117) Compute the unknowns for the following transactions dealing with interest on notes receivable. Use a 365-day year. Round answers to the nearest dollar.
PrincipalInterestDurationInterestMaturity
RateValue
a.$10,00010%120 days________________
b.$25,00012%________$2,515________
c.________6%180 days$2,959________
d.$50,000________60 days$493________
e.$36,0009%________________$36,710
118) Smart-T has just signed up for a BK Trust debit card machine (interact) which charges a 1% fee. On March 15th Smart-T has debit card transactions totaling $15,550. Record the journal entry for this day's sales.
119) Smart-T has just sold their accounts receivables of $260,000 to Colleen Collect Inc for 95% of their balance. Prepare the journal entry for this transaction.
120) Vance Inc. has just agreed to accept a new credit card VISTA as payment for services rendered. VISTA charges a 2.5% fee on all transactions. The sale placed on VISTA credits for the month of April totaled $330,000. Prepare the required journal entry.
121) Ace has just signed up for a KD Trust debit card machine (interact) which charges a $1 fee for transactions up to $200 and a $3 fee for transactions over that amount. On September 15th a customer makes a $150 purchase plus a cash back request of $40. Record the journal entry.