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Vauxall Holdings showed the following information regarding its notes receivable: Note Date of Note Principal Interest Rate 1 Nov. 1/19 $ 200,000 4.0% Term 180
Vauxall Holdings showed the following information regarding its notes receivable: Note Date of Note Principal Interest Rate 1 Nov. 1/19 $ 200,000 4.0% Term 180 days Days of Accrued Maturity Interest at Dec. 31, Date 2020 Accrued Interest at Dec. 31, 2020 2 Jan, 5/20 83,000 5.0% 90 days 3 Nov. 20/20 4 Dec. 10/20 76,000 4.5% 100,000 5.5% 45 days 30 days "Round calculations to the nearest whole cent Required: For each of Vauxall Holdings note receivable given below: (Do not round intermediate calculations. Round the "Amount of Accrued Interest at Dec. 31, 2020" answers to 2 decimal places.) a. Determine the maturity date. b. Calculate the days of accrued interest, if any, at December 31, 2020 (Vauxall Holdings' year-end). c. Calculate the amount of accrued interest, if any. at December 31, 2020. Required: For each of Vauxall Holdings note receivable given below: (Do not round intermediate calculations. Round the "Amount of Accrued Interest at Dec. 31, 2020" answers to 2 decimal places.) a. Determine the maturity date. b. Calculate the days of accrued interest, if any, at December 31, 2020 (Vauxall Holdings' year-end). c. Calculate the amount of accrued interest, if any, at December 31, 2020. Note Date of Note Principal Interest Rate Term Maturity Date Days of Accrued Interest at Dec. 31, 2020 Amount of Accrued Interest at Dec. 31, 2020 1 Nov. 1/19 $ 200,000 4.0% 180 days Apr 29, 2020 0 days 2 Jan 5/20 $ 83,000 5.0% 90 days Apr 4, 2020 0 days 3 Nov. 20/20 $ 76,000 4.5% 45 days Jan 4, 2021 41 days $ 384.16 4 Dec 10/20 $100,000 5.5% 30 days Jan 9, 2021 21 days $ 316.43 For Note 3 d. Prepare the entry to record the accrued interest at December 31, 2020. (Do not round intermediate calculations. Round your answers to 2 decimal places.) View transaction list Journal entry worksheet Record the entry to accrue interest on Note 3. Note: Enter debits before credits. Date Dec 31, 2020 General Journal Debit Credit A For Note 3 d. Prepare the entry to record the accrued interest at December 31, 2020, (Do not round intermediate calculations. Round your answers to 2 decimal places.) View transaction list Journal entry worksheet Record the entry to accrue interest on Note 3. Note: Enter debits before credits. Date Dec 31, 2020 General Journal Debit Credit > e. Prepare the entry to record the collection on the maturity date. Assume that both interest and principal are collected at maturity. (Do not round intermediate calculations. Round your answers to 2 decimal places.) View transaction list Journal entry worksheet 1 Record the collection of Note 3 and interest. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal
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