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

On July 8, Action Co. issued an $80,000, 6%, 90-day note payable to Scanlon Co. Assuming a 360-day year, what is the maturity value of the note? a.$84,800 b.$78,800 c.$80,000 d.$81,200

On January 1, Year 1, Platte Corporation issues a 5-year note payable for $5,000. The interest rate is 5% and the annual payment of $1,156, due each December 31, includes both interest and principal. Which of the following correctly shows the effect of the issuance of the note on Platte's financial statements? Assets = Liabilities + n/a n/a (5,000) 5,000 A. 5,000 B. 5,000 C. (5,000) D. 5,000 Multiple Choice O Option A O 0 0 Option B Option D Balance Sheet Option C Stockholders' Equity 5,000 5,000 n/a n/a Revenue 5,000 5,000 n/a n/a Income Statement - Expense n/a n/a n/a n/a = Net Income 5,000 5,000 n/a n/a Statement of Cash Flows. 5,000 FA 5,000 IA (5,000) IA 5,000 FA

On the first day of the fiscal year, a company issues $69,000, 9%, seven-year installment notes that have annual payments of $13,710. The first note payment consists of $6,210 of interest and $7,500 of principal repayment. a.  Journalize the entry to record the issuance of the installment notes.   b.  Journalize the first annual note payment. For a compound transaction, if an amount box does not require an entry, leave it blank.

On June 8, Williams Company issued an $75,972, 6%, 120-day note payable to Brown Industries. Assuming a 360-day year, what is the maturity value of the note? When required, round your answer to the nearest dollar. Oa. $75,972 Ob. $77,491 Oc. $80,530 Od. $4,558 > Other fav t

On August 1, 2021, Avonette, Inc., sold equipment and accepted a six-month, 9%, $50,000 note receivable. Avonette's year-end is December 31. Which of the following accounts will Avonette credit in the journal entry at maturity on February 1, 2022, assuming collection in full? O A. Interest Receivable B. Cash OC. Interest Payable O D. Note Payable

On June 8, Williams Company issued an $74,068, 8%, 120-day note payable to Brown Industries. Assuming a 360-day year for your calculations, what is the maturity value of the note? When required, round your answer to the nearest dollar. a.$79,993 b.$76,043 c.$74,068 d.$5,925

On June 1, Davis Inc. issued an $64,900, 7%, 120-day note payable to Garcia Company Assume that the fiscal year of Garcia ends June 30. Using a 360-day year in your calculations, what is the amount of interest revenue recognized by Garcia in the following year? When required, round your answer to the nearest dollar. a.$379 b.$1,148 c.$757 d.$4,543

The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1 Dec.   16   Accepted a $10,700, 60-day, 8% note in granting Danny Todd a time extension on his past-due account receivable.     31   Made an adjusting entry to record the accrued interest on the Todd note. Year 2 Feb.   14   Received Todd’s payment of principal and interest on the note dated December 16. Mar.   2   Accepted a(n) $6,600, 8%, 90-day note in granting a time extension on the past-due account receivable from Midnight Co.     17   Accepted a(n) $3,300, 30-day, 7% note in granting Ava Privet a time extension on her past-due account receivable. Apr.   16   Privet dishonored her note. May   31   Midnight Co. dishonored its note. Aug.   7   Accepted a(n) $7,900, 90-day, 10% note in granting a time extension on the past-due account receivable of Mulan Co. Sep.   3   Accepted a(n) $3,210, 60-day, 11% note in granting Noah Carson a time extension on his past-due account…

On July 8, Jones Inc. issued an $72,300, 7%, 120-day note payable to Miller Company. Assume that the fiscal year of Jones ends July 31. Using a 360-day year, what is the amount of interest expense recognized by Jones in the current fiscal year? When required, round your answer to the nearest dollar. a.$646 b.$5,061 c.$969 d.$323