The electricity account for the year ended 30 June 20X1 was as follows. $ Opening balance for electricity accrued at 1 July 20X0 300 Payments made during the year 1 August 20X0 for three months to 31 July 20X0 600 1 November 20X0 for three months to 31 October 20X0 720 1 February 20X1 for three months to 31 January 20X1 900 30 June 20X1 for three months to 30 April 20X1 840 1 August 20X1 for three months to 31 July 20X1 840 Which of the following is the appropriate entry for electricity? Accrued Charge to SPL at 30 June 20X1 year ended 30 June 20X1 A $Nil $3,060 B $460 $3,320 C $560 $3,320 D $560 $3,420

Notes Receivable (short term) Accounts: Notes Receivable Interest Receivable Interest Income (or Interest Revenue) Terms: Maturity Value Face Value Issue Date Promissory Note Has a Face Amount, a Term, and an Interest Rate (expressed as an annual percentage) Need to calculate the due date of the note. Example: Assume that a 120-day note is signed on March 11. What is the maturity date of the note? Term of the note Days that pass in March: Chapter 8-Receivables Number of days in March 31 Date of the note 11 Number of days left Days that pass in April Number of days left Days that pass in May Number of days left Days that pass in June Number of days left 9931; therefore, the due date is July 9 Interest is not charged on the date the note is signed. Therefore, you should begin counting on the day after the date on the note to determine the due date. 120 Does it really matter whether you collect the note on July 9 or July 10? Accepting payment on a note one day late without charging…

nces On 1 October 20X6, Halpern Co borrowed $180,000 from Canada Bank The note has a two-year term, and requires that interest of 9% be paid each 30 September, with the principal payable 30 September 20X8 Required: Provide all entries for the note from 20X6 to 20X8 (If no entry is required for a transaction/event. select "No journal entry required" in the first account field.) View transaction list 1 Record the borrowings from Canada Bank. 2 Record the accrual of intest for the period ending 31st December 20x6. a Record the interest payment on 30 September 20x7. 4 Record the accrual of interest for the period ending 31st December 20X7 5 Record the interest payment on 30 September 20X8. Record the repayment of borrowings to Canada Bank 6 Note: journal entry has been entered Record entry Clear entry EX - - 2 Credit View gener al journal

Presented below are data on three promissory notes. Determine the missing amounts. (Use 360 days for calculation.) (a) (b) (c) Date of Note April 1 July 2 March 7 Terms 60 days 30 days 6 months Maturity Date May 31 August 1 September 7 Principal $570,000 93,600 115,000 Annual Interest Rate 10 % % 11 % $ tA $ Total Interest $702