The following interest-bearing_promissory note was discounted at a bank by the payee before maturity. Use the ordinary interest method, 360 days, to calculate the missing information. (Round dollars to the nearest cent.). Face Value: $1,280 Interest Rate : 7.7
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- A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest ExpenseOn June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank. The note has a face value of 15,000 and a maturity value (principal plus interest) of 15,400. The discount is calculated to be 385, and the accrued interest income is 100. The recourse liability is estimated to be 1,000. Prepare the journal entry of Phillips to record the sale of the note receivable.A customer was unable to pay the accounts receivable on time in the amount of $34,000. The customer was able to negotiate with the company and transferred the accounts receivable into a note that includes interest, along with an up-front cash payment of $6,000. The note maturity date is 24 months with a 15% annual interest rate. What is the entry to recognize this transfer?
- Notes Receivable Transactions The following notes receivable transactions occurred for Harris Company during the last three months of the current year. (Assume all notes are dated the day the transaction occurred.) Required: 1. Prepare the journal entries to record the preceding note transactions and the necessary adjusting entries on December 31. (Assume that Harris does not normally sell its notes and uses a 360-day year for the purpose of computing interest. Round all calculations to the nearest penny.) 2. Show how Harris notes receivable would be disclosed on the December 31 balance sheet. (Assume these are the only note transactions encountered by Harris during the year.)The following interest-bearing promissory note was discounted at a bank by the payee before maturity. Use the ordinary interest method, 360 days, to calculate the missing information. (Round dollars to the nearest cent.)FaceValue Interest Rate (%) Date of Note Term of Note (days) Maturity Date Maturity Value (in $)$1,220 7.4 Sept. 18 130 ???? ???? Date of Discount Discount Period (days) Discount Rate (%) Proceeds (in $)Dec. 11 ??? 11.6 ???The following interest-bearing promissory note was discounted at a bank by the payee before maturity. Use the ordinary interest method, 360 days, to calculate the missing information. (Round dollars to the nearest cent.) FaceValue InterestRate (%) Date ofNote Term ofNote (days) MaturityDate MaturityValue(in $) $650 16 1 2 June 4 135 $ Date ofDiscount DiscountPeriod (days) DiscountRate (%) Proceeds(in $) Sept. 9 19.5 $
- The following interest-bearing promissory note was discounted at a bank by the payee before maturity. Use the ordinary interest method, 360 days, to calculate the missing information. (Round dollars to the nearest cent.)The following interest-bearing promissory note was discounted at a bank by the payee before maturity. Use the ordinary interest method, 360 days, to calculate the missing information. (Round dollars to the nearest cent.) FaceValue InterestRate (%) Date ofNote Term ofNote (days) MaturityDate MaturityValue(in $) $1,210 7.1 Sept. 15 130 ---Select--- January February March April May June July August September October November December $ Date ofDiscount DiscountPeriod (days) DiscountRate (%) Proceeds(in $) Dec. 8 11.9the following interest bearing promissory note was discounted at a bank by the oayee before maturity. use the ordinary interest method 360 days to calculate the missing information. round dollars to the nearest cent.
- 25. The following interest-bearing promissory note was discounted at a bank by the payee before maturity. Use the ordinary interest method, 360 days, to calculate the missing information. (Round dollars to the nearest cent.) FaceValue InterestRate (%) Date ofNote Term ofNote (days) MaturityDate MaturityValue(in $) $2,200 12 Mar. 7 80 $ Date ofDiscount DiscountPeriod (days) DiscountRate (%) Proceeds(in $) Apr. 15 19 $Using ordinary interest, 360 days, calculate the missing information for the simple discount note. (Round dollars to the nearest cent.) FaceValue DiscountRate (%) Date ofNote Term(days) MaturityDate Bank Discount(in $) Proceeds(in $) $700 12.2 Sept. 4 107 $ $Cube Ice Company received a 120-day, 10% note for $96,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note.$fill in the blank f3b771fe205d07f_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. Accounts Receivable Cash Interest Receivable Interest Revenue Notes Receivable Unearned Interest Aug. 7 fill in the blank 332b64fd401df83_2 fill in the blank 332b64fd401df83_3 fill in the blank 332b64fd401df83_5 fill in the blank 332b64fd401df83_6 fill in the blank 332b64fd401df83_8 fill in the blank 332b64fd401df83_9