Note receivable: Note receivable refers to a written promise received by the creditor from the debtor in formal, for the amounts to be settled within a stipulated period of time. This written promise is issued by a debtor or borrower to the lender or creditor. Notes receivable is an asset of a business. Notes receivable often used for the credit periods of more than 60 days. Due date: Due date is the maturity date on note, on due date the borrower is supposed to repay the face value of the note along with interest. The due date for the note received on July 12.

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Answer 1

Question

Chapter 8, Problem 8.5APE

(a)

To determine

Note receivable:

Note receivable refers to a written promise received by the creditor from the debtor in formal, for the amounts to be settled within a stipulated period of time. This written promise is issued by a debtor or borrower to the lender or creditor. Notes receivable is an asset of a business. Notes receivable often used for the credit periods of more than 60 days.

Due date:

Due date is the maturity date on note, on due date the borrower is supposed to repay the face value of the note along with interest.

The due date for the note received on July 12.

(b)

To determine

The maturity value of the note.

(c)

To determine

To journalize: The entry to record the receipt of the payment of the note at maturity.

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Note receivable Prefix Supply Company received a 120-day, 7% note for $84,000, dated April 12 from a customer on account. Assume 360-days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note. $ c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. E

Lundquist Company received a 60-day, 9% note for $28,000, dated July 23, from a customer on account.a. Determine the due date of the note.b. Determine the maturity value of the note.c. Journalize the entry to record the receipt of the payment of the note at maturity.

Prefix Supply Company received a 60-day, 5% note for $57,000 dated July 12 from a customer on account. Required: a. Determine the due date of the note. b. Determine the maturity value of the note. Assume a 360-day year. c. Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles. a. Determine the due date of the note. September 10 b. Determine the maturity value of the note. Assume a 360-day year. (Note: Round computations to the nearest whole dollar.) c. Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles.

Answer 2

Question

Chapter 8, Problem 8.5APE

(a)

To determine

Note receivable:

Note receivable refers to a written promise received by the creditor from the debtor in formal, for the amounts to be settled within a stipulated period of time. This written promise is issued by a debtor or borrower to the lender or creditor. Notes receivable is an asset of a business. Notes receivable often used for the credit periods of more than 60 days.

Due date:

Due date is the maturity date on note, on due date the borrower is supposed to repay the face value of the note along with interest.

The due date for the note received on July 12.

(b)

To determine

The maturity value of the note.

(c)

To determine

To journalize: The entry to record the receipt of the payment of the note at maturity.

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Answer 3

Question

Chapter 8, Problem 8.5APE

(a)

To determine

Note receivable:

Note receivable refers to a written promise received by the creditor from the debtor in formal, for the amounts to be settled within a stipulated period of time. This written promise is issued by a debtor or borrower to the lender or creditor. Notes receivable is an asset of a business. Notes receivable often used for the credit periods of more than 60 days.

Due date:

Due date is the maturity date on note, on due date the borrower is supposed to repay the face value of the note along with interest.

The due date for the note received on July 12.

(b)

To determine

The maturity value of the note.

(c)

To determine

To journalize: The entry to record the receipt of the payment of the note at maturity.

Expert Solution & Answer

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Answer 4

Question

Chapter 8, Problem 8.5APE

(a)

To determine

Note receivable:

Note receivable refers to a written promise received by the creditor from the debtor in formal, for the amounts to be settled within a stipulated period of time. This written promise is issued by a debtor or borrower to the lender or creditor. Notes receivable is an asset of a business. Notes receivable often used for the credit periods of more than 60 days.

Due date:

Due date is the maturity date on note, on due date the borrower is supposed to repay the face value of the note along with interest.

The due date for the note received on July 12.

(b)

To determine

The maturity value of the note.

(c)

To determine

To journalize: The entry to record the receipt of the payment of the note at maturity.

Expert Solution & Answer

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Answer 5

Chapter 8, Problem 8.5APE

(a)

To determine

Note receivable:

Note receivable refers to a written promise received by the creditor from the debtor in formal, for the amounts to be settled within a stipulated period of time. This written promise is issued by a debtor or borrower to the lender or creditor. Notes receivable is an asset of a business. Notes receivable often used for the credit periods of more than 60 days.

Due date:

Due date is the maturity date on note, on due date the borrower is supposed to repay the face value of the note along with interest.

The due date for the note received on July 12.

(b)

To determine

The maturity value of the note.

(c)

To determine

To journalize: The entry to record the receipt of the payment of the note at maturity.

Answer 6

Chapter 8, Problem 8.5APE

(a)

To determine

Note receivable:

Note receivable refers to a written promise received by the creditor from the debtor in formal, for the amounts to be settled within a stipulated period of time. This written promise is issued by a debtor or borrower to the lender or creditor. Notes receivable is an asset of a business. Notes receivable often used for the credit periods of more than 60 days.

Due date:

Due date is the maturity date on note, on due date the borrower is supposed to repay the face value of the note along with interest.

The due date for the note received on July 12.

Answer 7

Chapter 8, Problem 8.5APE

(a)

To determine

Note receivable:

Note receivable refers to a written promise received by the creditor from the debtor in formal, for the amounts to be settled within a stipulated period of time. This written promise is issued by a debtor or borrower to the lender or creditor. Notes receivable is an asset of a business. Notes receivable often used for the credit periods of more than 60 days.

Due date:

Due date is the maturity date on note, on due date the borrower is supposed to repay the face value of the note along with interest.

The due date for the note received on July 12.

Answer 8

(b)

To determine

The maturity value of the note.

Answer 9

(b)

To determine

The maturity value of the note.

Answer 10

(c)

To determine

To journalize: The entry to record the receipt of the payment of the note at maturity.

Answer 11

(c)

To determine

To journalize: The entry to record the receipt of the payment of the note at maturity.

Answer 12

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Answer 13

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Answer 14

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Answer 15

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Solution Summary: The author explains that note receivable refers to a written promise received by the creditor from the debtor in formal.

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The maturity value of the note.

To journalize: The entry to record the receipt of the payment of the note at maturity.

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