Sunset West issues a $90617, 60-day, 9% note to Memorial Point in exchange for an overdue account payable. For MEMORIAL POINT: What is the amount that is debited to cash when Sunset West pays the note?
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Sunset West issues a $90617, 60-day, 9% note to Memorial Point in exchange for an overdue account payable. For MEMORIAL POINT: What is the amount that is debited to cash when Sunset West pays the note?
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- You decide to discount a$5250, 345-day note at 3% to your bank at a discount rate of 4.5% on day 210. What are the proceeds?10. A bank note is discounted at 6% in order to take advantage of the cash discount On an invoice for $8,080.00 plus shipping charge of $42.00. The credit terms Are 2/15, n/45. a. What is the cash discount? $ _ Calculate the proceeds needed to pay the invoice in full taking advantage Of the cash discount: b.2. Assume the following information regarding a note received by HEERHUM YU Company: P1,500,000 October 1, 2020 120 days December 1, 2020 Principal amount of note receivable Date of note Term of note Date of discounting Discount rate 12% Interest income for 120 days P50,000 Compute the interest rate charged to customer. How much is the principal amount of the note receivable?
- Nash's Trading Post, LLC receives a $9000, 3-month, 6% promissory note from Concord Corporation in settlement of an open accounts receivable. What entry will Nash's Trading Post, LLC make upon receiving the note? Notes Receivable 9000 Interest Receivable 135 Accounts Receivable-Concord Corporation 9000 Interest Revenue 135 Notes Receivable 9135 Accounts Receivable-Concord Corporation 9135 Notes Receivable 9000 Accounts Receivable-Concord Corporation 9000 Notes Receivable 9135 Accounts Receivable-Concord Corporation 9000 Interest Revenue 135What will be the journal entry to record the issue of note of $30,000 to a creditor who has agreed to pay the amount on the specified terms as per the note agreement? а. Ref. Debit(in S) Credit(in S) 30,000 Date Description |Notes Payable Cash |To record the issue of note against the amount due) $ 30,000 b. Date Description Ref. Debit(in $) | Credit(in S) |Notes Payable Accounts Payable |To record the issue of note against the amount due) 30,000 $ 30,000 с. |Ref. Debit(in S) Credit(in S)_ 30,000 Date Description |Accounts Payable Notes Payable |To record the issue of note against the amount due) 30,000 d. |Ref. Debit(in $) Credit(in $) 30,000 Description Date Accounts Payable Cash |(To record the issue of note against the amount due) 30,000Cullumber Inc. assigns $4728000 of its accounts receivables as collateral for a $3.30 million loan with a bank. The bank assesses a 3% finance charge on the loan amount and charges interest on the note at 6%. What would be the journal entry to record this transaction? O Debit Cash for $3201000, debit Interest Expense for $99000, and credit Accounts Receivable for $3300000 O Debit Cash for $3003000, debit Interest Expense for $297000, and credit Notes Payable for $3300000 O Debit Cash for $1890800, debit Interest Expense for $99000, debit Due from Bank for $1428000, and credit Accounts Receivable for $4728000 O Debit Cash for $3201000, debit Interest Expense for $99000, and credit Notes Payable for $3300000
- On August 2, Jun Company receives a $6,800, 90-day, 10.5% note from customer Ryan Albany as payment on his $6,800 account receivable. Prepare Jun's journal entry assuming the note is honored by the customer on October 31 of that same year. (Do not round Intermediate calculations. Round your answers to nearest whole dollar value. Use 360 days a year.) View transaction list Journal entry worksheet Record cash received on note plus interest. Note: Enter debits before credits Date October 31 General Journal Debit CreditOn June 1, Mickey Mouse Corporation accepted a customer's P10,000, 9 percent, 3-month note. On July 1, the note was discounted at a bank at a rate of 12 percent. How much cash did Mickey Mouse receive from the bank on the discounted note? choices 10,020 9,800 9,942 10,250Night Corp. receives a $4,000, 3-month, 8% note from Day Corp. in settlement of a past due account receivable. What entry will Night Corp. make upon receiving the note? Notes Receivable.. 4,080 Accounts Receivable. 4,080 ......*. Notes Receivable... 4,080 Accounts Receivable. Interest Revenue.. 4,000 80 ...... Notes Receivable.. 4,000 Accounts Receivable. 4,000 Notes Receivable.. 4,000 Interest Receivable. Accounts Receivable. Interest Revenue. 80 4,000 80 ......
- On January 16, K Corp, accepted a P600,000, 9%, 90 day note from a customer. On February 10, the note was discounted at 12%. Assume the note was discounted on a without recourse basis. Compute for the cash received from discounting.a. 613,500b. 600,000c. 600,207.50d. 595,095 Gain (or Loss) on notes receivable discountinga. (3,542.50)b. 207.50c. 13,500d. 3,750 Assume that the note was discounted with recourse and treat the discounting as a conditional sale. Compute for the gain (or loss) on notes receivable financing1. An invoice dated June 27 for P20, 850 carried a cash discount of 5/30. If this invoice is paid on July 25, how much should be the payment?On November 15, FDN Trading signed a P360,000, 12 percent, 180-day note payable with the bank. The note was issued at a discount. How much cash did FDN Trading receive from this transaction?
