Search results
Results From The WOW.Com Content Network
Problem 5Q: If Bergen Air Systems takes out a $100,000 loan, with eight equal principal payments due over the... A company borrowed $10,000 by signing a 180-day promissory note at 11%. The maturity value of the note is: (Use 360 days a year.)
Issued a 60-day, 6% promissory note to Davao Traders, P3000 for additional chair bought. What is the Journal entry. Issued a 60-day, 6% promissory note to Davao Traders, P3000 for additional chair bought. What is the Journal entry. Problem 2Q: 2. Briefly distinguish financial accounting from managerial accounting.
Brandi Lee signed a $30,000 simple discount promissory note at the Signature Bank. The discount rate was 13% ordinary interest, and the note was made on August 9 for 95 days. a. What proceeds did Brandi receive on the note? b. What was the maturity date of the note? c. What was the effective interest rate of the note?
Blanton Issued a four-month, 14% promissory note to L&T Bank under a prearranged short-term line of credit. Interest on the note was payable at maturity. Each firm's fiscal period is the calendar year. Requlred: 1. Prepare the Journal entries to record (a) the Issuance of the note by Blanton Plastics and (b) L&T Bank's recelvable on October 1 ...
JAB Consulting received a promissory note of $14,500 at 7% simple interest for 15 months from one of its customers. After 6 months, Grove Isle Bank discounted the note at a discount rate of 4% Calculate the proceeds (in $) that JAB Consulting will receive from the discounted note. (Round your answer to the nearest cent.) JAB Consulting received ...
Question. Barton Chocolates used a promissory note to borrow $1,350,000 on July 1, 2018, at an annual interest rate of 6 percent. The note is to be repaid in yearly installments of $270,000, plus accrued interest, on June 30 of every year until the note is paid in full (on June 30, 2023). Show how the results of this transaction would be ...
Accounting. If the maker of a promissory note fails to pay the note on the due date, the note is said to bea.displacedb.disallowedc.discountedd.dishonored If the direct write-off method of accounting for uncollectible receivables is used, what general ledger account is debited to write off a customer’s account as uncollectible? a.Bad Debt ...
An employee has a promissory note, due N years hence, whose maturity value is P250,000. If the rate of interest is 16% compounded bi-monthly, The employee had ask for P175,000 on the promissory note. Find: N a. None of these b. 2.22 years c. 2.26 years d. 2.62 years. Problem 7PS: For each transaction, identify the real and/or financial assets ...
51. The business received a 90-day promissory note of P20,000, carrying an interest of 12% per year. The promissory note is dated May 1, 2013 and the Balance Sheet date of the business is June 30, 2013. The accrued interest is a. 200 C. 800 b. 400 d. 1,600. BUY. Principles of Accounting Volume 1. 19th Edition.
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.) This is a popular solution!