Question 1

The entry to record the issuance of a promissory note will include a(n) ____________________ to Notes Payable.

Accepted Answer

The answer of The entry to record the issuance of...

Question 2

The amount of cash paid at maturity date on a $9,000 face value, 60-day note bearing interest at 8% is _____________________.
9000 x 60/360 x .08 = 120; 9000 + 120 = 9,120.

Accepted Answer

The answer of The amount of cash paid at maturity...

Question 3

Upon collection of the amount due on a $6,000 face value, 90-day note with interest at 10 percent a year, the Note Receivable account is

Accepted Answer

A)   debited for $6,600.
B)   credited for $6,000.
C)   credited for $6,150.
D)   debited for $6,000.E) A) and C)
F) A) and B)

Question 4

Match the accounting terms with the description by entering the proper number.

Accepted Answer

The answer of Match the accounting terms with the description...

Question 5

A ____________________ draft is a commercial draft that is payable during a specified period of time.

Accepted Answer

The answer of A ____________________ draft is a commercial draft...

Question 6

The Notes Receivable account usually has a credit balance.

Accepted Answer

A) True 
 B)False

Question 7

Compute the maturity value of a 4-month, 7 percent note with a face value of $4,000. (round answer to 2 decimal places)

Accepted Answer

The answer of Compute the maturity value of a 4-month,...

Question 8

Upon payment of the amount due on a $4,000 face value, 60-day, 6 percent note, the accountant will record an entry that includes a debit to Notes Payable for $4,000.

Accepted Answer

A) True 
 B)False

Exam 16: Notes Payable and Notes Receivable

Upon payment of the amount due on a $4,000 face value, 60-day, 6 percent note, the accountant will record an entry that includes a debit to Notes Payable for $4,000.

Correct Answer
verified

The Notes Receivable account usually has a credit balance.

Correct Answer
verified

Compute the maturity value of a 4-month, 7 percent note with a face value of $4,000. (round answer to 2 decimal places)

Correct Answer
verified

The amount of cash paid at maturity date on a $9,000 face value, 60-day note bearing interest at 8% is _____________________. 9000 x 60/360 x .08 = 120; 9000 + 120 = 9,120.

Correct Answer
verified

Match the accounting terms with the description by entering the proper number.

Correct Answer
verified

A ____________________ draft is a commercial draft that is payable during a specified period of time.

Correct Answer
verified

Upon collection of the amount due on a $6,000 face value, 90-day note with interest at 10 percent a year, the Note Receivable account is

Correct Answer
verified

The entry to record the issuance of a promissory note will include a(n) ____________________ to Notes Payable.

Correct Answer
verified

Exam 16: Notes Payable and Notes Receivable

Upon payment of the amount due on a $4,000 face value, 60-day, 6 percent note, the accountant will record an entry that includes a debit to Notes Payable for $4,000.

Correct AnswerverifiedShow Answer

The Notes Receivable account usually has a credit balance.

Correct AnswerverifiedShow Answer

Compute the maturity value of a 4-month, 7 percent note with a face value of $4,000. (round answer to 2 decimal places)

Correct AnswerverifiedShow Answer

The amount of cash paid at maturity date on a $9,000 face value, 60-day note bearing interest at 8% is _____________________. 9000 x 60/360 x .08 = 120; 9000 + 120 = 9,120.

Correct AnswerverifiedShow Answer

Match the accounting terms with the description by entering the proper number.

Correct AnswerverifiedShow Answer

A ____________________ draft is a commercial draft that is payable during a specified period of time.

Correct AnswerverifiedShow Answer

Upon collection of the amount due on a $6,000 face value, 90-day note with interest at 10 percent a year, the Note Receivable account is

Correct AnswerverifiedShow Answer

The entry to record the issuance of a promissory note will include a(n) ____________________ to Notes Payable.

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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