On April 12, Hong Company agrees to accept a 60-day, 7%, $9,600 note from Indigo Company...
On April 12, Hong Company agrees to accept a 60-day, 7%, $9,600 note from Indigo Company to extend the due date on an overdue account. What is the journal entry that Indigo Company would make, when it records payment of the note on the maturity date? (Use 360 days a year.)
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On April 12, Hong Company agrees to accept a 60-day, 7%, $9,600
note from Indigo Company...
Help Save & Exit On April 12, Hong Company agrees to accept a 60-day, 7%, $9,600...
Help Save & Exit On April 12, Hong Company agrees to accept a 60-day, 7%, $9,600 note from Indigo Company to extend the due date on an overdue account. What is the journal entry that Indigo Company would make, when it records payment of the note on the maturity date? (Use 360 days a year.) Multiple Choice Debit Notes Payable $9.600, debit Interest Expense $112, credit Cash $9.712 Debit Cash $9.712, credit Interest Revenue $112, credit Notes Receivable $9,600 Debit...
On April 12, Hong Company agrees to accept a 60-day, 10%, $6,500 note from Indigo Company...
On April 12, Hong Company agrees to accept a 60-day, 10%, $6,500 note from Indigo Company to extend the due date on an overdue accounts payable. What is the journal entry needed to record the transaction by Indigo Company? Help Save & Exit Multiple Choice Debit Notes Payable $6,500, credit Accounts Payable $6,500 Debit Cash $6,500credit Notes Payable $6,500. Debit Accounts Receivable $6,500, credit Notes Payable $6.500, Debit Accounts Payable $6.500, credit Notes Payable $6,500 Debit Sales $6,500: credit Notes...
what is the correct answer? with explanation On April 12, Hong Company agrees to accept a...
what is the correct answer?
with explanation
On April 12, Hong Company agrees to accept a 60-day, 10%, $5,500 note from Indigo Company to extend the due date on an overdue accounts payable. What is the journal entry needed to record the transaction by Indigo Company? Multiple Choice O Debit Accounts Payable $5,500, credit Notes Payable $5,500 O Debit Notes Payable $5,500, credit Accounts Payable $5,500. O Debit Accounts Receivable $5,500, credit Notes Payable $5,500 O Debit Cash $5,500; credit...
I am doing 5700*10%*60/360 but keep getting the wrong numbers 14 Ch.9 &10 (90 min.) i...
I am doing 5700*10%*60/360 but keep getting the wrong
numbers
14 Ch.9 &10 (90 min.) i Help Save & Exit On April 12. Hong Company agrees to accept a 60 day, 8%, $5,700 note from Indigo Company to extend the due date on an overdue account. What is the journal entry that Indigo Company would make, when it records payment of the note on the maturity date? (Use 360 days a year.) Multiple Choice ESTE O Debit Notes Payable $5,700,...
Note Receivable Cube Ice Company received a 120-day, 10% note for $48,000, dated April 9 from...
Note Receivable Cube Ice Company received a 120-day, 10% note for $48,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. August 7 b. Determine the maturity value of the note. $ Feedback 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. Aug. 7 Cash Notes Receivable Interest...
Note Receivable Cube Ice Company received a 120-day, 8% note for $96,000, dated April 9, from...
Note Receivable Cube Ice Company received a 120-day, 8% note for $96,000, dated April 9, 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.
Note Receivable Quick Tire and Lube received a 120-day, 7% note for $36,000, dated April 9,...
Note Receivable Quick Tire and Lube received a 120-day, 7% note for $36,000, dated April 9, 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.
Sunshine Service Center received a 120-day, 6% note for $40,000, dated April 12 from a customer...
Sunshine Service Center received a 120-day, 6% note for $40,000, dated April 12 from a customer on account. Assume 360 days per year. a. Determine the due date of the note. b. Determine the maturity value of the note. When required, round your answers to the nearest dollar. $ 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. When required, round...
Instructions Valley Designs issued a 120-day, 7% note for $65,400, dated April 15 to Bork Fumiture...
Instructions Valley Designs issued a 120-day, 7% note for $65,400, dated April 15 to Bork Fumiture Company on account. Required: A. Determine the due date of the note. B. Determine the matunity value of the note. Assume a 360-day year. Round your answer to the nearest dolar. C. Journalize the entries to record the following: (1) receipt of the note by Bork Furniture and (2) receipt of payment of the note at maturity. Refer to the Chart of Accounts for...
Note Receivable Quick Tire and Lube received a 120-day, 6% note for $84,000, dated April 9,...
Note Receivable Quick Tire and Lube received a 120-day, 6% note for $84,000, dated April 9, 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.
Help Save & Exit On April 12, Hong Company agrees to accept a 60-day, 7%, $9,600 note from Indigo Company to extend the due date on an overdue account. What is the journal entry that Indigo Company would make, when it records payment of the note on the maturity date? (Use 360 days a year.) Multiple Choice Debit Notes Payable $9.600, debit Interest Expense $112, credit Cash $9.712 Debit Cash $9.712, credit Interest Revenue $112, credit Notes Receivable $9,600 Debit...
On April 12, Hong Company agrees to accept a 60-day, 10%, $6,500 note from Indigo Company to extend the due date on an overdue accounts payable. What is the journal entry needed to record the transaction by Indigo Company? Help Save & Exit Multiple Choice Debit Notes Payable $6,500, credit Accounts Payable $6,500 Debit Cash $6,500credit Notes Payable $6,500. Debit Accounts Receivable $6,500, credit Notes Payable $6.500, Debit Accounts Payable $6.500, credit Notes Payable $6,500 Debit Sales $6,500: credit Notes...
what is the correct answer?
with explanation
On April 12, Hong Company agrees to accept a 60-day, 10%, $5,500 note from Indigo Company to extend the due date on an overdue accounts payable. What is the journal entry needed to record the transaction by Indigo Company? Multiple Choice O Debit Accounts Payable $5,500, credit Notes Payable $5,500 O Debit Notes Payable $5,500, credit Accounts Payable $5,500. O Debit Accounts Receivable $5,500, credit Notes Payable $5,500 O Debit Cash $5,500; credit...
I am doing 5700*10%*60/360 but keep getting the wrong
numbers
14 Ch.9 &10 (90 min.) i Help Save & Exit On April 12. Hong Company agrees to accept a 60 day, 8%, $5,700 note from Indigo Company to extend the due date on an overdue account. What is the journal entry that Indigo Company would make, when it records payment of the note on the maturity date? (Use 360 days a year.) Multiple Choice ESTE O Debit Notes Payable $5,700,...
Note Receivable Cube Ice Company received a 120-day, 8% note for $96,000, dated April 9, 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.
Instructions Valley Designs issued a 120-day, 7% note for $65,400, dated April 15 to Bork Fumiture Company on account. Required: A. Determine the due date of the note. B. Determine the matunity value of the note. Assume a 360-day year. Round your answer to the nearest dolar. C. Journalize the entries to record the following: (1) receipt of the note by Bork Furniture and (2) receipt of payment of the note at maturity. Refer to the Chart of Accounts for...
Note Receivable Quick Tire and Lube received a 120-day, 6% note for $84,000, dated April 9, 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.
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