answer in text form please (without image) P 7-9LOSRecording Notes ReceivableOn September 30, Q. Computer Inc. has the following Notes Receivable:Term90 days60 days4 monthsInterest is computed following the practice that there are 360 days a year.DateJuly 4Aug. 15Sep. 30MakerSuntory Co.Toyota Co.Kyoto Inc.Face value$350,000260,000580,000Interest rate8%9%10%Required:1. What's the maturity date of these three notes?2. Suppose that Q. Computer Inc. prepares financial statements as of September 30. Make theentries necessary on September 30.3.Make the entries necessary during October for Q. Computer Inc., assuming that on the maturitydate the note maker pays the note and interest in full.

The journal entries are prepared to record the transactions on regular basis. The adjustment entries…

Recording Notes Receivable On September 30, Q. Computer Inc. has the following Notes Receivable: Date Maker Face value Term July 4 Suntory Co. $350,000 90 days Aug. 15 Toyota Co. 260,000 60 days Sep. 30 Kyoto Inc. 580,000 4 months Interest is computed following the practice that there are 360 days a year. Required: 1. What's the maturity date of these three notes? 2. Suppose that Q. Computer Inc. prepares financial statements as of September 30. Make the entries necessary on September 30. 3. Make the entries necessary during October for Q. Computer Inc., assuming that on the maturity date the note maker pays the note and interest in full. Interest rate 8% 9% 10%

Recording Notes Receivable On September 30, Q. Computer Inc. has the following Notes Receivable: Date Maker Face value Term July 4 Suntory Co. $350,000 90 days Aug. 15 Toyota Co. 260,000 60 days Sep. 30 Kyoto Inc. 580,000 4 months Interest is computed following the practice that there are 360 days a year. Required: 1. What's the maturity date of these three notes? 2. Suppose that Q. Computer Inc. prepares financial statements as of September 30. Make the entries necessary on September 30. 3. Make the entries necessary during October for Q. Computer Inc., assuming that on the maturity date the note maker pays the note and interest in full. Interest rate 8% 9% 10%

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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