On October 13, The business sold merchandise for 198.000 TL (including 10% VAT) FOB Destination. The customer endorses a check for 148.000 TL and signs a 9-month note with an annual interest rate of 8% for 50.000 TL. Which entry is made when the business receives the payment at maturity for the note received on October 13? O a. 54.000 TL debit to 100-Cash and 50.000 TL credit to 121-N/R; 4.000 TL credit to 642- Interest Revenue O b. 53.000 TL debit to 100-Cash and 50.000 TL credit to 121-N/R; 3.000 TL credit to 642- Interest Revenue O c. 53.000 TL debit to 100-Cash and 53.000 TL credit to 121-N/R d. 54.000 TL debit to 100-Cash and 54.000 TL credit to 121-N/R

On October 13, The business sold merchandise for 198.000 TL (including 10% VAT) FOB Destination. The customer endorses a check for 148.000 TL and signs a 9-month note with an annual interest rate of 8% for 50.000 TL. Which entry is made when the business receives the payment at maturity for the note received on October 13? O a. 54.000 TL debit to 100-Cash and 50.000 TL credit to 121-N/R; 4.000 TL credit to 642- Interest Revenue O b. 53.000 TL debit to 100-Cash and 50.000 TL credit to 121-N/R; 3.000 TL credit to 642- Interest Revenue O c. 53.000 TL debit to 100-Cash and 53.000 TL credit to 121-N/R d. 54.000 TL debit to 100-Cash and 54.000 TL credit to 121-N/R

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 21MC: A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an...

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Resin Milling issued a $390,500 note on January 1, 2018 to a customer in exchange for merchandise. The merchandise had a cost to Resin Milling of $170,000. The terms of the note are 24-month maturity date on December 31, 2019 at a 5% annual interest rate. The customer does not pay on its account and dishonors the note. Record the journal entries for Resin Milling for the following transactions. A. Initial sale on January 1, 2018 B. Dishonored note entry on January 1, 2020, assuming interest has not been recognized before note maturity
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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. $2,383
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On September 1, The business sold merchandise for 33.000 TL (including 10% VAT) FOB Destination. The customer endorses a check for 30.000 TL and signs a 9-month note with an annual interest rate of 6% for 3.000 TL. Which entry is made when the business receives the payment at maturity for the note received on September 1? a.3.180 TL debit to 100-Cash and 3.180 TL credit to 121-N/R b.3.180 TL debit to 100-Cash and 3.000 TL credit to 121-N/R; 180 TL credit to 642-Interest Revenue c.3.135 TL debit to 100-Cash and 3.000 TL credit to 121-N/R; 135TL credit to 642-Interest Revenue d.3.135 TL debit to 100-Cash and 3.135 TL credit to 121-N/R
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