Question: can you answer all the questions ? this is a practice set and i don't understand it can you show your solution as well On

can you answer all the questions ? this is a practice set and i don't understand it can you show your solution as well

On October 30, 2019, Merida Loay invested in a P1,000,000 note that promised to pay an 8% interest. The note has a term of 6 months, and the agreement states that Merida will recover the principal in full plus the interest on the maturity date. Answer the following questions. Round off answers to the nearest peso. 1. How much interest income was earned by Merida on this note for the year ended 12.31.19? 2. How much interest was received by Merida on this note for the year ended 12.31.19? 3. How much interest receivable is recognized on this note on 12.31.19? 4. What is the adjusting entry on 12.31.19? debit a. interest payable b. cash c. interest receivable d. interest income e. interest expense how much is the debited account amount? credit a. interest payable b. cash c. interest receivable d. interest income e. interest expense how much is the credit account amount? 5. How much interest income was earned by Merida on this note for the year 2020? 6. How much total cash was received by Merida on the maturity date? 7. What is the entry on the date of maturity to recognize the receipt of the principal and the interest? Prepare a compound entry. For multiple debits or multiple credits, arrange the account titles from largest to smallest amount. what are the four account titles that has been affected by the entry and their corresponding amounts ? interest expense cash interest payable notes receivable interest income interest receivable

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