Reference no: EM132411963
Question -
In the trial balance for March, you see that Notes Receivable-Fast Feet Co. has a negative balance of $105, which would seem to indicate that Fast Feet paid too much. Looking back through the journal entries for March, you find that on March 19 the accounting intern recorded receipt of $3,605 in payment of this note receivable. Further investigation reveals that on November 19, 20Y1, this note receivable was received from Fast Feet Co. for $3,500. You can find no additional information about this note in the accounting records. Assume a 360 day year.
Using the preceding information, compute the term and the interest rate of the note receivable from Fast Feet.
1. Term of the note: days
2. Interest rate of the note: %
3. Journalize the entry needed to record information about the note receivable from Fast Feet for the year 20Y1. Assume that the entry on November 19, 20Y1 is correct. Refer to the Chart of Accounts of exact wording of account titles. Round all amounts to the nearest dollar.
4. Journalize the entry needed to record collection of the note at maturity on March 19, 20Y2. Assume that the entry on November 19, 20Y1 is correct. Refer to the Chart of Accounts of exact wording of account titles. Round all amounts to the nearest dollar.
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