College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 17, Problem 2TF
To determine
Identify whether the given statement is true or false.
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When the maker pays the full amount due on note receivable on the maturity date it is called as.
a.
Dishonor of Note receivable
b.
Un matured payment of Note receivable.
c.
Honor of Note receivable
d.
Disposal of Note receivable
When a borrower receives the face amount of a discounted note less the discount, the amount received is known as
a.the note deferred interest
b.the note principal
c.the note proceeds
d.the note discount
How to calculate the due date, interest and maturity value on both a Traditional Note and Discounted note.
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 a dishonored note is collected, interest is collected for the time between date of maturity and date of collection.arrow_forwardWhich of the following is true of a maturity date? A. It must be calculated in days, not in months or years. B. It is the date when principal and interest on a note are to be repaid to the lender. C. It is the date of establishment of note terms between a lender and customer. D. It is not a characteristic of a note receivable.arrow_forwardWhen a business endorses a note and transfers it to a bank, the process is called a discounting a note receivable. b. dishonoring a note receivable e cosigning a note receivable d. collecting a note receivablearrow_forward
- A note receivable is dishonoured on the maturity date. The journal entry to record the same in the accounts is. a. Dr Cash Cr Note receivable Cr Interest receivable b. Dr Accounts receivable Cr Note receivable Cr Interest revenue c. Dr Note receivable Cr Interest revenue Cr Cash d. Dr Cash Cr Accounts receivable Cr Interest revenuearrow_forwardWhat is a key difference between a short-term note payable and a current portion of a noncurrent note payable?arrow_forwardWhich of the following will increase the balance of accounts receivable? Group of answer choices Note discounted was dishonored by issuer at due date. Receipts of notes receivable as settlement of outstanding customer account. Sale of goods for cash. Collection of outstanding receivables.arrow_forward
- A note receivable is dishonoured when it is not paid in the allotted time period. Select one: O True False ہے.arrow_forwardWhat does it mean when a lender accelerates on a note? What is meant by forbearance?arrow_forwardpru 2 is the practice of selling a note receivable by the payee before the maturity date of the enüz note. evaplanmadı 00 üzerinden a. Endorsing a note receivable aretlenmiş O b. Issuing a note receivable. - Soruyu O c. Writing a note receivable. aretle O d. Discounting a note receivable.arrow_forward
- Which ones have a credit balance? Bills in arrears Promissory notes receivable in advancearrow_forwardWhich of the following accounts are used when a short-term note payable with 5% interest is honored (paid)? A. short-term notes payable, cash B. short-term notes payable, cash, interest expense C. interest expense, cash D. short-term notes payable, interest expense, interest payablearrow_forwardDiscounts on notes receivable are recognized as interest earned over the term of the related note. True or False True Falsearrow_forward
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