Bundle: College Accounting, Chapters 1-27, Loose-leaf Version, 22nd + Study Guide With Working Papers, Chs 1-15 + Cengagenowv2, 2 Terms Printed Access Card, Chs 1-27
22nd Edition
ISBN: 9781337218993
Author: HEINTZ
Publisher: CENGAGE C
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Chapter 17, Problem 1SEB
TERM OF A NOTE Calculate total time in days for the following notes. (Assume there are 28 days in February.)
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Term of a Note
Calculate total time in days for the following notes. (Assume there are 28 days in
February.)
Date of Note
Due Date
Time in Days
May 9
July 17
August 18
October 1
July 7
September 5
December 14
February 5
March 29
May 16
January 8
March 18
Determine the maturity date and compute the interest of each of the following notes: (use 360 days for interest calculation. Round to the nearest dollar) The options for the shaded blanks A - E are the months January through December.
What is the amount of interest revenue that must be accrued on December 31st for a nine-month, 6%, $2,000 note receivable that was accepted on November 1st?
what is the interest accrued?
Chapter 17 Solutions
Bundle: College Accounting, Chapters 1-27, Loose-leaf Version, 22nd + Study Guide With Working Papers, Chs 1-15 + Cengagenowv2, 2 Terms Printed Access Card, Chs 1-27
Ch. 17 - The maturity value of a note includes both...Ch. 17 - Prob. 2TFCh. 17 - The difference between the maturity value of a...Ch. 17 - Prob. 4TFCh. 17 - When a dishonored note is collected, interest is...Ch. 17 - Principal plus interest equals ______ of a note....Ch. 17 - Prob. 2MCCh. 17 - Prob. 3MCCh. 17 - Prob. 4MCCh. 17 - Accrued interest payable is reported as a ______...
Ch. 17 - Prob. 1CECh. 17 - Prob. 2CECh. 17 - Prob. 3CECh. 17 - Prob. 1RQCh. 17 - Prob. 2RQCh. 17 - Prob. 3RQCh. 17 - Prob. 4RQCh. 17 - Prob. 5RQCh. 17 - Prob. 6RQCh. 17 - Prob. 7RQCh. 17 - Prob. 8RQCh. 17 - Prob. 9RQCh. 17 - On which notes receivable and notes payable is it...Ch. 17 - Prob. 11RQCh. 17 - When a business borrows money from a bank on a...Ch. 17 - What kind of account is Discount on Notes Payable,...Ch. 17 - Prob. 14RQCh. 17 - Prob. 15RQCh. 17 - TERM OF A NOTE Calculate total time in days for...Ch. 17 - Prob. 2SEACh. 17 - DETERMINING DUE DATE Determine the due date for...Ch. 17 - JOURNAL ENTRIES (NOTE RECEIVED, RENEWED, AND...Ch. 17 - Prob. 5SEACh. 17 - JOURNAL ENTRIES (ACCRUED INTEREST RECEIVABLE) At...Ch. 17 - JOURNAL ENTRIES (NOTE ISSUED, RENEWED, AND PAID)...Ch. 17 - JOURNAL ENTRIES (NOTE ISSUED FOR BANK LOAN)...Ch. 17 - JOURNAL ENTRIES (ACCRUED INTEREST PAYABLE) At the...Ch. 17 - NOTES RECEIVABLE ENTRIES J. K. Pratt Co. had the...Ch. 17 - NOTES RECEIVABLE DISCOUNTING Marienau Suppliers...Ch. 17 - ACCRUED INTEREST RECEIVABLE The following is a...Ch. 17 - NOTES PAYABLE ENTRIES Milo Radio Shop had the...Ch. 17 - ACCRUED INTEREST PAYABLE The following is a list...Ch. 17 - TERM OF A NOTE Calculate total time in days for...Ch. 17 - CALCULATING INTEREST Using 360 days as the...Ch. 17 - DETERMINING DUE DATE Determine the due date for...Ch. 17 - JOURNAL ENTRIES (NOTE RECEIVED, RENEWED, AND...Ch. 17 - JOURNAL ENTRIES (NOTE RECEIVED, DISCOUNTED,...Ch. 17 - JOURNAL ENTRIES (ACCRUED INTEREST RECEIVABLE) At...Ch. 17 - JOURNAL ENTRIES (NOTE ISSUED, RENEWED, AND PAID)...Ch. 17 - JOURNAL ENTRIES (NOTE ISSUED FOR BANK LOAN)...Ch. 17 - JOURNAL ENTRIES (ACCRUED INTEREST PAYABLE) At the...Ch. 17 - NOTES RECEIVABLE ENTRIES M. L. DiMaurizio had the...Ch. 17 - NOTES RECEIVABLE DISCOUNTING Madison Graphics had...Ch. 17 - ACCRUED INTEREST RECEIVABLE The following is a...Ch. 17 - Prob. 13SPBCh. 17 - ACCRUED INTEREST PAYABLE The following is a list...Ch. 17 - Prob. 1MYWCh. 17 - Rochelle needed to borrow 3,000 for three months...Ch. 17 - Eddie Edwards and Phil Bell own and operate The...Ch. 17 - Prob. 1CP
