3. A 10% interest bearing promissory note for P50,000 was received from a customer on October 01, 2017. The note is due on September 30, 2018. a. How much is the interest earned by December 31, 2017? b. Give the entry to record the interest earned on December 31, 2017.
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- 4. Determine the ending balance of AccountsReceivable as of December 31, 2019. 5. What is the net realizable value of thereceivables at the end of 2019? 6. The company has a notes receivable ofRp24,000 at January 15, 2019 for 3 months at10% interest rate. Prepare journal entry as ofApril 15, 2019, on its due date.Give typing answer with explanation and conclusion A promissory note for $7200.00 dated May 15, 2016, requires an interest payment of $740.00 at maturity. If interest is at 9.6% compounded monthly, determine the due date of the note. Group of answer choices 11 Oct 2018 24 Aug 2017 23 May 2017 21 Sep 2016 23 July 20164)A promissory note for $800.00 dated January 15, 2017, requires an interest payment of $100.00 at maturity. If interest is at 9% p.a. compounded monthly, determine the due date of the note
- 65. Borrowed P100,000 by issuing a 1-year note with 7% annual interest to Century Savings Bank on October 1, 2021. What is the adjusting entry on December 31, 2021? A. Debit: Interest Expense and Credit: Interest Payable P1,750 B. Debit: Interest Expense and Credit. Interest Payable P7,000 C. Debit: Interest Expense and Credit: Interest Payable P3,500 D. Debit: Interest Expense and Credit: Interest Payable P5,250Answer the following questions regarding a four-month promissory note for $1,850 issued June 1, 2021, and bearing an interest rate of 5% p.a. a) What was the maturity date of the note? b) How much was the note worth at maturity? c) How much was the note traded for on Sep 1, 2021, if money was worth 6% p.a.?Jane's Donut Co. borrowed OMR 50,000 on March 1, 2018, and signed a one-year note bearing interest at 12%. Interest is payable in full at maturity on March 1, 2019. In connection with this note, Jane's should report interest expense at December 31, 2018, in the amount of: Select one: A. 7,000 B. 4,500 C. 6,000 D. 5,000
- On Jan. 1, 2020, EC Company reported a note payable of P 1,200,000. The note is dated Oct. 1, 2019, bears interest at 12% and is payable in three equal annual payments of P 400,000. The first interest and principal payment was made on Oct. 1, 2020. What amount should be reported as interest expense for 2020? *a. P 30,000b. P 132,000c. P 165,000d. P 180,000A seven-month promissory note for $7,800 dated March 12, 2016 bears interest at 8% a. What is the legal due date of the note? b. What is the amount of interest payable at the due date? c. What is the maturity value of the note?5. Determine the exact simple interest on PhP 585 for the period from June 5 to December 15, 2017 if the rate of interest is 9 percent. B. PhP 14.39 A. PhP 37.84 C. PhP 27.84 D. PhP 82.33
- Rice Inc. issued a 120-day note in the amount of $150,000 on October 31, 2013 with an annual rate of 6%. What amount of interest has accrued as of December 31, 2013? Select one: A. $1,500 B. $1,125 C. $4,500 D. $ 750 E. Zero. The interest is accrued at the end of the 120 day period.3) Mann Company reported on June 20, 2015 a 10% note payable in the amount of Php 3,600,000. The note is dated October 1, 2014 and is payable in three equal annual payments of Php 1,200,000 plus interest. The first interest and principal payment was made on October 1, 2015. a) On June 30, 2016, what amount should be reported as accrued interest payable? b) What amount should be reported as Notes Payable on June 30, 2016? c) How are you going to present the liabilities (current and non current) with corresponding amounts in the statement of financial position?XYZ Company lent $9,000 at 10% interest on December 1, 2019. The amount plus all interests accrued will be collected after 1 year. At the end of December, which of the following journal entry is required to take up the interest income? Select one: a. Debit Cash $900; Credit Interest Revenue $900 b. Debit Interest Revenue $75; Credit Interest Receivable $75 c. Debit Interest Receivable $900; Credit Unearned Revenue $900 d. Debit Interest Receivable $75; Credit Interest Revenue $75
