On 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%.

Martinez Co. borrowed $54,000 on March 1 of the current year by signing a 60-day, 7%, interest-bearing note. Assuming a 360-day year, when the note is paid on April 30, the entry to journalize the payment should include a a. debit to Interest Payable for $630 b. debit to Interest Expense for $630 c. credit to Cash for $54,000 d. credit to Cash for $57,780

Dan Dayle started a business by issuing an $98,000 face value note to First State Bank on January 1, Year 1. The note had a 8 percent annual rate of interest and a five-year term. Payments of $24,545 are to be made each December 31 for five years. Required: a. What portion of the December 31, Year 1, payment is applied to interest expense and principal? b. What is the principal balance on January 1, Year 2? c. What portion of the December 31, Year 2, payment is applied to interest expense and principal? Note: Round your answers to the nearest dollar amount. a. Interest expense a. Principal b. Principal balance c. Interest expense c. Principal

On the first day of the fiscal year, Shiller Company borrowed $33,000 by giving a seven-year, 8% installment note to Soros Bank. The note requires annual payments of $6,404, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $2,640 and principal repayment of $3,764. Journalize the entries to record the following: a1.  Issued the installment note for cash on the first day of the fiscal year. If an amount box does not require an entry, leave it blank.   Cash  fill in the blank 9d174cf85026fb7_2 fill in the blank 9d174cf85026fb7_3   Notes Payable  fill in the blank 9d174cf85026fb7_5 fill in the blank 9d174cf85026fb7_6 a2.  Paid the first annual payment on the note. If an amount box does not require an entry, leave it blank.   Interest Expense  fill in the blank 6e673f01702302e_2 fill in the blank 6e673f01702302e_3   Notes Payable  fill in the blank 6e673f01702302e_5 fill in the blank…

Sylvestor Systems borrows $96,000 cash on May 15 by signing a 60-day, 7%, $96,000 note. 1. On what date does this note mature?2-a. Prepare the entry to record issuance of the note.2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity.

On July 18, Aui accepted a $15,000, 7¾%, 180-day note from Ryan. On October 5, Aui discounted the note at Brome Bank at 8¼%. What proceeds did Aui receive? Use ordinary interest.

Jasper makes a $25,000, 90-day, 7% cash loan to Clayborn Co. Jasper's entry to record the collection of the note and interest at maturity should be: (Use 360 days a year.)

Sylvestor Systems borrows $174,000 cash on May 15 by signing a 90-day, 6%, $174,000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record issuance of the note. 2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity. Complete this question by entering your answers in the tabs below. Required 1 Required 2A View transaction list Use those calculated values to prepare your entry to record payment of the note at maturity. Note: Use 360 days a year. Round final answers to the nearest whole dollar. Required 2B Required 2B Interest at Maturity Journal entry worksheet A General Journal Record the payment of the note at maturity. Note: Enter debits before credits. Date Maturity General Journal Debit Credit

Keesha Co. borrows $100,000 cash on November 1 of the current year by signing a 150-day, 10%, $100,000 note. 1. On what date does this note mature? 2. & 3. What is the amount of interest expense in the current year and the following year from this note? 4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Req 4 On what date does this note mature? (Assume that February has 28 days.) On what date does this note mature?

On the first day of the fiscal year, Shiller Company borrowed $26,000 by giving a three-year, 12% installment note to Soros Bank. The note requires annual payments of $10,952, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $3,120 and principal repayment of $7,832. Journalize the entries to record the following: a1.  Issued the installment note for cash on the first day of the fiscal year. If an amount box does not require an entry, leave it blank.                 a2.  Paid the first annual payment on the note. If an amount box does not require an entry, leave it blank.                         b. How would the notes payable be reported on the balance sheet at the end of the fiscal year?