On June 1, Davis Inc. issued an $85,500, 10%, 120-day note payable to Garcia Company Assume that the fiscal year of Garcia ends June 30. Using a 360-day year in your calculations, what is the amount of interest revenue recognized by Garcia in the following year? When required, round your answer to the nearest dollar. a.$2,161 b.$713 c.$8,550 d.$1,425

Q: On July 8th, Jones Inc. issued a $75,600, 12%, $120 Day note payable to Miller company. Assume that…

A: From July 8th to July 31st = 23 days

Q: The following transactions are from Ohlm Company. Note: Use 360 days a year. Year 1 December 16…

A: Notes Receivable are the written documents issued by the borrower to the payee. This is a promissory…

Q: Mike Co. borrowed $90,000 on July 1 of the current year by signing a 90-day, 6%, interest-bearing…

A: The financial transactions are initially recorded in the form of journal entry.

Q: 2, 69 st dol

A: Answer : Interest = Notes value * Interest rate * Days Interest = $75,972 * 6%*120/360 Interest =…

Q: Leach Company borrowed $95,000 cash by issuing a note payable on June 1, Year 1. The note had an 6…

A: The company can issue notes to borrow funds. The note can be issued either for the long term or the…

Q: On June 8, Williams Company issued an $70,538, 11%, 120-day note payable to Brown Industries.…

A: The note payable is reported as liabilities in the balance sheet. The maturity value of note is…

Q: the amount of interest expense

A: The note payable is a liability account which is a written promissory note.It is usually considered…

Q: Keesha Company borrows $120,000 cash on November 1 of the current year by signing a 180-day, 10%,…

A: The journal entries are prepared to record the transactions on a regular basis. The accrued interest…

Q: Print Item On June 1, Davis Inc. issued an $80,400, 6%, 120-day note payable to Garcia Company.…

A: Adjusting journal entry: At the year-end when the company finalizes its accounts then any…

Q: On January 1, Year 1, Beatie Company borrowed $320,000 cash from Central Bank by issuing a…

A: NOTES PAYABLE Notes Payable is a long-term liabilities that indicate the money a company owes from…

Q: Transactions: Apr. 30 Issued a $162,000, 30-day, 6% note dated April 30 to Misner Co. on account.…

A: It is a process Of recording transactions in a journal

Q: On January 1, Gemstone Company obtained a $165,000, 7%, 10-year installment note from Guarantee…

A: Notes payable refer to a written agreement between two parties. Under this agreement, the lender…

Q: On the first day of the fiscal year, a company issues $26,000, 12%, three-year installment notes…

A: Issue price of note is given at $26,000 and annual payment is $10,825 ($3,120 interest and $7,705…

Q: Keesha Company borrows $270,000 cash on November 1 of the current year by signing a 180-day, 11%,…

A: The note payable is reported as the liabilities in the balance sheet. The accrued interest is the…

Q: The principal and interest are to be paid by making annual payments in the amount of $62,363.…

A: Borrowed amount = $270,000 Time = 5 years Interest paid = annually  Rate of interest = 5% Cash paid…

Q: Martinez Co. borrowed $69,589 on March 1 of the current year by signing a 60-day, 6%,…

A: A journal entry is a type of accounting entry that is used to record commercial transactions in a…

Q: Madison Company issued an interest-bearing note payable with a face value of $24,000 and a stated…

A: Note payable refers to the amount for which the individual or the company has written to pay the…

Q: On January 1, Year 1, Beatie Company borrowed $360,000 cash from Central Bank by issuing a…

A: Amortization schedule is the one which is prepared by the entity for the purpose of determining the…

Q: (a) The company's proceeds from the note $_ Computations: (b) The company's interest earned (net of…

A: Notes payable accounts are essential because they provide management or finance teams in many…

Q: Keesha Company borrows $260,000 cash on November 1 of the current year by signing a 120-day, 11%,…

