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Calculate the interest due at maturing for each of the following Notes: Note A Note B Note C Principal 10,000 10,000 10,000 Term 60 Days
Calculate the interest due at maturing for each of the following Notes: | |||
Note A | Note B | Note C | |
Principal | 10,000 | 10,000 | 10,000 |
Term | 60 Days | 90 Days | 120 days |
Interest Rate | 8% | 10% | 12% |
Note A Interest due | |||
Note B Interest Due | |||
Note C Interest Due | |||
Prepare the journal entry to record each of the notes at issuance. | |||
Note A | |||
DR: | |||
CR: | |||
Note B | |||
DR: | |||
CR: | |||
Note C | |||
DR: | |||
CR: | |||
Prepare the journal entry to record the retirement of each note. | |||
Note A | |||
DR: | |||
DR: | |||
CR: | |||
Note B | |||
DR: | |||
DR: | |||
CR: | |||
Note C | |||
DR: | |||
DR: | |||
CR: |
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