Accounting: What the Numbers Mean
11th Edition
ISBN: 9781259535314
Author: David Marshall, Wayne William McManus, Daniel Viele
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 5, Problem 5.15E
Exercise 5.15
LO 6
Notes receivable-interest accrual and collection Agrico, Inc., accepted a io-month, 12.8% (annual rate), $9,000 note from one of its customers on May 15, 2016; interest is payable with the principal at maturity.
Required:
- Use the horizontal model or Write the
journal entry to record the interest earned by Agrico during its year ended December 31, 2016. - Use the horizontal model or write the journal entry to record collection of the note and interest at maturity.
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Students have asked these similar questions
Exercise 4-15 (Algo) Notes receivable—interest accrual and collection LO 6, 7
On April 1, 2019, Tabor Co. received an $5,400 note from a customer in settlement of an $5,400 account receivable from that customer. The note bore interest at the rate of 12% per annum, and the note plus interest was payable March 31, 2020.Required:Use the horizontal model to show the effects (+ for addition and − for subtraction) of each of these transactions and adjustments:
Receipt of the note on April 1, 2019.
The accrual of interest at December 31, 2019.
The collection of the note and interest on March 31, 2020.
Question 31
Nelsie Corporation has an outstanding 60- day 6% note receivable armounting to P 15.000 dated December 1 of the current
yoar. The company is using the calendar yoar in preparing its financial statomonts. What account should be creditod and
what is the amount?
Interest Income, P 75
Interest Income, P 900
Oc
Accrued Interest Income, P 150
Unearmed Interest Income, P150
ezto.mi
Calculate the monthly payment by table lookup and formula. (Answers will not be exact due to rounding of percents in table lookup.).
(Use 13% for table lookup.). (Use the loan amortization table) (Round your answers to the nearest cent.)
Number of
Total of monthly
payments
$5,849.76
Total finance
monthly
payments
Amount
Purchase price
of a used car
$5,793
Down
charge
$1,339.76
financed
APR
payment
$1, 283
48
$4,510
13%
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es
By table
By formula
Chapter 5 Solutions
Accounting: What the Numbers Mean
Ch. 5 - Prob. 5.1MECh. 5 - Prob. 5.2MECh. 5 - Mini-Exercise 5.3 LO 5 Accounts receivable, bad...Ch. 5 - Mini-Exercise 5.4 LO 5 Bad debts...Ch. 5 - Mini-Exercise 5.5 LO 7, 8 Cost flow...Ch. 5 - Mini-Exercise 5.6 LO 7, 8 Cost flow...Ch. 5 - Prob. 5.7ECh. 5 - Prob. 5.8ECh. 5 - Prob. 5.9ECh. 5 - Prob. 5.10E
Ch. 5 - Exercise 5.11 LO 5 Bad debts analysis-Allowance,...Ch. 5 - Exercise 5.12 LO 5 Bad debts analysis-Allowance...Ch. 5 - Exercise 5.13 LO 5 Cash discounts-ROI Annual...Ch. 5 - Prob. 5.14ECh. 5 - Exercise 5.15 LO 6 Notes receivable-interest...Ch. 5 - Exercise 5.16 LO 6 Notes receivable-interest...Ch. 5 - Exercise 5.17 LO 7, 8 LIFO versus FIFO-matching...Ch. 5 - Prob. 5.18ECh. 5 - Prob. 5.19ECh. 5 - Prob. 5.20ECh. 5 - Exercise 5.21 LO 5, 6, 8 Transaction...Ch. 5 - Exercise 5.22 LO 5. 8, 10 Transaction...Ch. 5 - Exercise 5.23 LO 5, 6, 7 Transaction...Ch. 5 - Exercise 5.24 LO 7, 8, 10 Transaction...Ch. 5 - Prob. 5.25PCh. 5 - Prob. 5.26PCh. 5 - Problem 5.27 LO 5 Bad debts analysis-Allowance...Ch. 5 - Problem 5.28 LO 5 Bad debts analysis-Allowance...Ch. 5 - Problem 5.29 LO 5 Analysis of accounts receivable...Ch. 5 - Problem 5.30 LO 5 Analysis of accounts receivable...Ch. 5 - Problem 5.31 LO 7, 8 Cost flow assumptions-FIFO...Ch. 5 - Problem 5.32 LO 7, 8 Cost flow assumptions-FIFO,...Ch. 5 - Prob. 5.33PCh. 5 - Prob. 5.34PCh. 5 - Problem 5.35 LO 7 Effects of inventory errors If...Ch. 5 - Prob. 5.36PCh. 5 - Case 5.37 LO 5, 7, 8 Focus company-accounts...Ch. 5 - Case 5.38
LO 5, 7
Comparative analysis of current...
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