Give a sample and solution for 2. Note Payable
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Give a sample and solution for
2. Note Payable
2.3. non-interest bearing, acquisition of property
2.3.1. with cash price available
2.3.2. no cash price available
2.3.3. when payment is to be done on installment
2.3.4 when payment is to be done lumpsum
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- 1.-To which element does the following definition correspond: It is a format where interest and payments are normally calculated to settle a loan. A) Format for credit standards B) Inventory maintenance cost form. C) Depreciation table D) Amortization table (Choose one option)True or false 1. Amortization of the discount on note Payable increases the balance of the discount on note payable 2. The carrying amount of the note payable is the same all through out the term of an non-interest bearing note. 3. Discount on note payable is amortized by crediting it and debiting interest expense. 4 To record the purchase of a property by issuing a non-interest bearing note will involve a credit to note payable . 5.. When an interest bearing note is issued to acquire an asset, the asset is debited at an amount equal to the downpayment if there is any plus the face amount of the note. 6. The property that is purchased using a non-interest bearing note should be recorded at its cash price if available. If the cash price of the property is not available, the present value of the note must be computed. Please answer it completely. Thanks tutor.Give a sample problem of1. Accounts Payable2. Note Payable 2.1 interest bearing, for cash 2.2. interest bearing, for acquisition of property
- An amortization table ________. A. breaks each payment into the amount that goes toward interest and the amount that goes toward the principal B. is a special table used in a break room to make people feel equitable C. separates time value of money tables into present value and future value D. separates time value of money tables into single amounts and streams of cashFor assets acquired on credit or by installment, the cost or fair value is equal to: A. cash purchase priceB. invoice priceC. installment priceD. list priceAnswer the following questions correctly. a. The interest is computed on the principal and on the accumulated past interest . a. Compound Interestb. Interestc. Simple interestd. rate b. Which of the following are NOT true? I. Principal is the money given or paid invested in the origin date II. Origin date is a date on which money is paid by the borrower. III. Interest is an amount or earned for the use of the moneyIV. Simple Interest is an interest that is computed on the principal and then added to it.
- LETS START I. Matching type: Directions: Match the terms in Column A with the correct definition in Column B. You may choose more than one a. one answer from Column B. ANSWER Column A Column B 1. Principal A. time money is borrowed 2. Term B. amount paid or earned for the use of money 3. Interest C. percentage of increase of investment 4. Maturity Value D. amount of money borrowed or investment E. amount added by the lender, to be received on repayment date F. amount received on repayment date 5. Interest rateIdentify an example of a non-current asset. O a. Machinery O b. Bank overdraft O c. Inventory O d. Loanwhat is the gournal jeneral entry for: 1. repaid loan. 2. paid interest.
- Q-2: What is Gross Invoice Method and Net Invoice method? Record the transactional entries for the cash received by the seller within the discounting period. What would be the transactional entry for post discounting period?I. Write "T" if the statement is True and write "F" if otherwise 1. Depreciation charges throughout the life of the asset should be recognized at inception at the present value. 2. Receivables are classified as accounts, notes, or other. 3. Financing charges added to a customer's credit card balance with a retailer are recorded as a debit to Accounts Receivable and a credit to Interest Revenue. 4. Goodwill should be recorded as an asset and never adjusted. 5. The allowance method for uncollectible accounts violates the expense recognition principle. 6. An aging schedule shows a required balance in Allowance for Doubtful Accounts of $8,600. If there is a credit balance in the allowance account of $2,000 prior to adjustment, the adjustment amount is $6,600. 7. Useful lives of PPES should not exceed 25 years due to legal restrictions. 8. The maturity date of a 60-day note dated December 1 is January 31. 9. The interest due at maturity of a two-month, 8%, $800 note is computed by…Identify which one of the following is also called as Fixed deposit account? a. Demand deposit b. Long term deposit c. Short term deposit d. Chequable deposit