mathxl.com ACC 101 FALL 2017 OMALLEY NB Homework: FINAL EXAM REVIEW (EXAM 12/20
ID: 2601130 • Letter: M
Question
mathxl.com ACC 101 FALL 2017 OMALLEY NB Homework: FINAL EXAM REVIEW (EXAM 12/20 AT 6:00 Score: 0 of 1 pt 60110 (9 complete) P9-32A (book/static) Carley Realty loaned money and received the following notes during 2018 (Click the ioon to view the rotes received.) Read the requirements Requirement 1. Determine the maturty date and maturity value of each note (For each applicable note, compute interest using a 365-day Due date Note Date Principal Amount Interest Rate TermMonth/Day Year Da 6,000 12,000 Apr 1 (2) Sep. 30 (3) Sep. 19 7% 6% 8% 1 year 6 months 18,000 90 days Note O Requirements 1. Detarmine the maturity date and maturity value of each note 2. Journalze the entries to establish each Note Receivable and to reoord colection of principal and interest at maturity Include a single adjusting entry on December 31, 2018, the fiscal year-end, to record accrued interest revenue on any applicable note. Explanations are not required. Round to the nearest dollar Print Done Choose from any list or enter any number in the input fields and then click Check Answer ning Clear AllExplanation / Answer
1.
Interest will be 7% of $ 6000 = $ 420 and maturity date Apr 1 2019
2.
Interest will be 6% of $ 12000 for 6 months = 6% x $ 12000 x 6/12 = $ 360 and maturity date March 30 2019
3.
Interest will be 8% of $ 18000 for 90 days = 8% x $ 18000 x 90/360 = $ 360 and maturity date will be Dec 18, 2018
Part 2
Date Particulars Debit Credit Apr-01 Notes Recievable $ 6,000.00 Cash $ 6,000.00 (Notes recievable received) Sep-30 Notes Recievable $ 12,000.00 Cash $ 12,000.00 (Notes recievable received) Sep-19 Notes Recievable $ 18,000.00 Cash $ 18,000.00 (Notes recievable received) Dec-18 Cash $ 18,360.00 Interest Revenue $ 360.00 Notes Recievable $ 18,000.00 (Notes recievable redeemed along with cash) Dec-31 Interest Recievable $ 495.00 Interest Revenue $ 495.00 Mar 30 , 2019 Cash $ 12,360.00 Interest Revenue $ 180.00 Interest Recievable $ 180.00 Notes Recievable $ 12,000.00 (Notes recievable redeemed along with cash) Apr 01, 2019 Cash $ 6,420.00 Interest Revenue $ 105.00 Interest Recievable $ 315.00 Notes Recievable $ 6,000.00 (Notes recievable redeemed along with cash)Related Questions
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