A: Lets understand the basics. Entity issues note in order to obtain finance from the outside. In notes…

Q: A. Determine the due date of the note. B. Determine the maturity value of the note. Assume a 360-day…

A:

Q: Martinez Co. borrowed $79,200 on March 1 of the current year by signing a 60-day, 9%,…

A: The interest expense  is calculated as  follows  $79200 × 9% × 60/360   = $1188

Q: ABC company borrows $80000 on July 1 from the bank by signing $80000, 10% one Year Note Payable.…

A: Solution:- Preparation journal entries as follows under:-

Q: Spring designs and decorators issued a 120- day, 8% note for 78,000, dated April 13th to Jaffe…

A: Maturity value of note = Note amount + Interest

Q: Keesha Co. borrows $100,000 cash on November 1 of the current year by signing a 150-day, 10%,…

A: The 150 days from November  1 will expire on March 31. Thetefore, Note will expire on March 31 next…

Q: On July 8, Jones Inc. issued an $63,400, 8%, 120-day note payable to Miller Company. Assume that the…

A: To compute the interest expense recognized in current fiscal year: Principal = $63,400 Interest rate…

Q: On July 8, Jones Inc. issued an $85,000, 8%, 120-day note payable to Miller Company. Assume that the…

A: From July 8 to July 31 = 23 days Interest expense has been accrued for 23 days for the note payable.…

Q: note and interest at its maturity date? Cash 45144 Notes Receivable 43200 Interest Revenue 1944 O…

A: calculation Interest Revenue = 43,200 x 6% x 9 /12 = 1,944 Cash = Notes receivable + Interest…

Q: Journalize the following transactions (use a 360-day year in interest calculations):   Mar. 1…

A: Interest amount is calculated by considering the amount, rate of interest and the time period the…

Q: On January 1, Year 1, Beatie Company borrowed $240,000 cash from Central Bank by issuing a…

A: Lets understand the basics. When entity borrows fund by issuing notes payable then management needs…

Q: On January 1, the first day of the fiscal year, Shiller Company borrowed $120,000 by giving a…

A: Notes payable represent a promissory note issued by the borrower to repay the principal amount…

Q: On October 1, Black Company receives a 4% interest-bearing note from Reese Company to settle a…

A:

Q: How do I find the carrying amout for each year?

A: Requirement a:   Prepare an amortization table.

Q: On December 1, Martin Company signed a $5,000 3-month 6% note payable, with the principle plus…

A: Interest accrued at December 31 on the note = Face value of the note x rate of interest x no. of…

Q: Journalize the following, assuming a 360-day year is used for interest calculations: ​ Apr. 30…

A: Interest Expense = 150,000 x 6% x 30 / 360 = $750

Q: ne 8, Alton Co. issued an $79,432, 10%, 120-day note payable to Seller Co. Assuming a 360-day year…

A: Solution: Maturity value of the note is amount that is arrived by adding total amount of interest…

Q: Dan Dayle started a business by issuing an $98,000 face value note to First State Bank on January 1,…

A: a)  Interest Expense = Principal Amount x Interest Rate = $98,000 x 8% = $7,840a)  Principal…

Q: On June 1, Davis Inc. issued an $68,700, 8%, 120-day note payable to Garcia Company Assume that the…

A: Solution We are provided with the following information Interest rate = 8% Amount of note payable =…

Q: Entries for Notes Payable A business issued a 60-day, 15% note for $86,000 to a creditor on…

A: Interest on Note = Note Amount x Interest (%) x Days of Note / 360

Q: y 8, Jones Inc. issued an $79,100, 6%, 120-day note payable to Miller Company. Assume that the…

A: In the given situation, there is a note payable with 6% rate for 120 days. We need to find the…

Q: Keesha Co. borrows $100,000 cash on November 1 of the current year by signing a 150-day, 10%,…

A: Notes Payable: Known as long-term obligations, notes payable represent the money a firm owes to its…