Wrigley Company issued the following notes during 2019. Find theinterest due on each of the notes, using the interest formulamethod.
Analyze:
What is the balance in Notes Payable onDecember 31, 2019, assuming that all notes were paid whendue?
Find the interst due on each of the notes, using the interstformula method. (use the 360 days a year)
1. A $15000 note at 9 percent for 180 days, issued February15
2. A $14000 note at 12 percent for four months, issued October3.
3. A $20000 note at 10 percent for 180 days, issued October18.
What is the balance in Notes Payable on December 31,2019,assuming that all noted were paid when due?
Wrigley Company issued the following notes during 2019. Find theinterest due on each of the notes, using the interest formulamethod.
Analyze:
What is the balance in Notes Payable onDecember 31, 2019, assuming that all notes were paid whendue?
Find the interst due on each of the notes, using the interstformula method. (use the 360 days a year)
1. A $15000 note at 9 percent for 180 days, issued February15
2. A $14000 note at 12 percent for four months, issued October3.
3. A $20000 note at 10 percent for 180 days, issued October18.
What is the balance in Notes Payable on December 31,2019,assuming that all noted were paid when due?
Related questions
ermlar corporation sells rock-climbing products and alsooperates an indoor climbing facility for climbing enthusiasts.during the last part of 2014, ermlar had the following transactionsrelated to notes payable
Sept. 1 | Issued a $12,000 note to Lippert to purchase inventory. The3-month note payable bears interest of 6% and is due December 1.(Ermlar uses a perpetual inventory system.) | |||
Sept.30 | Recorded accrued interest for the Lippert note. | |||
Oct. 1 | Issued a $16,500, 8%, 4-month note to Shanee Bank to finance thepurchase of a new climbing wall for advanced climbers. The note isdue February 1. | |||
Oct. 31 | Recorded accrued interest for the Lippert note and the ShaneeBank note. | |||
Nov. 1 | Issued a $26,000 note and paid $8,000 cash to purchase a vehicleto transport clients to nearby climbing sites as part of a newseries of climbing classes. This note bears interest of 6% andmatures in 12 months. | |||
Nov. 30 | Recorded accrued interest for the Lippert note, the Shanee Banknote, and the vehicle note. | |||
Dec. 1 | Paid principal and interest on the Lippert note. | |||
Dec. 31 | Recorded accrued interest for the Shanee Bank note and thevehicle note. | |||
1.prepare journal entries for the transactions noted above.
2.post above entries to the notes payable, interest payable, andinterest expense accounts using a T-acounts
3.show the balance sheet presentation of the notes payable andinterest paybale at dec.31
4.how much interest expense relating to notes payable did ermlarincur the year?
