Same Day Surgery Center received a 120-day, 7% note for $72,000, dated April 9, from a customer on account. Assume 360 days in a year. a.  Determine the due date of the note.   b.  Determine the maturity value of the note. $ c.  Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank.

Q: Accounting for a note receivable On June 6, Lakeland Bank & Trust lent $80,000 to Stephan Stow…

A: Interest on note receivable = Note receivable x rate of interest x days/365  = $80,000*9%*30/365 =…

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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

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A: Introduction: A note payable is a promissory note in writing. Under this agreement, a borrower…

Q: Autumn Designs & Decorators issued a 120-day, 9% note for $48,000, dated April 13 to Zebra Furniture…

A: Interest on Note = Face value of note x rate of interest x No. of days/360 days =48000*9%*120/360 =…

Q: A business issued a 60-day, 10% note for $80,000 to a creditor on account. Journalize the entries to…

A: In the above question we have asked to pass journal entries at the time of issuance of notes payable…

Q: Same Day Surgery Center received a 120-day, 7% note for $96,000, dated April 9 from a customer on…

A: Maturity value of the note = Face value of bonds + Interest

Q: Spring designs and decorators issued a 120- day, 8% note for 78,000, dated April 13th to Jaffe…

A: Maturity value of note = Note amount + Interest

Q: Entries for Notes Receivable Autumn Designs & Decorators issued a 120-day, 5% note for $93,000,…

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

Q: A business issued a 45-day, 6% note for $210,000 to a creditor on account. Journalize the entries to…

A: Interest expense to be recorded = Value of note * Annual interest note * Period of note / 360

Q: Discounting a Note Receivable Sonic Inc. received from a customer a $2,400, 9% interest-bearing note…

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Q: June 23 Received a $48,000, 90-day, 8% note dated June 23 from Radon Express Co. on account. Sept.…

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Q: Uniform Supply accepted a $7,200, 90-day, 7% note from Tracy Janitorial on October 17. What entry…

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

Q: Note Receivable Cube Ice Company received a 120-day, 7% note for $60,000, dated April 9 from a…

A: DUE DATE : = APRIL 9 + 120 DAYS  = AUGUST 7

Q: Answer all questions. Ch.5-4

A: Please find the whole answer in the picture.

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A: Interest expense = $83,000 x 15% x 120/360 = $4,150

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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…

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A: a.Calculation of due date of the note: Thus, August 7 will be the due date of the note.

Q: Save & Exit On April 12, Hong Company agrees to accept a 60-day, 6%, $6,900 note from Indigo Company…

A: Interest rate = 6% Notes payable value = $ 6900 Period = 60-day

Q: Note Receivable Maggiano Supply Company received a 120-day, 6% note for $420,000, dated June 12,…

A: Meaning :  1. Note Receivable:  Note receivable record the value of promissory note that a business…

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

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Q: Water Closet Co. wholesales bathroom fixtures. During the current year ending December 31, Water…

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Q: Note Receivable Same Day Surgery Center received a 120-day, 10% note for $12,000, dated April 9,…

A: Due date of the note (21+31+30+31+7 days) = August 7

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

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Q: Journalize the following transaction: Mar. 1             Received a 60-day, note for $24, 000 dated…

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Q: On October 1, Eli's Carpet Service borrows $125,000 from First National Bank on a 3-month, $125,000,…

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Q: note for $96,000 to a creditor on account. The note was discounted at 7%. Journalize the entries to…

A: Nos. Date Account and Explanation Debit Credit a March 1 Account Payable ($96,000-$1,120 ) $94,880…

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

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Q: A business issued a 120-day, 6% note for $9,000 to a creditor on account. The company uses a 360-day…

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

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Q: ShadyTree Company issued a note receivable to a customer. The face value of the note was $12,000 at…

A: The question is based on the concept of Financial Accounting.

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

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Q: A business issued a 45-day note for $80,000 to a creditor on account. The note was discounted at 5%.…

A: