The following note transactions occurred during the year for Towell Company: On Nov. 25, Towell issued a 90-day, 9%, note payable for $40,000 to Hyatt Company for merchandise. On Dec. 7, Towell signed a 120-day, $60,000 note with the bank at 10%. On Dec 22, Towell gave Barr, Inc. a $12,000, 10%, 60-day note in payment of its account. Calculate the amount of the necessary interest accrual for each note payable at December 31. (Round to nearest whole dollar.) Lender Interest accrual Hyatt Company note   Bank note   Barr, Inc. note

Green Valley Bank sent Comstock Industries its end-of-month bank statement for July. The end of month balance by the bank is $11,237. The statement shows that a deposit for $4,250 is in transit at the end of the statement period. The statement also revealed that checks for $87, $105, and $95 are outstanding. Green Valley collected a $4,000 note receivable plus $120 of interest revenue. The bank charges $20 for the collection service. The bank charges a monthly account fee of $35. The end-of-month balance per company books is $11,135. Question Content Area a. Prepare a bank reconciliation. Comstock Industries Bank Reconciliation July 31 Line Item Description Amount Amount Cash balance according to bank statement $Cash balance according to bank statement Deduct: Deposits in transit Deduct: Outstanding checks Adjusted balance $Adjusted balance Cash balance according to company's records $Cash balance according to company's records Add: Note and interest collected by bank $Deduct:…

Norton Company received a 90-day, 6% note for $300,000, dated May 12 from a customer on account. Determine: (A) the due date of the note (B) the maturity value of the note

Vision Importing Company engaged in the following transactions involving promissory notes: Jul 2 Sold engines to morgan company for $180,000 to exchange for a 90-day, 12 percent promissory note. July 15 Sold engines to level company for $96,000 in exchange for a 90-day, 14 percent note. July 30 sold engines to level company for $90,000 in exchange for a 90-day, 11 percent note. Required: For each of the notes, determine the (a) maturity date, (b) interest on the note, and (c) maturity value. (Round to the nearest cent.)   Assume that the fiscal year for Vision Importing ends on August 31. How much interest income should be recorded on that date? (Round to the nearest cent.)