On June 8, Smith Technologies issued a $75,000, 6%, 140-day note payable to Johnson Company.  What is the due date of the note?     a)  October 28   b)  October 27   c)  October 26   d)  October 25

Q: On November 1, Jasper Company loaned another company $270,000 at a 8.0% interest rate. The note…

A: Interest revenue reported in first year = Amount of loan x rate of interest x No. of months / 12

Q: The following note transactions occurred during the year for Towell Company: On Nov. 25, Towell…

A: Interest is an expense which is to be paid to the lender or creditor for making late payment for the…

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 April 12, Hong Company agrees to accept a 60-day, 10%, $6,100 note from Indigo Company to extend…

A: For Indigo Company: Accounts payable has been decreased. Notes payable have been increased by the…

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: b.Rodriguez is the borrower and debits Accounts Payable

A: Account Payable-It is an Liability of a company. Account payable is generated when a company…

Q: On June 8, Williams Company issued an $80,400, 7%, 120-day note payable to Brown Industries.…

A: Interest on note = Face value of notes x rate of interest x no. of days / 360 days = $80,400 x 7% x…

Q: The following note transactions occurred during the year for Zuber Company: On November 25, Zuber…

A: Counting of days of accrual Porter's note From November 25 to December 31st = 5 +31 = 36 days  Bank…

Q: On March 1, 20x4, Banco Popular agrees to lend $ 100.00 to your company through a written contract…

A: Note Payable is a written contract to pay a predetermined borrowed amount along with interest within…

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

A: Note is a form of debt issued or taken by the company. Interest has to be paid or received on the…

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: Nelsie Corporation has an outstanding 60- day 6% note receivable armounting to P 15,000 dated…

A: Accrued interest on December 31 should be credited to the interest income and 9 should be debited.…

Q: Yummy sold $656,000 of consumer electronics during July under a one-year warranty. The cost to…

A: Contingent liability may or may not arise on the occurrence of future events. Warranty liability is…

Q: On July 8, Jones Inc. issued an $70,600, 8%, 120-day note payable to Miller Company. Assume that the…

A: Notes payable is a negotiable instrument where a borrower records a promise to pay a certain amount…

Q: On July 8, Jones Inc. issued an $71,300, 10%, 120-day note payable to Miller Company. Assume that…

A: Definition:   Accrued interest: Accrued interest is the outstanding interest expense in the…

Q: Lundquist Company received a 60-day, 7% note for $79,000, dated July 23, from a customer on account.…

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

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: b. Determine the proceeds of the note assuming th

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

Q: Prefix Supply Company received a 60-day, 5% note for $57,000 dated July 12 from a customer on…

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

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: On November 1, Kotler Company accepted a 3-month note receivable as payment for services provided to…

A: From November 1 to December 31 = 2 months Interest accrued on December 31 = $9,000 x 6% x 2/12 = $90…

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

A: Since you have specifically asked for part b and c, we are answering the same for you.   Note…

Q: Cardinal Company, a dealer in lawn equipment, accepted a 6 month note receivable from a customer on…

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

Q: On July 8, Jones Inc. issued an $83,300, 9%, 120-day note payable to Miller Company. Assume that the…

A: Accrued interest:   Accrued interest is the outstanding interest expense in the accounting period,…

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

A: Working Note: Interest on the Note = Face value of the note x rate of interest x no. of days / 360…

Q: Hasty and Tasty Foodservice received a 120-day, 7% note for $84,000, dated June 12, from a customer…

A: In case of a credit sale, the customer is given an option to make payment for the sale within a…

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 August 1, Batson Company issued a 60-day note with a face amount of $140,000 to Jergens Company…

A: Discount on notes  = Face value of note x rate of discount = $140000 x 6% = $8400

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 March 1, 20x4, Popular Bank agrees to lend $100.00 to your company through a written contract for…

A: A note a legal document between two parties whereby one party agrees to pay the other a preagreed…

Q: On April 1, 2018, Audrey Company assigned accounts receivable totaling P400,000 as collateral on a…

A: Journal Entries

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

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

Q: Maxx Company borrowed P10,000 from the bank signing a 9%, 3-month note on September 1. Principal and…

A: Adjusting entries are also known as closing entries because these are prepared at the time of…

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: On July 8, Jones Inc. issued an $72,300, 7%, 120-day note payable to Miller Company. Assume that the…

A: Solution:  Jones Inc should recognize the interest expense for 23 days. = From July 8 to July 31= 23…

Q: On June 1, Davis Inc. issued an $84,000, 5%, 120-day note payable to Garcia Company. Assume that the…

A: Solution: Days in current year = June 30 - June 1 = 29 days Days in following year = 120 - 29 = 91…

Q: Lundquist Company received a 60-day, 9% note for $28,000, dated July 23, from a customer on…

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

Q: a. Determine the due date of the note.   b. Determine the maturity value of the note. Assume 360…

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

Q: On July 1, Alton Co. issued an $74,700, 10%, 120-day note payable to Seller Co. Assume that the…

A: Interest will be recognized on $74700 and the interest rate charged is 10%.  Amount of interest…

Q: The following selected transactions for notes receivable are for Accustart Limited. May 1…

A: Step 1 Journal is the part of the book keeping.

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

A: Solution: (a). Calculate due date as follows :   Number of days in month  Cumulative days…

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…