If the note payable has total credits of RO 500 and total debits of RO 120, how much is its balance? a. RO 620 b. RO 500 c. RO 120 d. RO 380
Q: In the credit terms of 3/15, n/45, the "3" represents the a. Number of days when the entire amount…
A: Credit terms: Credit terms are the terms of payment offered by the seller to the buyer.
Q: Simple interest applies when interest is earned _____________. a. on interest b. in a serious of…
A: Interest is the value provided or paid for the sum borrowed. If the company has made certain…
Q: An invoice dated June 27 for P20, 850 carried a cash discount of 5/30. If this invoice is paid on…
A: Given:Invoice date=27 juneAmount=P20850Cash discount=5/30Invoice paid date=July 25Computation of…
Q: The entry to record interest expense on a bank loan payable is a a. debit to interest expense and…
A: The adjustment entries are made at the end of the year to adjust the revenues and expenses of the…
Q: Use the following T-account for Careful Corporation to answer questions 11 and 12:…
A: The left side of account receivables T account is debit side and the right side is credit side. If…
Q: Which of the following statements is correct? If the note is issued at a discount, the interest…
A: On the discount issue, the bond price is lower than its face value. The coupon amount (i.e. Interest…
Q: Journal Entry for Payee when giving note * to either the maker or a bank Debit Cash, Credit Notes…
A: Notes receivable is considered a negotiable instrument. It is a written promise to receive a certain…
Q: a debtor and a creditor record the same note, respectively, as a: A. note receivable and note…
A: The debtor refers to the person or an entity who owes some amount from another person. The another…
Q: We sold ABC company merchandise on account for $24,000 They were unable to pay it so we changed it…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: How do you find the amount of payment to be credited and the balance outstanding when you know the…
A: GivenInvoice Value = $600Invoice Date = 7/5Conditions for Payment = 4/10 and n/60This condition…
Q: What is the APR if the monthly rate of interest a credit card company charges on outstanding…
A: Given: Monthly rate = 1.62%
Q: From pages 5-1 and 5-3 of the LVN, match the term with its explanation. Put the answers in the right…
A: The pages attached provide us with an understanding of how credit transactions are recorded and how…
Q: What journal entry should be made to reflect the issuance of a $3,000 note to a creditor who has…
A: The issue is a journal entry that records the issuing of a $3,000 note to a customer. creditor who…
Q: Which of the following is considered receivables? (select all that applies) rents note payables…
A: Receivables are the amounts that are expected to be received by an entity either at present day or…
Q: The journal entry to record accrued interest on a short-term note payable includes a debit to: A.…
A: Accrued interest is the interest that is accrued over the period.
Q: 6. A cheque for RO 2,000 is presented in the clearing on the 20-01-2020 for payment when the balance…
A: Answer When balance in the bank account is insufficient then The overdraft facility may be used to…
Q: Borrowed $89 from a bank, signing a short-term note. Note: Enter debits before credits. Transaction…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: A 90-day, 5% note for $9,600, dated May 1, is received from a customer on account. The maturity…
A: The maturity value of note will include the face value of note and Interest accrued thereon.…
Q: A payment of $650 to a creditor will cause
A: When the payment is made to creditors then liabilities is reduced so it should be debited and…
Q: 18-Journal entry to record an honour of note receivable is. a. Dr Cash Cr Accounts receivable Cr…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Which of the following is a contra-liability account? a. Notes Payable b. Discount on Notes Payable…
A: Contra liability refers to a liability which is debited for the purpose of offsetting the credit of…
Q: Prepare a balance sheet, assuming that the current portion of the note payable is $14,700. Kanpur…
A: Particulars Amount Amount Current Assets: Cash $114,800 Accounts Receivable $299,600…
Q: 17-Which of the following journal entry is correct for payment of loan instalment?
