Homework answers / question archive / Yamaha Corporation received the following notes in 2015: NOTE DATE PRINCIPAL AMOUNT INTEREST RATE TERM A August 31 Php 200,000 10% 6 months B October 19 Php 250,000 12% 90 days C November 11 Php 300,000 11% 1 year REQUIRED: 1

Yamaha Corporation received the following notes in 2015: NOTE DATE PRINCIPAL AMOUNT INTEREST RATE TERM A August 31 Php 200,000 10% 6 months B October 19 Php 250,000 12% 90 days C November 11 Php 300,000 11% 1 year REQUIRED: 1

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Yamaha Corporation received the following notes in 2015:
NOTE DATE PRINCIPAL AMOUNT INTEREST RATE TERM
A August 31 Php 200,000 10% 6 months
B October 19 Php 250,000 12% 90 days
C November 11 Php 300,000 11% 1 year
REQUIRED:
1. Determine the due date, amount of interest, and maturity value of each note. Compute
interest using a 360-day year for those notes with terms specified in days or years. Round all
interest amounts to the nearest peso.
2. Journalize a single adjusting entry at December 31, 2015 to record accrued interest
revenue on all three notes.
3. Journalize the collection of principal and interest on Note B.
4. On the due date, the maker dishonored Note A. Prepare the journal entry to record the
default of the maker.