Spring designs and decorators issued a 120- day, 8% note for 78,000, dated April 13th to Jaffe furniture company on account. Assume a 360 day year when calculating interest. A. Determine the due date of the note. _______ B. Determine the maturity level of the note. $ _______ C1. Journalizing entry to record the receipt of the note by Jaffe furniture.  ____________ ____________ c2.journalize the entry to record the receipt of payment of the note at maturity. If an amount box does not require an entry, leave it blank. __________ __________ __________

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Monty Corp. borrows $68,400 on July 1 from the bank by signing a $68,400, 8%, 1-year note payable.(a)Prepare the journal entry to record the proceeds of the note. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1 enter an account title to record the proceeds of the note on July 1 enter a debit amount enter a credit amount   enter an account title to record the proceeds of the note on July 1 enter a debit amount enter a credit amount (b)Prepare the journal entry to record the accrued interest at December 31, assuming adjusting entries are made only at the end of the year. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 enter an account title to record the accrued interest on December 31 enter a debit amount enter a credit…

Preparing Entries and Interest Schedule for Long-Term Note Receivable; Effective Interest Method On January 1 of Year 1, Stealth Company sold a machine (classified as inventory) that had a list price of $21,600. The customer paid $3,600 cash and signed a three-year, $18,000 note that specified a stated rate of 3%. Annual interest on the full amount of the principal is payable each December 31. The principal is payable on December 31, three years later. The market rate for a note of this risk is 10%. Required a. Compute the present value of this note. b. Prepare an effective interest schedule for this note. c. Prepare entries required by Stealth for this note on January 1 of Year 1, and December 31 of Year 1, Year 2, and Year 3. • Note: Round answers to the nearest whole dollar. a. Present value of note: $ 25,301 b. Date Jan. 1. Year 1 Dec. 31, Year 1 $ Dec. 31, Year 2 Dec. 31, Year 3 Total S Cash (Stated Interest) 0x S 0x 05 x Interest Revenue (Market Interest) Discount on N.R.…

Entries for Notes Receivable Valley Designs issued a 90-day, 8% note for $78,000, dated April 22, to Bork Furniture Company on account. Assume 360 days in a year when computing the interest. a.  Determine the due date of the note. b.  Determine the maturity value of the note. c1.  Journalize the entry to record the receipt of the note by Bork Furniture. If an amount box does not require an entry, leave it blank. c2.  Journalize the entry to record the receipt of payment of the note at maturity. If an amount box does not require an entry, leave it blank.

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Computing Accrued Interest Compute the interest accrued on each of the following notes receivable held by Northland, Inc., on December 31: (Use 360 days for interest calculation. Round to the nearest dollar.) Date of Note Maker Maple November 21 Wyman December 13 Nahn December 19 Maple: $ Wyman: Nahn: Principal $25,000 21,000 28,000 Interest Rate 3% 4% 5% Term. 120 days 90 days 60 days

Journalizing Installment Notes On the first day of the fiscal year, a company issues $26,000, 12%, three-year installment notes that have annual payments of $10,825. The first note payment consists of $3,120 of interest and $7,705 of principal repayment. a. Journalize the entry to record the issuance of the installment notes. If an amount box does not require an entry, leave it blank. Cash V Notes Payable Feedback Check My Work The cash payment is the same in each year. The interest and principal repayment, however, change each year. This is because the carrying amount (book value) of the note decreases each year as principal is repaid, which decreases the interest. b. Journalize the first annual note payment. If an amount box does not require an entry, leave it blank. Interest Expense Notes Payable Cash Feedback Check My Work

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Proceeds from Notes Payable On January 26, Elegant Co. borrowed cash from Conrad Bank by issuing a 60-day note with a face amount of $94,800. Assume a 360-day year. a.  Determine the proceeds of the note, assuming the note carries an interest rate of 9%.________________ b.  Determine the proceeds of the note, assuming the note is discounted at 9%.________________