Question 13 On June 24, 2017, Big Data performed services for a customer and rec

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Question 13 On June 24, 2017, Big Data performed services for a customer and received a $7,000 6%, 90 day note. NB a Is the note a note receivable or a note payable for Big Data? Mabe b Is Big Data the maker or the payee of the note? c What is the face amount of the note? /05 what is the total amount of cash that is due at maturity (ie, what is the d maturity value of the note)? e. What is the due date of the note? f What is the principal of the note? g As of June 30, 2017, how much interest has Big Data accrued on the h In what section of Big Data's June multi step income statement would the note? (round to nearest dollar) accrued interest (if any) be reported?

Explanation / Answer

a Note receivable since Bigdata performaed services for which it is entitled for payment b payee c 7000 d 7105       [7000+(7000*.06*90/360] e 22september 2017    [24 june2017+90days] f 7000     [principla value equal to face value] g 7        [7000*.06*6/360] [6days of june] h Accrued interest revenue will be reported under other Income(expense)section of Income statement

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