(a)
Note receivable:
Note receivable refers to a written promise for the amounts to be received within a stipulated period of time. This written promise is issued by a debtor or, a borrower to lender or, creditor. Notes receivable is an asset of a business.
Interest on note:
Interest on note is the amount charged on the principal value of note for the privilege of borrowing money. Interest is to be paid by the borrower, and to be received by the lender.
Maturity date:
Maturity date is the due date on the note receivable, on due date the borrower is supposed to repay the face value of the note, along with interest.
To determine: The missing amount of total interest, and maturity date for the note issued on April 1.
(b)
The missing maturity date and annual interest rate for the note issued on July 2.
(c)
The missing amount of total interest and maturity date for the note issued on March 7.
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Financial Accounting: Tools for Business Decision Making, 8th Edition
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