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Intermediate Accounting

1. XYZ sold goods on credit to Khalid and the company received a 180 day, 9%, OMR 8,857 note dated October 2, 2020. When is the maturity date of the note?

2. XYZ sold goods on credit to Khalid and the company received a 150 day, 8%, OMR 7,857 note dated September 14, 2020. How much is the interest income to be recorded in the books as of December 31, 2020?

3. XYZ sold goods on credit to Khalid and the company received an 85 day, 7%, OMR 8,857 note dated January 13, 2020. When is the date of maturity and how much total cash is collected?

4. XYZ sold goods on credit to Khalid and the company received a 180 day, 8%, OMR 20,857 note dated September 3, 2020. What is the journal entry on the date of maturity?

5. XYZ sold goods on credit to Khalid and the company received a 240 day, 12%, OMR 20,857 note dated September 3, 2020. What is the effect to assets on December 31, 2020 and by how much?