Melinda Almazan, an angel investor decided to invest P1,200,000 excess cash in certificate of deposit on April 1. 2019 The certificate carried an 8% annual rate of Interest and a 1-year term to maturity, Interest will be withdrawn monthly (disregard tax effects). a 4. What is the amount of interest receivable as of Dec. 31, 2019? 5. What amount of cash will be collected for interest revenue in 2020? 6. What amount of interest revenue will be recognized in 2020? 7. What is the amount of interest receivable as of Dec. 31, 2020?

Melinda Almazan, an angel investor decided to invest P1,200,000 excess cash in certificate of deposit on April 1. 2019 The certificate carried an 8% annual rate of Interest and a 1-year term to maturity, Interest will be withdrawn monthly (disregard tax effects). a 4. What is the amount of interest receivable as of Dec. 31, 2019? 5. What amount of cash will be collected for interest revenue in 2020? 6. What amount of interest revenue will be recognized in 2020? 7. What is the amount of interest receivable as of Dec. 31, 2020?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 24Q: Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms...

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Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms of the note show a maturity date of 36 months, and an annual interest rate of 8%. What is the accumulated interest entry if 9 months have passed since note establishment?
Melinda Almazan, an angel investor decided to invest P1,200,000 excess cash in certificate of deposit on April 1. 2019 The certificate carried an 8% annual rate of Interest and a 1-year term to maturity, Interest will be withdrawn monthly (disregard tax effects). a 4. What is the amount of interest receivable as of Dec. 31, 2019? 5. What amount of cash will be collected for interest revenue in 2020? 6. What amount of interest revenue will be recognized in 2020? 7. What is the amount of interest receivable as of Dec. 31, 2020?
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