Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. i need a explanation for 8,9 and 10 thank you for

I need a explanation for 8,9 and 10 thank you for helping me with these...

50.1K

Verified Solution

Question

Accounting

image

I need a explanation for 8,9 and 10 thank you for helping me with these questions.

HW 2: Longhorn Financial Services loans money. Three cash loans were made in 2018. Requirement 1: For the loans listed determine maturity (due) date & maturity value (hint: prin. + interest) Note # Date Principle Interest Term Mth/Day Due? Year Maturity Value? Amt. Due? 1 Aug 1 12,000 17% 1 year 2 Nov 30 9,000 6% 6 months May 30 3 Dec 19 6,000 12% 30 days 9. Jan. 6,060 Check number: $29,370 total Maturity Value for the 3 notes Requirement 2: Journalize the entry to record the inception (date the loan was made) for each note and journalize the adjusting entry to record the accrued interest (see page 25) for all three notes in one entry on year-end, Dec. 31. General Journal Account Name Note Receivable # 1 10. Credit Debit 12,000 12.000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students