On November 1, 2021, FDN Trading accepted a 90-day, 8% P8,000,000 note from ABC Co. FDN immediately discounted with recourse the note to a bank that offers a 12% discount rate. FDN assumes the interest expense associated with this transaction. How much interest expense should FDN Trading debit on its records? Calculate the total interest expense and NOT the net interest expense.

Seifert Supply Company sold merchandise to a customer on December 1, 2020 for $100,000. The transaction resulted in recording a note receivable with a term of 6 months and an annual interest rate of 9%. The company's accounting period ends on December 31, 2020. What amount should Seifert Supply Company recognize as interest revenue on the note receivable on December 31, 2020?   A. $1,500 B. $9,000 C. $750 D. $0

ABC Corp. signed a notes payable with DEF Inc. on June 1, 2021. The note providesthat ABC Corp. must pay principal plus all accrued interest at 8% compoundedannually in the amount of $850, 000 on June 1, 2024. Assuming ABC Corp. has notmade any payment on the note prior to the due date, how much did ABC Corp.borrow from DEF Inc. on June 1, 2021 ? IJse the present value equation to answer thequestion and round the answer to the nearest dollar. A. $646,000B. $674, 603c. $650,000D. $516,452E. $674,757

Sheffield Corp. lends Riverbed industries $54000 on August 1, 2022, accepting a 9-month, 15% interest note. If Sheffield Corp. prepares its financial statements as of December 31, 2022, what adjusting entry must it make? Accounts Receivable 3375 Interest Receivable 3375 Interest Receivable 3375 Interest Revenue 3375 O Cash 3375 Interest Revenue 3375 O Notes Receivable 3375 Interest Revenue 3375

A 180-day promissory note was issued by FDNACCT Co. on November 1, 2021 in exchange of goods bought from ACCT Company in the amount of P600,000. The note has an interest rate of 8%. How much Interest Income should be recorded for this particular note in the books of ACCT Company for the year ended December 31, 2021?

Zenephia Corp. accepted a nine-month note receivable from a customer on October 1, 2022. If Zenephia has an accounting period that ends on December 31, 2022, when would it most likely recognize interest income from the note? a.on October 1, 2022 b.on July 1, 2023, only c.on December 31, 2022, and July 1, 2023 d.on December 31, 2022, only

what is notes recievable for On December 31;2025, Blue Inc. rendered services to Beghun Corporation at an agreed price of $106,641, accepting $41,800 down and agreeing to accept the balance in four equal installments of $20,900 receivable each December 31 . An assumed interest rate of 11% is imputed. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.

Example 4 (Notes Receivable): On November 30, 2020, James Co. lent money to Scott Co. and issued a 5-month, $120,000, 8% note receivable. Scott paid James the full amount of interest and principal on April 30, 2021. What is the journal entry for James Co. to record the issuance of the note receivable? What is the end-of-year adjusting journal entry for James Co. to record interest revenue earned as of December 31?

Pina Colada Corp. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. Nov. 1 Dec 11 16 31 Loaned $12,600 cash to Manny Lopez on a 12 month, 10% note. Sold goods to Ralph Kremer, Inc., receiving a $24,750, 90-day, 8% note. Received a $22,800, 180 day, 10% note in exchange for Joe Fernetti's outstanding accounts receivable. Accrued interest revenue on all notes receivable. Journalize the transactions for Pina Colada Corp. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation. Round answers to 0 decimal places, eg. 5,275. Record journal entries in the order presented in the problem.) Date > > > eTextbook and Media List of Accounts Date Account Titles and Explanation V Record the collection of the Lopez note at its maturity in 2021. (Credit account titles are automatically indented when amount is…

On August 1, 2021, Avonette, Inc., sold equipment and accepted a six-month, 9%, $50,000 note receivable. Avonette's year-end is December 31. Which of the following accounts will Avonette credit in the journal entry at maturity on February 1, 2022, assuming collection in full? O A. Interest Receivable B. Cash OC. Interest Payable O D. Note Payable