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21) On October 1, 2015, Android Inc. made a loan

Question : 21) On October 1, 2015, Android Inc. made a loan : 1412216

 

21) On October 1, 2015, Android Inc. made a loan to one of its customers. The customer signed a 4-month note for $100,000 at 15%. Calculate the maturity value of the note.

A) $105,000

B) $75,000

C) $25,000

D) $95,000

 

22) On December 1, 2015, Parsons Inc. sold machinery to a customer for $20,000. The customer could not pay at the time of sale, but agreed to pay 9 months later, and signed a 9-month note at 9% interest. How much interest revenue was earned during the year 2015?

A) $180

B) $150

C) $200

D) $900

 

23) On December 1, 2015, Parsons Inc. sold machinery to a customer for $20,000. The customer could not pay at the time of sale, but agreed to pay 9 months later, and signed a 9-month note at 9% interest. How much interest revenue was earned during the year 2016?

A) $900

B) $1,800

C) $1,600

D) $1,200

24) On December 1, 2015, Parsons Inc. sold machinery to a customer for $20,000. The customer could not pay at the time of sale, but agreed to pay 9 months later, and signed a 9-month note at 9% interest. How much interest revenue was earned for the entire term of the note?

A) $1,350

B) $1,200

C) $150

D) $1,800

 

25) On December 1, 2015, Parsons Inc. sold machinery to a customer for $20,000. The customer could not pay at the time of sale, but agreed to pay 9 months later, and signed a 9-month note at 9% interest. What was the total amount of cash collected by Parsons on the maturity of the note?

A) $21,800

B) $21,350

C) $18,650

D) $21,200

 

26) A six-month note receivable for $4,000 at 12%, dated September 1, 2015, has accrued interest revenue of ________ on December 31, 2015.

A) $480

B) $240

C) $160

D) $80

27) On November 1, 2015, Ealys Jewelers accepted a 3-month, 15% note for $6,000 in settlement of an overdue account receivable. Give the journal entry to record the accrued interest at the year end.

 

 

 

 

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