A one-year, $15,600, 14% note is signed on April 1. If the note is repaid on October 1 of the same year, how much interest expense is incurred? a. $910 b. $1,092 c. $2,184 d. $1,274

The following journal entry was made by your predecessor to record the annual payment on a 5%, 10-year installment note. PAGE 22   JOURNAL     DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 Oct. 1 Interest Expense 710 152,086.00   2   Notes Payable 215 550,476.00   3   Cash 110   702,562.00       Using the information provided, compute the following amounts. 1. What was the carrying amount (book value) of the installment note before the payment on October 1?     2. What portion of next year’s payment will be interest? (Round the amount to the nearest dollar.)

j. Interest was accrued on the note receivable received on October 17 ($100,000, 90-day, 9% note). Assume 360 days per year. Date Description Debit Credit Dec. 31 Interest Receivable v 1,850 X Interest Revenue v 2,250 X

Al Reem Co. signed an $18,000 six-month note payable on September 1 that bears intérest at a rate of 5%. How much is the total interest to be accrued on this note at December 31? O a. $300. O b. $900. O c. $75. O d. $450.

A 60-day, 6% note for $26,400, dated May 1, is received from a customer on account. The maturity value of the note, assuming a 360- day year, is A.$264 Ob. $26,664 Oc. $26,400 Od. $27,984

For an interest-bearing promissory notes, compute the sale proceeds, when the issue amount is $18,200, term of the note is 4 1/2 years with interest rate 9.45% compounded monthly, the date of sale before maturity is 1.7 years with a discount rate 15% compounded quarterly. Select one: O a. 21634.97 Ob. 21642.76 O c. 21580.47 d. none

TORR, Inc. issues a $300,000, 6%, five-year note payable on January 1, 20X1. If the monthly payment is $5,800, what is the note's carrying value after the first month's payment is made on January 31, 20X1?   Select one: a. $294,200 b. $300,000 c. $298,500 d. $295,700 e. $298,214

Find the proceeds of a non-interest-bearing promissory note for $2832 21, discounted 53 months before its due date at 4.5% compounded semi-annually. The proceeds are S ans asap

Journalize the following, assuming a 360-day year is used for interest computations: Apr. 30 Issued a $126,000, 30-day, 6% note dated April 30 to Misner Co. on account. May 30 Paid Misner Co. the amount owed on the note dated April 30. If an amount box does not require an entry, leave it blank. Apr. 30 May 30 3 3 000 ?

65. Borrowed P100,000 by issuing a 1-year note with 7% annual interest to Century Savings Bank on October 1, 2021. What is the adjusting entry on December 31, 2021? A. Debit: Interest Expense and Credit: Interest Payable P1,750 B. Debit: Interest Expense and Credit. Interest Payable P7,000 C. Debit: Interest Expense and Credit: Interest Payable P3,500 D. Debit: Interest Expense and Credit: Interest Payable P5,250