College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Textbook Question
Chapter 17, Problem 1MC
Principal plus interest equals ______ of a note.
- (a) discount
- (b) net proceeds
- (c) interest rate
- (d) maturity value
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What is the principal amount of a note receivable plus the interest due called?
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Face value of a note payable plus interest is called
Omaturity value.
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O proceeds.
Oprincipal.
Short-term non-interest-bearing notes receivable are usually recorded at their
a. present value
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c. principal value
d. maturity value
Chapter 17 Solutions
College Accounting, Chapters 1-27
Ch. 17 - The maturity value of a note includes both...Ch. 17 - Prob. 2TFCh. 17 - The difference between the maturity value of a...Ch. 17 - Prob. 4TFCh. 17 - When a dishonored note is collected, interest is...Ch. 17 - Principal plus interest equals ______ of a note....Ch. 17 - Prob. 2MCCh. 17 - Prob. 3MCCh. 17 - Prob. 4MCCh. 17 - Accrued interest payable is reported as a ______...
Ch. 17 - Prob. 1CECh. 17 - Prob. 2CECh. 17 - Prob. 3CECh. 17 - Prob. 1RQCh. 17 - Prob. 2RQCh. 17 - Prob. 3RQCh. 17 - Prob. 4RQCh. 17 - Prob. 5RQCh. 17 - Prob. 6RQCh. 17 - Prob. 7RQCh. 17 - Prob. 8RQCh. 17 - Prob. 9RQCh. 17 - On which notes receivable and notes payable is it...Ch. 17 - Prob. 11RQCh. 17 - When a business borrows money from a bank on a...Ch. 17 - What kind of account is Discount on Notes Payable,...Ch. 17 - Prob. 14RQCh. 17 - Prob. 15RQCh. 17 - TERM OF A NOTE Calculate total time in days for...Ch. 17 - Prob. 2SEACh. 17 - DETERMINING DUE DATE Determine the due date for...Ch. 17 - JOURNAL ENTRIES (NOTE RECEIVED, RENEWED, AND...Ch. 17 - Prob. 5SEACh. 17 - JOURNAL ENTRIES (ACCRUED INTEREST RECEIVABLE) At...Ch. 17 - JOURNAL ENTRIES (NOTE ISSUED, RENEWED, AND PAID)...Ch. 17 - JOURNAL ENTRIES (NOTE ISSUED FOR BANK LOAN)...Ch. 17 - JOURNAL ENTRIES (ACCRUED INTEREST PAYABLE) At the...Ch. 17 - NOTES RECEIVABLE ENTRIES J. K. Pratt Co. had the...Ch. 17 - NOTES RECEIVABLE DISCOUNTING Marienau Suppliers...Ch. 17 - ACCRUED INTEREST RECEIVABLE The following is a...Ch. 17 - NOTES PAYABLE ENTRIES Milo Radio Shop had the...Ch. 17 - ACCRUED INTEREST PAYABLE The following is a list...Ch. 17 - TERM OF A NOTE Calculate total time in days for...Ch. 17 - CALCULATING INTEREST Using 360 days as the...Ch. 17 - DETERMINING DUE DATE Determine the due date for...Ch. 17 - JOURNAL ENTRIES (NOTE RECEIVED, RENEWED, AND...Ch. 17 - JOURNAL ENTRIES (NOTE RECEIVED, DISCOUNTED,...Ch. 17 - JOURNAL ENTRIES (ACCRUED INTEREST RECEIVABLE) At...Ch. 17 - JOURNAL ENTRIES (NOTE ISSUED, RENEWED, AND PAID)...Ch. 17 - JOURNAL ENTRIES (NOTE ISSUED FOR BANK LOAN)...Ch. 17 - JOURNAL ENTRIES (ACCRUED INTEREST PAYABLE) At the...Ch. 17 - NOTES RECEIVABLE ENTRIES M. L. DiMaurizio had the...Ch. 17 - NOTES RECEIVABLE DISCOUNTING Madison Graphics had...Ch. 17 - ACCRUED INTEREST RECEIVABLE The following is a...Ch. 17 - Prob. 13SPBCh. 17 - ACCRUED INTEREST PAYABLE The following is a list...Ch. 17 - Prob. 1MYWCh. 17 - Rochelle needed to borrow 3,000 for three months...Ch. 17 - Eddie Edwards and Phil Bell own and operate The...Ch. 17 - Prob. 1CP
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- When interest is calculated on the principal amount borrowed is known as what A. Annuity B. Simple interest C. Compound interest D. All of the abovearrow_forwardThe amortization of premium on notes receivable isa. deduction from accrued interest receivableb. an addition to interest incomec. an addition to accrued interest receivabled. a deduction from interest incomearrow_forwardNotes Receivable with an Effective and Nominal Rate should report interest expense as? Effective Rate x PV of Principal Effective Rate x Principal Nominal Rate x PV of Principal Nominal Rate x Principalarrow_forward
- Explain the initial measurement of,a. short-term notes receivableb. interest bearing long-term notesc. noninterest bearing note receivabled. interest bearing below market rate long-term notesarrow_forwardThe total that must be paid when a note becomes due is known as the note value. maturity value. face value. principal.arrow_forwardAt the maturity of a note payable, a borrower will pay ________. A. the interest amount only B. the principal plus interest C. the principal amount only D. the principal minus interestarrow_forward
- interest payment for bonds is calculated using the face value of the bonds and the __________ A. market value B. market interest rate C. stated interest rate D. original costarrow_forward. How is the present value of a non-interest-bearing note computed?arrow_forwardUnder the effective interest method of interest bearing note in lump-sum payment, the interest to be paid is equal to A. the effective (yield) rate of interest multiplied by the face of the note. B. the effective rate multiplied by the beginning of the period carrying amount of the note. C. the stated rate multiplied by the beginning of the period carrying amount of the note. D. the stated (nominal) rate of interest multiplied by the face of the note.arrow_forward
- Distinguish between an interest-bearing note and a non-interest-bearing note. How are the proceeds computed for a non-interest-bearing note?arrow_forwardThe interest on a non-interest bearing note is equal to a. The excess of the face value over the present value. b. The excess of the present value over the face value. c. The excess of the present value over the market value of the note. d. Zero.arrow_forwardIA - RECEIVABLE FINANCING 4. Identification. This is the sum of the face value of notes receivable and the accrued interest income as of the date of discounting.arrow_forward
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