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- A 90-day note is signed on October 21. The due date of the note is: ◇ January 19 O January 21 ◇ January 20 ◇ January 18arrow_forwardFind the due date for 130 days note dated July 7,using Actual timearrow_forwardFor each notes receivable determine the interest revenue to be reported on the income statement for the year ended December 31. Use 360 days in your computations. date Face Rate% Term aug. 8. 45000. %7. 45days Oct. 7 62000 5 60 jan 6 28000 4 120 nov 12 43000 6 60arrow_forward
- Determine the due date and the amount of interest due at maturity on the following notes: Date of Note Face Amount Interest Rate Term of Note a. January 10* $40,000 5% 90 days b. March 19 18,000 8 180 days c. June 5 90,000 7 30 days d. September 8 36,000 3 90 days e. November 20 27,000 4 60 days *Assume that February has 28 days. Assume 360-days in a year when computing the interest. Note Due Date Interest a. $fill in the blank 2 b. fill in the blank 4 c. fill in the blank 6 d. fill in the blank 8 e. fill in the blank 10arrow_forwardCalculate the average daily balance (in $) for October for a revolving credit account with a previous month's balance of $110 and the following activity. (Round your answer to the nearest cent.)arrow_forwardwhat is the due date for a loan dated Nov 7 for 120 days?arrow_forward
- What is the due date of a 220 day loan made on February 12?arrow_forwardThe following table gives the average monthly balances for one bank customer for April through June. Calculate the weighted average balance for the three-month period. Note that each average monthly balance must be weighted by the number of days in that month. Round to the nearest cent. April-$435.21 May- $377.93 June- $261.79arrow_forward16. For the following notes, calculate the due date. Date of Note Term of Note Due Date 1. Apr. 18 82 days _________ 2. Aug. 22 5 months _________ 3. Sep. 11 110 days _________ 17. A 100-day note with a face amount of $54,000 and interest rate of 9% is issuedon June Compute the following using a 360-day year: a. Maturity value of the note $___________ b. Maturity date___________ c. Interest$___________ 2.The note is discounted on July 1. The bank discount rate is 12%. Compute the following: a. Number of days in the discount period ___________ b. Discount amount$___________ c. Proceeds$___________arrow_forward
- Compute the maturity date and interest for the following notes.( use 360 days for calculation) Dates of notes Terms Principal Interest Rate a. April 17 45 days 48,000 3% b. August 11 2 months 72,000. 7% Maturity date. Interest a. ? $? b. ? $?arrow_forwardDetermine the due date and the amount of interest due at maturity on the following notes. When calculating interest amounts, assume there are 360 days in a year. Round intermediate calculations to 4 decimal places, and round your final answers to the nearest whole dollar. Date of Note Face Amount Interest Rate Term of Note a. January 15 $49,185 13 % 30 days b. April 1 18,045 11 90 days C. June 22 12,325 8 45 days d. August 30 18,975 12 120 days e. October 16 11,660 9 50 days Interest Due at Due Date Maturity a. b. نف C. d. e.arrow_forwardHoneycomb Company issued a note receivable to a customer on September 1. The face value of the note was $20,000 at 5% interest for 7 months. What is the accrued interest journal entry for Honeycomb assuming their fiscal year is December 31?arrow_forward
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