Receivables and Revenue

Account for notes receivable

On May $31,2024,$ Wyoming State Bank loaned money to Lindsey Weston on a note with the following features:

Use the blue shaded areas on the ENTERANSWERS tab for inputs.

Always use cell references and formulas where appropriate to receive full credit. If you copy$/$paste from the Instructions tab or if you type the

numbers in$,$ you will be marked wrong.

Requirements

$1$ Calculate the amount of interest during $2024,2025,$ and $2026$ for the note receivable.

a$.$ Enter all amounts as positive values.

b$.$ Do not round intermediate calculations.

$2$ Determine which party has a note receivable, a note payable, an interest revenue, an interest expense.

$3$ How much in total would Wyoming State Bank collect if Lindsey Weston paid off the note early on October $31,2024?$

a$.$ Enter the amount as a positive value.

$($second excel page$)$

Calculate the amount of interest during $2024,2025,$ and $2026$ for the note receivable.

$($Always use cell references and formulas where appropriate to receive full credit. If you copy$/$paste from the Instructions tab or if you

type the numbers in$,$ you will be marked wrong.$)$

Determine which party has a note receivable, a note payable, an interest revenue, an interest expense.

Note receivable

Note payable

Interest revenue

Interest expense

How much in total would Wyoming State Bank collect if Lindsey Weston paid off the note early on October $31,2024?$

$($Always use cell references and formulas where appropriate to receive full credit. If you copy$/$paste from the Instructions tab or if you

type the numbers in$,$ you will be marked wrong.$)$

Total payoff on October $31,2024.$ PLEASE USE CORRECT EXCEL CELLS!!!!