On July 1, 2021, MegaMoney, Inc. loaned money to ShortOfCash company (SOC). MegaMoney had SOC sign a note for the loan. The following are the terms and other information pertaining to the loan: Amount of the loan $750,000 How long the loan is for (the term of the loan) 1 year Date the loan was made July 1, 2021 September 30, 2021 Date when interest will first be received by MegaMoney Amount of interest earned by MegaMoney for July Amount of interest earned by MegaMoney for August Amount of interest earned by MegaMoney for September $3,825 $3,825 $3,710 The following is a partial list of the accounts in MegaMoney's General Ledger. These are the only accounts you need for this problem. D Cash D Note Receivable (see below for a definition of this account) D Interest Receivable (see below for a definition of this account) D Interest Revenue (revenue account) Note Receivable account - An asset account that tracks the amount owed to the entity (MegaMoney) by another company (SOC). This asset results from the entity making a loan to the other company and the other company signing a Note. The normal balance is a debit. Interest Receivable account – An asset account that tracks the amount of interest owed to the entity (MegaMoney) by another company (SOC). The normal balance is a debit.

On April 15, 2019, Powell Inc. obtained a six-month working capital loan from its bank. The face amount of the note signed by the treasurer was $277,500. The interest rate charged by the bank was 4.50%. The bank made the loan on a discount basis. Exercise 7-5 (Algo) Part a Required: a-1. Calculate the loan proceeds made available to Powell. Loan proceeds

Da

On June 30, 2020, Amoro Company takes out a $5,000 loan documented through a note payable. Interest will be 16% annually and the note matures on June 30, 2021. The interest to be accrued at December 31, 2020 will be: о $400 0 $800 0 $0 0 $467

Please answer both. This is part A and B

Problem: ABC Company issued a promissory note to RCBC Bank. Details from the promissory note are as follows: Date of note: November 1, 2020 Term of note: 180 days Principal: P120,000 Interest rate: 12% Determine the following: 1. What is the account to be credited on the adjusting entry on December 31, 2020? 2. How much is the amount to be credited on December 31, 2020? 3. How much is the total interest expense for the full term of the note.

A loan of $10,000 is taken out on November 7, 2020 at a simple interest rate of r = 9%. The loan will be paid back on May 11, 2021. If the bank uses ordinary interest (the Banker's Rule), how much interest is charged? a $450.00 b $456.16 c $443.84 d $462.50

Date Transaction description Obtained a loan of $41,000 from Earth Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2021 and the principal of the loan is to be repaid on June 1, 2024. Paid the full amount owing to Sport Borders, Check No. 603. Payment fell within discount period. Paid the full amount owing to J. J. Spud, Check No. 604. Payment fell within discount period. Made cash sales of $4,184 during the first 3 days of the month. 2 3 Purchased 6 Downhill Snowboards from Good Sports for $180 each, terms 2/10, n/30. Sold 6 Tony Eagle Mark 3 Freestyle Skateboards to Balls 'n All for $204 each, Invoice No. 501. Purchased 5 Freestyle Snowboards with cash for $170 each, Check No. 605. Purchased 5 Pipe Dream surfboards from Sports 'R Us for $150 each, terms net 30. 4 4. 7 After completing this practice set page, you should know how to record basic transactions in the journals provided below and understand the posting process in the…