A: Journal entry for payment of loan installment Loan is in nature of liability, And Payment of such…
Q: Suppose that the balance of a certain credit card is P43,744.53. The credit card company charges…
A: Credit card balance= P43,744.53 Charges= 3.5% per month Total balance owed to the credit card…
Q: True or False The Notes Payable account is always debited or credited for the face value of a…
A: Notes Payable - Notes Payable is the promissory notes issued by the borrower. It contains fixed rate…
Q: A note was issued in the amount of P500,000 for a loan from BPI
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: RO 6,000, 2-month, non-interest-bearing note payable was discounted by a bank at 9%. The amount of…
A: The question is related to discounting by bank. In the given case RO 6000 , 2-month,…
Q: Which of the following is the correct journal entry to convert a $6,300 account payable to a note…
A: Journal entries refers to the systematic documentation of the financial transactions of a company in…
Q: romissory notes can be used in which of the following cases? a. Lending money b. All the given…
A: Explanation: Promissory note: A promissory note is a legal financial instrument that has a written…
Q: pany is 220000 JD, Notes receivable balance for S company is 66000 JD, Notes receivable balance for…
A: The right answer is option a. 300000
Q: Accounts Receivable Beg. Bal. $ 187 18 150 6…
A: 1. The debit balance of accounts receivable indicates that the revenue has earned but the payment…
Q: n0-14 Defining common receivables terms Lea Match the terms with their correct dcinition.…
A: Since there are multi sun-parts, we will solve first three for you. To get the remaining sun-parts…
Q: A debit order of R1500 for payment of rates will appear in ____________during the bank…
A: Answer:- Bank reconciliation:- A bank reconciliation is the process of reconciling the bank account…
Q: A note receivable is dishonoured on the maturity date. The journal entry to record the same in the…
A: A dishonored note is a note that the maker failed to pay at maturity. Thus, the payee of the note…
Q: Calculate the due date, interest due, and maturity value of the following notes:…
A: The interest receivable is the interest earned but not received yet. The maturity value is…
Q: In Promissory note, Maker is the person who. a. Receives the payment b. Makes the sales c. Makes…
A: A promissory note is a shred of documentary evidence in which one party makes the promise to another…
Q: Calculate the cash discount and the net amount due the transaction (in $). Amount of Invoice Terms…
A: Credit terms includes terms & conditions related to discounts and interest or late fee…
Q: Give the journal entry for the following transaction. Received a promissory note in payment of an…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: Which of the following account is debited when account payable is converted into note payable?…
A: Liabilities have a credit balance, So when liabilities converted then they should be debited.
Q: 11-When the note receivable is dishonored the following account is debited. a. Account receivable b.…
A: Note receivable means amount to be received on note which is a promise made by maker.
Q: QUESTION 1 The interest deducted in advance from the face valueof a non-interest bearing notes…
A: Hey there, since multiple questions are posted only the first question will be answered. Kindly…
Q: (b) An accountant needs to allocate the principal and simple interest on a loan payment into the…
A: Simple interest is a method of calculating interest on a principal amount. The basic feature of the…
Step by step
Solved in 2 steps
- 9. Which accounts would be debited and credited in the entry to record accrued interest on a note payable? Debit Credit A. Interest Expense Interest Receivable B. Interest Receivable Interest Revenue C. Interest Expense Interest Payable D. Interest Receivable Interest PayableWhat does "2/10" mean, with respect to "credit terms of 2/10, n/30"?question b: (...) amount in accounts receivable?
- 60. If the face value of a notes receivable is greater than its present value, which would most likely appear in the journal entry in the amortization? a. Cr. Premium on Notes Receivable b. Dr. Discount on Notes Receivable c. Dr. Premium on Notes Receivable d. Cr. Discount on Notes Receivable9. Face value of a note payable plus interest is called Omaturity value. O face value. Oproceeds. Oprincipal.2. The time period during which the invoice is paid is called: A. Rate of discount В. Discount period C. Credit period D. Net amount
- IA - RECEIVABLE FINANCING 4. Identification. This is the sum of the face value of notes receivable and the accrued interest income as of the date of discounting.(32) The journal entry to record accrued interest on a short-term note payable includes a debit to: A. Interest Payable and a credit to Notes Payable. B. Interest Expense and a credit to Cash C. Interest Expense and a credit to Interest Payable D. Interest Payable and a credit to Cash.Which one of the four methods of payments creates an accounts receivable? Select one: a. cash in advance b. open account c. draft d. letter of credit
- 2. credit terms :5, 1/15, n/45. what is the cash discount?Face value of a note payable plus interest is called Omaturity value. O face value. O proceeds. Oprincipal.Received interest revenue of RO. 525. In the Interest revenue ledger Select one: O a. Interest revenue OR 525 - On the debit b. Interest revenue OR 725 - On the credit O c. Interest revenue OR 525 - On the credit O d. Interest revenue OR 725 - On the debit