Notes receivable: Promissory notes are written promises to pay a specific amount along with stated interest. Promissory notes are used in many transactions. Sellers prefer notes when the credit period is too long or receivable is a large amount. The maturity date and interest for note 1.

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Answer 1

Question

Chapter 9, Problem 12QS

1.

To determine

Concept Introduction:

Notes receivable: Promissory notes are written promises to pay a specific amount along with stated interest. Promissory notes are used in many transactions. Sellers prefer notes when the credit period is too long or receivable is a large amount.

The maturity date and interest for note 1.

2.

To determine

Concept Introduction:

Notes receivable: Promissory notes are written promises to pay a specific amount along with stated interest. Promissory notes are used in many transactions. Sellers prefer notes when the credit period is too long or receivable is a large amount.

The maturity date and interest for note 2.

3.

To determine

Concept Introduction:

Notes receivable: Promissory notes are written promises to pay a specific amount along with stated interest. Promissory notes are used in many transactions. Sellers prefer notes when the credit period is too long or receivable is a large amount.

The maturity date and interest for note 3.

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A. Amount of interest charge for each note B. Amount boweower would receive C. Amount payer would receive at maturity D. Effective rate

Part II. Record the following transactions on the general journal using double-entry bookkeeping. Oct. 1 - Rey Fernan Refozar, CPA, obtained the funds to start his own business by withdrawing P800,000 from his personal savings. He deposited the money in a new bank account that he opened in the name of the firm, Refozar Accounting Services. The office is managed by Jiexel Manongsong, CPA, MBA. Oct. 3 – Manongsong bought a computer, a copy machine, a fax machine, calculators and other necessary equipment from M. Medina Inc., at cost of P100,000. M. Medina Inc., agreed to allow 60 days for the firm to pay the bill. Oct. 4 – Manongsong placed an order for toner, fax pens, folders and other supplies that had a total cost of P20,000. The entity that sold the items, Cavite Supplies, Inc., requires cash payments from businesses that are under six months old. Refozar Accounting Services therefore issued a check to pay for the items. Oct. 9 – Manongsong decided to pay P40,000 to M. Medina Inc.,…

Determine the maturity date and compute interest for each note.

Answer 2

Question

Chapter 9, Problem 12QS

1.

To determine

Concept Introduction:

Notes receivable: Promissory notes are written promises to pay a specific amount along with stated interest. Promissory notes are used in many transactions. Sellers prefer notes when the credit period is too long or receivable is a large amount.

The maturity date and interest for note 1.

2.

To determine

Concept Introduction:

Notes receivable: Promissory notes are written promises to pay a specific amount along with stated interest. Promissory notes are used in many transactions. Sellers prefer notes when the credit period is too long or receivable is a large amount.

The maturity date and interest for note 2.

3.

To determine

Concept Introduction:

Notes receivable: Promissory notes are written promises to pay a specific amount along with stated interest. Promissory notes are used in many transactions. Sellers prefer notes when the credit period is too long or receivable is a large amount.

The maturity date and interest for note 3.

Expert Solution & Answer

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Answer 3

Question

Chapter 9, Problem 12QS

1.

To determine

Concept Introduction:

Notes receivable: Promissory notes are written promises to pay a specific amount along with stated interest. Promissory notes are used in many transactions. Sellers prefer notes when the credit period is too long or receivable is a large amount.

The maturity date and interest for note 1.

2.

To determine

Concept Introduction:

Notes receivable: Promissory notes are written promises to pay a specific amount along with stated interest. Promissory notes are used in many transactions. Sellers prefer notes when the credit period is too long or receivable is a large amount.

The maturity date and interest for note 2.

3.

To determine

Concept Introduction:

Notes receivable: Promissory notes are written promises to pay a specific amount along with stated interest. Promissory notes are used in many transactions. Sellers prefer notes when the credit period is too long or receivable is a large amount.

The maturity date and interest for note 3.

Expert Solution & Answer

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Answer 4

Question

Chapter 9, Problem 12QS

1.

To determine

Concept Introduction:

Notes receivable: Promissory notes are written promises to pay a specific amount along with stated interest. Promissory notes are used in many transactions. Sellers prefer notes when the credit period is too long or receivable is a large amount.

The maturity date and interest for note 1.

2.

To determine

Concept Introduction:

Notes receivable: Promissory notes are written promises to pay a specific amount along with stated interest. Promissory notes are used in many transactions. Sellers prefer notes when the credit period is too long or receivable is a large amount.

The maturity date and interest for note 2.

3.

To determine

Concept Introduction:

Notes receivable: Promissory notes are written promises to pay a specific amount along with stated interest. Promissory notes are used in many transactions. Sellers prefer notes when the credit period is too long or receivable is a large amount.

The maturity date and interest for note 3.

Expert Solution & Answer

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Answer 5

Chapter 9, Problem 12QS

1.

To determine

Concept Introduction:

Notes receivable: Promissory notes are written promises to pay a specific amount along with stated interest. Promissory notes are used in many transactions. Sellers prefer notes when the credit period is too long or receivable is a large amount.

The maturity date and interest for note 1.

2.

To determine

Concept Introduction:

Notes receivable: Promissory notes are written promises to pay a specific amount along with stated interest. Promissory notes are used in many transactions. Sellers prefer notes when the credit period is too long or receivable is a large amount.

The maturity date and interest for note 2.

3.

To determine

Concept Introduction:

Notes receivable: Promissory notes are written promises to pay a specific amount along with stated interest. Promissory notes are used in many transactions. Sellers prefer notes when the credit period is too long or receivable is a large amount.

The maturity date and interest for note 3.

Answer 6

Chapter 9, Problem 12QS

1.

To determine

Concept Introduction:

Notes receivable: Promissory notes are written promises to pay a specific amount along with stated interest. Promissory notes are used in many transactions. Sellers prefer notes when the credit period is too long or receivable is a large amount.

The maturity date and interest for note 1.

Answer 7

Chapter 9, Problem 12QS

1.

To determine

Concept Introduction:

Notes receivable: Promissory notes are written promises to pay a specific amount along with stated interest. Promissory notes are used in many transactions. Sellers prefer notes when the credit period is too long or receivable is a large amount.

The maturity date and interest for note 1.

Answer 8

2.

To determine

Concept Introduction:

Notes receivable: Promissory notes are written promises to pay a specific amount along with stated interest. Promissory notes are used in many transactions. Sellers prefer notes when the credit period is too long or receivable is a large amount.

The maturity date and interest for note 2.

Answer 9

2.

To determine

Concept Introduction:

Notes receivable: Promissory notes are written promises to pay a specific amount along with stated interest. Promissory notes are used in many transactions. Sellers prefer notes when the credit period is too long or receivable is a large amount.

The maturity date and interest for note 2.

Answer 10

3.

To determine

Concept Introduction:

Notes receivable: Promissory notes are written promises to pay a specific amount along with stated interest. Promissory notes are used in many transactions. Sellers prefer notes when the credit period is too long or receivable is a large amount.

The maturity date and interest for note 3.

Answer 11

3.

To determine

Concept Introduction:

Notes receivable: Promissory notes are written promises to pay a specific amount along with stated interest. Promissory notes are used in many transactions. Sellers prefer notes when the credit period is too long or receivable is a large amount.

The maturity date and interest for note 3.

Answer 12

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Answer 13

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Answer 14

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Answer 15

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Notes receivable: Promissory notes are written promises to pay a specific amount along with stated interest. Promissory notes are used in many transactions. Sellers prefer notes when the credit period is too long or receivable is a large amount. The maturity date and interest for note 1.

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Chapter 9 Solutions