Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. please answer all exercise 7-14 honoring a no

please answer all Exercise 7-14 Honoring a note LO P4...

50.1K

Verified Solution

Question

Accounting

please answer all
image
Exercise 7-14 Honoring a note LO P4 Following are transactions for Vitalo Company Nov. 1 Accepted a $6,000, 180-day, 6 note from Kelly White in granting a tine extension on her past-due account receivable. Dec. 31 Adjusted the year-end accounts for the accrued interest carned on the White note. Apr. 30 White honored her note when presented for payment. Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your journal entries (Do not round intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below. Interest Amounts General Journal Complete the table to calculate the interest amounts at December 31st and April 30th November 1 January 1 Total Through Through Through Maturity December 31 April 30 Principal $ 6,000 $ 6,000 $ 6,000 Rate(%) 6% 6% 6% Time 180/360 60/360 120/360 Total interest MART General Journal >

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

Finance
1.2K views

Discuss IMF loans as important parts of international efforts to address financial crises. Why have these...

Geometry
1.2K views

Use the graph of the function to estimate the intervals on which the function is...

Calculus
1.2K views

What is the area of AABC given mZB 83 a 25 feet and c 40...

Calculus
1.2K views

Find the indicated limit Note that l H pital s rule does not apply to...

Accounting
1.2K views

Wescott Company has three divisions: A, B, and C. The company has a hurdle rate...

Accounting
1.2K views

You are considering investment in the shares of the following two companies. Company X Company...

Accounting
1.2K views

help me pls Q2 Bull Corporation has a December 31 fiscal year-end. As of...

Accounting
1.2K views

The Tax form box that is typically used to calculate Health Funding Premiums or taxes...

Accounting
1.2K views

Compare and contrast the institutional process used by FASAB for establishing generally accepted accounting principles...

Finance
1.2K views

A successful alumnus wants to endow a chaired pro- fessorship. What amount must be deposited...

Accounting
1.2K views

2 Materials Budget Lamp Kits Needed lor Production Desired Ending Invertory Total Needed Less: Beginning...

Finance
1.2K views

Lourdes Corporation's 10% coupon rate, semiannual payment, $1,000 par value bonds, which mature in 25...