On january 1, avers co. borrowed $10,000 by extending their past-due account payable with a a 60-day, 8% interest-bearing note. on march 1, the due date, avers pays the amount due in full. this entry would be recorded by avers with a debit to (accounts payable/notes payable/ in the amount of

Notes payable; $10,000

Explanation:

Given that,

Borrowing amount = $10,000

Time period = 60 day

Interest rate = 8%

On the due date of the note, avers co. paid the amount.

Therefore, this entry would be recorded by Avers with a debit to Notes payable with an amount of $10,000.

Interest amount = $10,000 × (60 ÷ 360) × 0.08

                           = $10,000 × 0.17 × 0.08

                           = $136

(Note: Assuming 360 days in a year)

Therefore, the Journal entry is as follows:

Notes payable A/c     Dr. $10,000

Interest Expense A/c Dr. $136

To cash                                             $10,136

(To record Avers pays the amount due in full)

answer; swot analysis;

match the scenarios with terms related to financial aid.

pell grant

student loan

merit-based scholarship

richard is one of the leading college basketball players in the state of florida. he also maintains a good academic record. looking at his talent and potential, furman university offers to bear the expenses for his college education.

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anita wants to pursue a certificate program in sports nutrition. to pay for the course, she borrows money by filing the fafsa.

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nathan comes from a low-income household. he wants to pursue an undergraduate degree in marketing. he receives financial aid covering 50 percent of his college expenses. nathan does not have to pay back this amount.

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