155.Determine the due date and the amount of interest due at maturity on the following notes:
Date of Note
Face Amount
Interest Rate
Term of Note
(1)
October 1
$21,000
8%
60 days
(2)
August 30
9,000
10%
120 days
(3)
May 30
12,000
12%
90 days
(4)
March 6
15,000
9%
(5)
May 23
156.Journalize the following transactions for Lucite Company.
November 14 Received a $4,800.00, 90-day, 9% note from Alan Albertson in payment of his account.December 31 Accrued interest on the Albertson note.
February 12 Received the amount due from Albertson on his note.
Date
Description
Post.Ref.
Debit
Credit
157.For each of the following notes receivables held by Winter Company, determine the interest revenue to be reportedon the income statements. Round answers to nearest whole dollar.
Face
Rate
Time
Year 1InterestRevenue
Year 2InterestRevenue
Aug. 8, Year 1
$15,000
7%
180 days
Oct. 7, Year 1
$22,000
Jan. 6, Year 2
$30,000
Nov. 12,Year 1
$28,000
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