Harris Company borrows money from the Whitestar Bank and signs an interest-bearing promissory note. Principal Term Interest $3,600 120 days 872 Required: Given the details above, determine the interest rate on the note. Note: To simplify the arithmetic, use 360 days in a year. Interest rate:
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- A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an annual interest rate of 11%. If 6 months have passed since note establishment, what would be the recorded interest figure at that time? A. $7,150 B. $65,000 C. $14,300 D. $2,383Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual interest rate of 3.5%, due in 6 months. What journal entry is created when Jain honors the note?On January 26, Nova Co. borrowed cash from Conrad Bank by issuing a 90-day note with a face amount of \( \$ 44, 400 \). Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of \(8\% \). b. Determine the proceeds of the note, assuming the note is discounted at \(8\% \),
- On January 26, Elegant Co. borrowed cash from Conrad Bank by issuing a 30-day note with a face amount of $63,600. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 5%.$fill in the blank 1 b. Determine the proceeds of the note, assuming the note is discounted at 5%.$fill in the blank 2On January 26, Vibrant Co. borrowed cash from Conrad Bank by issuing a 30- day note with a face amount of $74,400. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 5%.On January 26, Vibrant Co. borrowed cash from Conrad Bank by issuing a 90-day note with a face amount of $42,000. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 7%. $4 b. Determine the proceeds of the note, assuming the note is discounted at 7%.
- Quick Tire and Lube received a 120-day, 8% note for $72,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note.$fill in the blank 0578eff5f02bffe_2 c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Aug. 7 fill in the blank 7c1e32ffb038033_2 fill in the blank 7c1e32ffb038033_3 fill in the blank 7c1e32ffb038033_5 fill in the blank 7c1e32ffb038033_6 fill in the blank 7c1e32ffb038033_8 fill in the blank 7c1e32ffb038033_9Martinez Co. borrowed $69,589 on March 1 of the current year by signing a 60-day, 6%, interest-bearing note. Assuming a 360-day year, when the note is paid on April 30, the entry to record the payment should include a a.debit to Interest Payable for $696. b.debit to Interest Expense for $696. c.credit to Cash for $69,589. d.credit to Cash for $73,764.You are told that a note has repayment terms of $1,700 per quarter for 6 years, with a stated interest rate of 8%. How much of the total payment is for principal, and how much is for interest? Calculate using (a) financial calculator or (b) Excel function PV. (Round answers to 2 decimal places, eg. 5,275.25.) Total payment for principal Total interest Determine if the total interest will be higher or lower than with an annual payment. The total interest will be than with an annual payment.
- Martinez Co. borrowed $79,200 on March 1 of the current year by signing a 60-day, 9%, interest-bearing note. Assuming a 360-day year, when the note is paid on April 30, the entry for the payment should include a Round your answer to the nearest whole dollar. Oa. debit to Interest Payable for $1,188 Ob. debit to Interest Expense for $1,188 Oc. credit to Cash for $79,200 Od. credit to Cash for $86,328Watson Company issued a 60-day, 8% note for $18,000, dated April 5, to Laker Company on account. Assume a 360-day year when calculating interest. Required: a. Determine the due date of the note. b. Determine the maturity value of the note. c-1. Journalize the entries to record the receipt of the note by the payee.* c-2. Journalize the entries to record the receipt by the payee of the amount due on the note at maturity.* *Refer to the Chart of Accounts for exact wording of account titles. Round answers to the nearest $1. Required: a. Determine the due date of the note. b. Determine the maturity value of the note. c-1. Journalize the entries to record the receipt of the note by the payee.* c-2. Journalize the entries to record the receipt by the payee of the amount due on the note at maturity.* *Refer to the Chart of Accounts for exact wording of account titles. Round answers to the nearest $1. X First Questions…Bull City Industries is considering issuing a $100,000, 7% note to a creditor on account. Required: a. If the note is issued with a 45-day term, journalize the entries to record (refer to the company's Chart of Accounts for exact wording of account titles): 1. the issuance of the note. 2. the payment of the note at maturity. Assume a 360-day year. b. If the note is issued with a 90-day term, journalize the entries to record (refer to the company's Chart of Accounts for exact wording of account titles): 1. the issuance of the note. 2. the payment of the payment of the note at maturity. Assume a 360-day year.
