Reference no: EM132936467
Problem 1: On August 1, 2021, Stucko Company borrowed $21,000 on an 8-month, 3%, short-term note payable. Which account will be credited on April 1, 2022, and for what amount? Stucko Company has a calendar year-end.
Option 1: Interest Payable, $262.50
Option 2: Cash; $21,420
Option 3: Notes Payable, $21,420
Option 4: Interest Payable; $157.50
Option 5: None of these
Problem 2: A $100,000 mortgage note was created, and the note entailed equal monthly payments of $2,500. The interest rate is 1% per month. What is the principal balance at the end of the second month?
Option 1: $98,500
Option 2: $96,985
Option 3: $100,000
Option 4: $95,000
Option 5: None of these
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