y 8, Jones Inc. issued an $79,100, 6%, 120-day note payable to Miller Company. Assume that the fiscal year of Jones ends on July 31. Using the 360-day year, what is the amount of interest expense recognized by Jones in the current fiscal year? Round your answer to the nearest whole dollar. a.$303 b.$659

Q: 1. Costco Wholesale Corporation borrows $640,000 on September 1, 2021. Costco signs a nine- month,…

A: Formula: Interest amount = Notes payable amount x Time period x Interest rate.

Q: Byrde Industries had the following transactions occur: Nov. 1: Accepted a $81,000, 75 day, 5% note…

A: Approach to solving the question: For better clarity of the solution, I have attached the Excel…

Q: Mike Co. borrowed $90,000 on July 1 of the current year by signing a 90-day, 6%, interest-bearing…

A: The financial transactions are initially recorded in the form of journal entry.

Q: Martinez Co. borrowed $71,059 on March 1 of the current year by signing a 60-day, 5%, interest-…

A: Interest = $71,059 x 5% x 60/360 = $592

Q: 2, 69 st dol

A: Answer : Interest = Notes value * Interest rate * Days Interest = $75,972 * 6%*120/360 Interest =…

Q: . At December 31, Black should record interest revenue of

A: Given information is: Value of note = $18600 Interest rate = 8% Issue date = October 1

Q: On June 8, Williams Company issued an $70,538, 11%, 120-day note payable to Brown Industries.…

A: The note payable is reported as liabilities in the balance sheet. The maturity value of note is…

Q: the amount of interest expense

A: The note payable is a liability account which is a written promissory note.It is usually considered…

Q: Keesha Company borrows $105,000 cash on November 1 of the current year by signing a 180-day, 7%,…

A: The journal entries are prepared to record the transactions on a regular basis. The adjustment…

Q: On 1 January Snowflake Ltd issued $93,000 6% unsecured notes at 100. Interest is payable half-yearly…

A: Formula: Interest amount = Notes amount x Time period x Interest rate

Q: Martinez Co. borrowed $69,589 on March 1 of the current year by signing a 60-day, 6%,…

A: A journal entry is a type of accounting entry that is used to record commercial transactions in a…

Q: Madison Company issued an interest-bearing note payable with a face value of $24,000 and a stated…

A: Note payable refers to the amount for which the individual or the company has written to pay the…

Q: Martinez Co. borrowed $69,569 on March 1 of the current year by signing a 60-day, 7%,…

A: From March 1 to April 30 = 60 days Interest is paid on the funds used by the business to generate…

Q: On January 1, Year 1, Beatie Company borrowed $360,000 cash from Central Bank by issuing a…

A: Amortization schedule is the one which is prepared by the entity for the purpose of determining the…

Q: Madison Company issued an interest-bearing note payable with a face value of $9,600 and a stated…

A: Total liabilities are the sum of a person's or company's debts. They fall into three broad…

Q: Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 from a customer on…

A: Note is a form of debt issued or taken by the company. Interest has to be paid or received on the…

Q: Keesha Company borrows $260,000 cash on November 1 of the current year by signing a 120-day, 11%,…

A: Lets understand the basics. Entity issues note in order to obtain finance from the outside. In notes…

Q: Martinez Co. borrowed $79,200 on March 1 of the current year by signing a 60-day, 9%,…

A: The interest expense  is calculated as  follows  $79200 × 9% × 60/360   = $1188

Q: Martinez Co. borrowed $74,240 on March 1 of the current year by signing a 60-day, 12%,…

A: Given, Face value of the note = $74,240 Interest rate = 12% Period = 60 days

Q: ABC company borrows $80000 on July 1 from the bank by signing $80000, 10% one Year Note Payable.…

A: Solution:- Preparation journal entries as follows under:-

Q: Justin Company signed a $90,000, three-month, 9% note payable, on December 1. If the accounting…

A: Interest accrued on December 31= Face value of bonds x rate of interest x no. of month/12 = $90000 x…

Q: On July 8, Jones Inc. issued an $85,000, 8%, 120-day note payable to Miller Company. Assume that the…

A: From July 8 to July 31 = 23 days Interest expense has been accrued for 23 days for the note payable.…

Q: A business issued a 90-day, 5% note for $24,000 to a creditor on account. The company uses a 360-day…

A: Notes payable is a negotiable instrument used for differing payments. In this one-party agree to pay…

Q: Dan Dayle started a business by issuing an $92,000 face value note to First State Bank on January 1,…

A: Formula:Interest expense = Principal amount x Interest rate x Time period

Q: Journalize the following transactions (use a 360-day year in interest calculations):   Mar. 1…

A: Interest amount is calculated by considering the amount, rate of interest and the time period the…

Q: On January 1, Year 1, Beatie Company borrowed $240,000 cash from Central Bank by issuing a…

A: Lets understand the basics. When entity borrows fund by issuing notes payable then management needs…

Q: On January 1, the first day of the fiscal year, Shiller Company borrowed $120,000 by giving a…

A: Notes payable represent a promissory note issued by the borrower to repay the principal amount…

Q: On October 1, Black Company receives a 4% interest-bearing note from Reese Company to settle a…

A:

Q: )Determine the due date of the note. b)Determine the maturity value of the note. Assume 360 days in…

A: Given information is: Lundquist Company received a 60-day, 9% note for $21,500, dated July 23, from…

Q: Journalize the following, assuming a 360-day year is used for interest calculations: ​ Apr. 30…

A: Interest Expense = 150,000 x 6% x 30 / 360 = $750

Q: Martinez Co. borrowed $54,000 on March 1 of the current year by signing a 60-day, 7%,…

A:

Q: Dan Dayle started a business by issuing an $98,000 face value note to First State Bank on January 1,…

A: a)  Interest Expense = Principal Amount x Interest Rate = $98,000 x 8% = $7,840a)  Principal…

Q: On June 1, Davis Inc. issued an $68,700, 8%, 120-day note payable to Garcia Company Assume that the…

A: Solution We are provided with the following information Interest rate = 8% Amount of note payable =…

Q: The following selected transactions are from Ohlm Company. Year 1 December 16 Accepted a $10,800,…

A: Notes Receivables is an asset that is reported in the current assets of the company according to the…

Q: Keesha Co. borrows $100,000 cash on November 1 of the current year by signing a 150-day, 10%,…

A: Notes Payable: Known as long-term obligations, notes payable represent the money a firm owes to its…

Q: On July 8, Jones Inc. issued an $84,700, 11%, 120-day note payable to Miller Company. Assume that…

A: Annual Interest=Issue amount×Interest rate=$84,700×11%=$9,317

Q: Wygant Corporation borrowed $320,000 on October 1 last year. The note carried a 11% interest rate…

A: Note payable: Note payable is also called a promissory note. It is a legal instrument in which one…

Q: On May 31, Baker Co. issued an $35,679, 8%, 120-day note payable to Samunck Co. Assume Baker's…

A: Solution a:  Interest EXPENSE recognized by Baker in the current fiscal year = $35,679*8%*30/360 =…