An interest is the cost of the funds loaned to the business by any lender.

Q: On August 1, Kim Company accepted a 90-day note receivable as payment for services provided to Hsu…

A: Lets understand the basics. When transaction happen between parties and in consideration of that…

Q: On November 1, Alan Company signed a 120-day, 12% note payable, with a face value of $10,800. What…

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…

Q: On the first day of the fiscal year, a company issues $32,000, 11%, five-year installment notes that…

A: The journal is the book in which the company will record the transactions in chronological manner.…

Q: On the first day of the fiscal year, a company issues $26,000, 12%, three-year installment notes…

A: Issue price of note is given at $26,000 and annual payment is $10,825 ($3,120 interest and $7,705…

Q: On May 1, 2014, Nico Company sold merchandise to Customer Francis and received a P26,400 (face…

A: Present value of note receivable on May 1, 2014 = Face value of note x present value factor (10%, 1…

Q: Watson Company issued a 60-day, 8% note for $18,000, dated April 5, to Laker Company on account.…

A: Notes receivable indicates the asset raised by the company by issuing a note which contains a…

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

A: Note means an instrument acknowledging as debt due from one party to another party. It carry defined…

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

A: Req-a       Date Account Name Debit  Credit Oct. 1 Cash $89,100     Interest Expense ($90,000…

Q: Bennett Enterprises issues a $660,000, 45-day, 9%, note to Spectrum Industrièš för merchandls Assume…

A: Journal is the book of original entry in which all the transactions of the business are recorded…

Q: b. Determine the proceeds of the note assuming th

A: Merchandise inventory refers to products purchased from suppliers by a distributor, wholesaler, or…

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: mobile Co issued a $58,904 60-day discounted note to Guaranty Bank the discount rate is 12% at…

A: Cash proceeds from issue of discount note = Amount of the note - discount = $58,904 -…

Q: Assume 360 days in a year. Do not round your intermediate calculations and round your final answer…

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

Q: Norton Company received a 90-day, 6% note for $300,000, dated May 12 from a customer on account.…

A: Norton Company    A 90-day, 6% note for $300,000, dated May 12 from a customer on account   (A) the…

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 January 1, 20X1, the company received a $10,000 three-year note bearing interest at 10% annually.…

A: Journal entry is a primary entry that records initially the financial transactions of the company.

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: A business issued a 45-day, 6% note for $210,000 to a creditor. Principal and interest are payable…

A: Notes are short term financial intrument with a fixed maturity period and usually short term…

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: On January 1, Year 1, Luzak Company issued a $120,000, five-year, 6% installment note to McGee Bank.…

A:

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 August 1, Batson Company issued a 60-day note with a face amount of $91,800 to Jergens Company…

A: Answer: Note are issued at the face value or the discounted value. When price of the note is the…

Q: on nov, 1. Alan co. signed a 120 day, 12% note payable, with a fac valus of 9,900. what is the…

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

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: 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 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: BAYAN Company had a 60-day note of P10,000 dated May 15 with a 9% interest rate, discounted at the…

A: The note receivable is a current assets, which is issued by the debtors of the business. Discounting…

Q: Valley Designs issued a 120-day, 10% note for $90,200, dated April 20 to Bork Furniture Company on…

A: Maturity Value = Note Value + Interest

Q: On January 1, 2020 Plumbus Inc. is issued a notes payable for $29,200. The note has an interest rate…

A:

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: Valley Designs issued a 90-day, 10% note for $48,000, dated April 22, to Bork Furniture Company on…

A: A journal entry is used to reflect a business deal in a company's accounting records. A journal…

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…

Q: Valley Designs issued a 120-day, 6% note for $76,800, dated April 15 to Bork Furniture Company on…

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

Q: On December 1, Victoria Company signed a 90-day, 6% note payable, with a face value of $15,000. What…

A: Interest accrued = Note payable x Interest rate x 30/360 = $15000 x 6% x 1/12 = $75