On 1 August 2023 RFX Ltd issues a one year (1) $100,000 note to Reg Miles for the purchase of a motor vehicle. Interest on the note payable is 8% per annum and is due at the end of the six-month term of the note. RFX Ltd has a 31 October balance date.What is the correct entry to record interest on the note for the year ended 31 October 2023?

On April 1, 2022, Seamus Company purchased equipment by issuing a four-year, non-interest-bearing note with a face amount ofP1,600,000. The note matures on March 31, 2026. There was no equivalent cash price for the equipment and the note had no ready market.The prevailing rate of interest for the note of the same type is 9%.a. At what amount should the note be initially measured?b. Prepare the amortization table of the loan.c. Prepare the relevant journal entries for the years 2022 to 2026

A company issues a note receivable in place of an outstanding accounts receivable balance. The amount of the note is $5,000, the interest rate is 6% and the term is 2 months. Assuming the note receivable is dishonoured, but the company expects eventual collection, what will the journal entry include on the date the note maturies, assuming that is also the date the note is dishonoured?Select answer from the options belowdebit to Accounts Receivable $5,050debit to Cash of $5,050debit to Accounts Receivable $5,000debit to Interest Revenue $50

On November 1, Mason Corp. issued $800,000 of its 10-year, 8% term bonds dated October 1. The bonds were sold to yield 10%, with total proceeds of $700,000 plus accrued interest. Interest is paid every April 1 and October 1. What amount should Mason report for interest payable in its December 31 balance sheet?

On November 1, 20X1, a company signed a $200,000, 12%, six-month note payable with the amount borrowed plus accrued interest due six months later on May 1, 20X2. The company should record the following adjusting entry at December 31, 20X1:Multiple ChoiceDebit Interest Expense and credit Cash, $12,000.Debit Interest Expense and credit Interest Payable, $12,000.Debit Interest Expense and credit Interest Payable, $4,000.Debit Interest Expense and credit Cash, $4,000.

Alan received the proceeds from an inheritance on April 15. He wants to set aside enough on April 16 so that he will have $18,000 available on October 8 to purchase a car when the new models are introduced. If the current interest rate on 91- to 180-day deposits is 6.25%, what amount should he place in the term deposit? For full marks your answer(s) should be rounded to the nearest cent.