Scotiabank approved a $250,000 line of credit for Buhler Industries at prime + 1%. It requires only the repayment of accrued interest on the 27th of each month, which is automatically deducted from the chequing account of Buhler Industries. Buhler took out an advance on December 2 for $200,000 and made a payment of $125,000 on January 12. The prime rate was 6.5% initially and increased to 7.5% on January 4. Calculate the total interest charged to Buhler Industries on December 27 and January 27

Franklin Company obtained a $110,000 line of credit from the State Bank on January 1, Year 1. The company agreed to accept a variable interest rate that was set at 2% above the bank's prime lending rate. The bank's prime rate of interest and the amounts borrowed or repaid during the first three months of Year 1 are shown in the following table. Assume that Franklin borrows or repays on the first day of each month. Borrowing is shown as a positive amount and repayments are shown as negative amounts indicated by parentheses. 1-January 1-February 1-Marchi Amount Borrowed Prime Rate for the Month 4.08 4.58 5.08 Based on this information alone, the amount of interest expense recognized in March would be closest to: (Do not round intermediate calculations. Round your answer to the nearest whole number.) Multiple Choice $177, $309. (Repaid) $ 32,000 (11,000) 32,000 $199.

On January 1, 2021, Nees Manufacturing lends $10,000 to Roberson Supply using a 9% note due in eight months. Calculate the amount of interest revenue Nees will record on September 1, 2021, the date that the note is due. a. $300.b. $600.c. $900.d. $1,000.

Scotiabank approved a $250,000.00 line of credit for Buhler Industries at prime + 1%. It requires only the repayment of accrued interest on the 24th of each month, which is automatically deducted from the checking account of Buhler Industries. Buhler took out an advance on December 18 for $195,000.00 and made a payment of $160,000.00 on January 16. The prime rate was 6.25% initially and increased to 7.25% on January 5. Complete the repayment schedule below by filling in the payment and principal amounts. Date Balance Annual before Interest Transaction Rate Number of Days Interest Accrued Charged Interest Payment (+) or Advance Principal Amount Balance after Transaction (-) Dec 18 $195,000.00 Dec 24 $195,000.00 7.25% 6/365 $232.40 $232.40 $195,000.00 Jan 5 $195,000.00 7.25% 12/365 $464.79 $464.79 $195,000.00 Jan 16 $195,000.00 8.25% 11/365 $484.83 $949.62 $35,000.00 Jan 24 $35,000.00 8.25% 8/365 $63.29 $1,012.91 $35,000.00

Valley Designs issued a 120-day, 10% note for $90,200, dated April 15 to Bork Furniture Company on account. Required: A. Determine the due date of the note. B. Determine the maturity value of the note. Assume a 360-day year. Round your answer to the nearest dollar. C. Journalize the entries to record the following: (1) receipt of the note by Bork Furniture and (2) receipt of payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles. Round your answer to the nearest dollar.     Chart of Accounts     CHART OF ACCOUNTS Bork Furniture Company General Ledger   ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Valley Designs 129 Allowance for Doubtful Accounts 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 194 Accumulated…

On August 1, 2021, Turner Manufacturing lends cash and accepts a $24,000 note receivable that offers 10% interest and is due in nine months. How would Turner record the year-end adjustment to accrue interest in 2021? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.)  A. Interest Revenue 1,050     Interest Receivable   1,050 B. Interest Receivable 2,400     Interest Revenue   2,400 C. Interest Receivable 1,050     Interest Revenue   1,050 D. Interest Receivable 1,000     Interest Revenue   1,000