2021 May 1 Received a $2,900, 12-month, 6% note in exchange for an outstanding account receivable from R. Stoney. Dec. 31 Accrued interest revenue on the R. Stoney note. 2022 May 1 Received principal plus interest on the R. Stoney note. (No interest has been accrued since December 31,

1. Interest has not yet been recorded on the notes payable which was taken out on March 1, 2020 with a 4% annual interest rate. The note has a three-year term and principal and interest are due on the maturity date.   What is the interest? (Principle x rate x time)

Following are transactions of Leduc Company: 2023 Dec.11 Accepted a $16,000, 6%, 60-day note dated this day in granting Fred Calhoun a time extension on his past-due account. Made an adjusting entry to record the accrued interest on the Fred Calhoun note. Closed the Interest income account. 31 31 2021 Jan. 10 Feb. 10 Mar. 5 29 May 7 June 9 Aug. 8 11 31 Oct. 12 Nov.19 Discounted the Fred Calhoun note at the bank at 7%. The Fred Calhoun note was dishonoured. Paid the bank the maturity value of the note plus a $30 fee. Accepted a $5,500, 5.5%, 60-day note dated this day in granting a time extension on the past-due account of Donna Reed. Discounted the Donna Reed note at the bank at 7.5%. The Donna Reed note had been received by the bank and paid by Donna Reed. Accepted a $7,750, 60-day, 5% note dated this day in granting a time extension on the past-due account of Jack Miller. Received payment of the maturity value of the Jack Miller note. Accepted an $9,000, 60-day, 5% note dated this…

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[The following information applies to the questions displayed below.] Agrico Inc. accepted a 10-month, 12.8% (annual rate), $9,000 note from one of its customers on May 15, 2019; interest is payable with the principal at maturity. b-1. Prepare the horizontal model to record collection of the note and interest at maturity. (Use amounts with + for increases and amounts with – for decreases.) Please don't provide solution image based thanku

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Anne Taylor comapany borrowed cash on august 1 of year 1, by signing a $46,620(face amount), one year note payable, due on july 31 of year 2. the accounting period of Anne yalor ends December 31. Assume an effective interest rate of 11%.  How much cash should Anne Taylor Company receive from the note on August 1 of Year 1, assuming the note is a noninterest-bearing note?

West County Bank agrees to lend Wildhorse Co. $472000 on January 1. Wildhorse Co. signs a $472000, 6%, 6-month note. What entry will Wildhorse Co. make to pay off the note and interest at maturity assuming that interest has been accrued to June 30? Notes Payable 486160        Cash   486160 Interest Payable 7080   Notes Payable 472000   Interest Expense 7080        Cash   486160 Notes Payable 472000   Interest Payable 14160        Cash   486160 Interest Expense 14160   Notes Payable 472000        Cash   486160

E4-29 Mattson Loan Company completed these transactions: 2019 Apr. Dec. 2020 Apr. 1 Loaned $20,000 to Charlene Baker on a one-year, 5% note. 31 Accrued interest revenue on the Baker note. 1 Collected the maturity value of the note from Baker (principal plus interest). Show what Mattson would report for these transactions on its 2019 and 2020 balance sheets and income statements. Mattson's accounting year ends on December 31.