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