Accounting: What the Numbers Mean
11th Edition
ISBN: 9781259535314
Author: David Marshall, Wayne William McManus, Daniel Viele
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 4, Problem 4.15E
Exercise 4.15
LO 6 . 7
Notes receivable-interest accrual and collection On April 1, 2016, Tabor Co. received an $18,000 note from a customer in settlement of an $18,000 account receivable from that customer. The note bore interest at the rate of 15% per annum, and the note plus interest was payable March 31, 2017.
Required:
Use the horizontal model to show the effects of each of these transactions and adjustments:
- Receipt of the note on April 1, 2016.
- The accrual of interest at December 31, 2016.
- The collection of the note and interest on March 31, 2017.
(Note: As an alternative to using the horizontal model, write the
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Exercise 4-15 (Algo) Notes receivable—interest accrual and collection LO 6, 7
On April 1, 2019, Tabor Co. received an $5,400 note from a customer in settlement of an $5,400 account receivable from that customer. The note bore interest at the rate of 12% per annum, and the note plus interest was payable March 31, 2020.Required:Use the horizontal model to show the effects (+ for addition and − for subtraction) of each of these transactions and adjustments:
Receipt of the note on April 1, 2019.
The accrual of interest at December 31, 2019.
The collection of the note and interest on March 31, 2020.
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Calculate the monthly payment by table lookup and formula. (Answers will not be exact due to rounding of percents in table lookup.).
(Use 13% for table lookup.). (Use the loan amortization table) (Round your answers to the nearest cent.)
Number of
Total of monthly
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$5,849.76
Total finance
monthly
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Amount
Purchase price
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$5,793
Down
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$1,339.76
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APR
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$1, 283
48
$4,510
13%
Monthly Payment
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By formula
Question 8 of 10 View Policies Show Attempt History Current Attempt in Progress On July 1, 2024, the Canada Bank lent $36,000 to Coronado Limited. The 18 -month loan bears interest at 6%. Prepare the journal entries to record each of the following on the Canada Bank's books: (a) Your answer is partially correct. The issue of the bank loan on July 1, 2024. (Credit account titles are outomatically indented when amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Date Account Titles and Explanation July 1 , cash Accounts Payable eTextbook and Media List of Accounts
Chapter 4 Solutions
Accounting: What the Numbers Mean
Ch. 4 - Prob. 4.1MECh. 4 - Mini-Exercise 4.2 LO 2, 6, 7 Record transactions...Ch. 4 - Prob. 4.3MECh. 4 - Prob. 4.4MECh. 4 - Exercise 4.5 LO 2. 6, 7 Record transactions and...Ch. 4 - Exercise 4.6 LO 2. 6, 7 Record transactions and...Ch. 4 - Exercise 4.7 LO 6 Write journal entries Write the...Ch. 4 - Exercise 4.8 LQ 6 Write journal entries Write the...Ch. 4 - Exercise 4.9 LO 2, 6, 7 Record transactions and...Ch. 4 - Exercise 4.10 LO 2. 6, 7 Record transactions and...
Ch. 4 - Exercise 4.11 LO 2. 6, 7 Record transactions and...Ch. 4 - Exercise 4.12 LO 2, 6, 7 Record transactions and...Ch. 4 - Exercise 4.13 LO 3 Calculate retained earnings On...Ch. 4 - Prob. 4.14ECh. 4 - Exercise 4.15 LO 6 . 7 Notes receivable-interest...Ch. 4 - Exercise 4.16 LO 6, 7 Notes payable-interest...Ch. 4 - Exercise 4.17 LO 6, 7 Effect of adjustments on net...Ch. 4 - Exercise 4.18 LO 6, 7 Effects of adjustments A...Ch. 4 - Exercise 4.19 LO 6 , 7 T-account analysis Answer...Ch. 4 - Exercise 4.20 LO 6, 7 Transaction analysis using...Ch. 4 - Problem 4.21 LO 2, 6, 7 Record transactions and...Ch. 4 - Prob. 4.22PCh. 4 - Prob. 4.23PCh. 4 - Problem 4.24 LO 6. 7 Calculate income from...Ch. 4 - Prob. 4.25PCh. 4 - Prob. 4.26PCh. 4 - Problem 4.27 LO 6. 7 Analyze several accounts...Ch. 4 - Prob. 4.28PCh. 4 - Case 4.29LO 6, 7Capstone analytical review of...Ch. 4 - Prob. 4.30C
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