Incomplete Data Co. borrowed $35,000 on December 1, 2012, for 75 days at 7% interest by signing a note.
a) Determine the date the note matures, and calculate how much interest expense is generated by this note, both for 2012 and 2013. OR must be entered in the format dcarnmm (ie. 15,an). Round all values .two decimal places.
On what day will this note mature,
How much interest expense is created by this note in 2012?
How much interest expense is created by this note in 2013?
b) Prepare Incomplete Data Co.'s barrel entries on December 1, 2012, December 31, 2012, and the maturity date. Enter a appropriate description when entering Me transactions in the journal.
Globe Filter Company showed the following selected account balances a May 31, 2012. Use this information to prepare the current liabilities section of the Global Filter Company balance sheet $34,200 of the note payable that mathnas in 2020 must be paid by May 31, 2013.
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Accounts Receivable
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276,000
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Advance Air Ticket Sales
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30,500
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CPP Payable
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18,0150
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Consulting Revenue Earned
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117,000
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Interest Expense
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25,000
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Notes Payable (due November 1, 2020)
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97,000
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Re. Earned
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34,500
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Repair Pads Inventory
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78,000
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Unearned Bus Tour Revenue
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16,000
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Unearned Consulting Revenue
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17,000
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Unearned Re.
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49,000
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