Sunshine Service Center received a 120-day, 6% note for $40,000, dated April 12 from a customer on account. Assume 360 days per year. a.  Determine the due date of the note.     b.  Determine the maturity value of the note. When required, round your answers to the nearest dollar. $fill in the blank df5724f79f8d02f_2   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. Aug. 10   Cash Cash     Note Receivable Note Receivable     Interest Revenue Interest Revenue

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: 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: Honeycomb Company issued a note receivable to a customer on September 1. The face value of the note…

A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…

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: Selkirk Company obtained a $15,000 note receivable from a customer on January 1, 2021. The note,…

A: Given information is: Selkirk Company obtained a $15,000 note receivable from a customer on January…

Q: On August 2, Jun Co. receives a $6,100, 90-day, 12.5% note from customer Ryan Albany as payment on…

A: Notes receivable applies to the claims on which structured financial instruments, such as promissory…

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: 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: 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: 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: Good Day Service Center received  a 120-day, 6% note for $250,000, dated April 12 from a customer on…

A: Calculation of due date of the Note Due Date of Note will be 120 days form the date on which it is…

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: 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: 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: 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: Spring Designs & Decorators issued a 120-day, 6% note for $42,000, dated April 13 to Jaffe Furniture…

A: Interest on note = Face value of note x rate of interest x no. of days / 360 = $42000 x 6% x 120/360…

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

A: Notes payable are defined as the written promissory note or an agreement under which the borrower…

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: 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: JAB Consulting received a promissory note of $13,500 at 99% simple interest for 15 months from one…

A: Notes Receivables - Notes Receivable is the promissory note given by the customer for the amount due…

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: 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: Houston Company receives a six-month note from a customer. The note has a face amount of $8,000 and…

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

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

A: Interest on Notes = Face value of Notes x rate of interest x time = $110,000 x 12% x 60/360 = $2,200

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: 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: On January 26, Elegant Co. borrowed cash from Conrad Bank by issuing a 30-day note with a face…

A: Proceeds of the note = Face value value of the note - discount amount

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

A: Note receivable refers to a negotiable instrument. It represents the claim amount due on the…

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: 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: 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: JAB Consulting received a promissory note of $13,500 at 7% simple interest for 15 months from one of…

A: Frist we need to calculate the maturity value of promissory note by using this equation. Maturity…

Q: Bull City Industries is considering issuing a $100,000, 7% note to a creditor on account. Required:…

A: a.  Following are the journal entry when note is issued with a 45-day term:

Q: Valley Designs issued a 120-day, 10% note for $90,200, dated April 15 to Bork Furniture Company on…

A: When a company has notes payable or bank loans outstanding on a given reporting date, there is an…

Q: Selkirk Company obtained a $15,000 note receivable from a customer on January 1, 2018. The note,…

A: Prepare journal entries.

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, 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: 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: 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: JAB Consulting received a promissory note of $13,500 at 9% simple interest for 15 months from one of…

A: A promissory note refers to a legal instrument in which the promise is made in writing that the…

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…