M.Lee Note | |||||||
total | Amount | interest | |||||
through | accrued at | Recognized | |||||
Maturity | 31-Dec | 27-Jan | |||||
Principal | 12,000 | 12,000 | 12,000 | ||||
Rate(%) | 8% | 8% | 8% | ||||
time | 45/360 | 18/360 | 27/360 | ||||
total intt | 120 | 48 | 72 | ||||
Tomas co Note | |||||||
total | |||||||
through | |||||||
Maturity | |||||||
Principal | 6,000 | ||||||
Rate(%) | 8% | ||||||
time | 90/360 | ||||||
total intt | 120 | ||||||
H.Cheng note | |||||||
total | |||||||
through | |||||||
Maturity | |||||||
Principal | 4,000 | ||||||
Rate(%) | 6% | ||||||
time | 30/360 | ||||||
total intt | 20 | ||||||
Journal Entries | |||||||
Date | General Journal | Debit | Credit | ||||
2016 | |||||||
13-Dec | Note receivable | 12,000 | |||||
Accounts receivable | 12,000 | ||||||
31-Dec | interest receivable | 48 | |||||
interest income | 48 | ||||||
2017 | |||||||
27-Jan | Cash | 12,120 | |||||
interest receivable | 48 | ||||||
interest income | 72 | ||||||
Note receivable -M lee | 12,000 | ||||||
3-Mar | Note receivable | 6,000 | |||||
Account receivable-Tomas | 6,000 | ||||||
17-Mar | Note receivable | 4,000 | |||||
Account receivable-H.Cheng | 4,000 | ||||||
16-Apr | Account receivable-H.Cheng | 4,020 | |||||
interest income | 20 | ||||||
note receivable | 4,000 | ||||||
1-May | Allowance for Doubtful Accounts | 4,020 | |||||
Accounts receivable-H.Cheng | 4,020 | ||||||
1-Jun | Cash | 6,120 | |||||
interest income | 120 | ||||||
note receivable-tomas | 6,000 | ||||||
Chapter 9 Homework 0 Saved 11 Required information (The following information applies to the questions displayed...
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Following are transactions of Danica Company. Dec. 13 Accepted a $19,000, 45-day, 7% note in granting Miranda Lee a time extension on her past-due account receivable. 31 Prepared an adjusting entry to record the accrued interest on the Lee note. Exercise 7-13 Notes receivable transactions LO P4 Jan. 27 Received Lee's payment for principal and interest on the note dated December...
ROBLEMS - CHAPTER 7 6 Help Required information (The following information applies to the questions displayed below.) Following are transactions of Danica Company. Dee. 13 Accepted a $24,000, 45-day, 7 note in granting Miranda Lee at receivable. 31 Prepared an adjusting entry to record the accrued interest on the tee note. past-due account Jan. 27 Received tee's payment for principal and interest on the note dated December 13. Mar. 3 Accepted a $18,000, 80, 90-day note in granting a time...
Following are selected transactions of Danica Company for 2016 and 2017. 2016 Dec. 13 Accepted a $16,000, 45-day, 6% note dated December 13 in granting Miranda Lee a time extension on her past-due account receivable. 31 Prepared an adjusting entry to record the accrued interest on the Lee note. 2017 Jan. 27 Received Lee's payment for principal and interest on the note dated December 13. Mar. 3 Accepted a $10,000, 8%, 90-day note dated March 3 in granting a time...
2016 Dec. 13 Accepted a $20,000, 45-day, 8% note dated December 13 in granting Miranda Lee a time extension on her past-due account receivable. 31 Prepared an adjusting entry to record the accrued interest on the Lee note. 2017 Jan. 27 Received Lee's payment for principal and interest on the note dated December 13. Mar. 3 Accepted a $14,000, 8%, 90-day note dated March 3 in granting a time extension on the past-due account receivable of Tomas Company. 17 Accepted...
Following are transactions of Danica Company. Dec. 13 Accepted a $9,500, 45-day, 8% note in granting Miranda Lee a time extension on her past-due account receivable. 31 Prepared an adjusting entry to record the accrued interest on the Lee note Exercise 9-13 Notes receivable transactions LO P4 Jan. 27 Received Lee's payment for principal and interest on the note dated December 13 . Mar. 3 Accepted a $ 5,000,10%, 90 -day note in granting a time extension on the past-due account receivable of Tomas Company.17...
Following are transactions of Danica Company. Dec. 13 Accepted a $29,000, 45-day, 10% note in granting Miranda Lee a time extension on her past-due account receivable. 31 Prepared an adjusting entry to record the accrued interest on the Lee note. Exercise 7-13 Notes receivable transactions LO P4 Jan. 27 Received Lee's payment for principal and interest on the note dated December 13. Mar. 3 Accepted a $23,000, 6%, 90-day note in granting a time extension on the past-due account receivable of Tomas Company. 17 Accepted a...
Following are selected transactions of Danica Company for 2017 and 2018 2017 Dec. 13 Accepted a $9,500, 45-day, note dated December 13 in granting Miranda Lee a time extension on her past due account receivable. 31 Prepared an adjusting entry to record the accrued interest on the tee note. 2018 Jan. 27 Received Lee's payment for principal and interest on the note dated December 13. Mar. Accepted a $5,000, 105, 90-day note dated March 3 in granting a time extension...
Exercise 7-12 Notes receivable transactions LO P4 Following are selected transactions of Danica Company for 2016 and 2017. 2016 Dec. 13 Accepted a $26,000, 45-day, 10% note dated December 13 in granting Miranda Lee a time extension on her past-due account receivable 31 Prepared an adjusting entry to record the accrued interest on the Lee note. 2017 Jan. 27 Received Lee's payment for principal and interest on the note dated December 13. Mar. 3 Accepted a $20,000, 8%, 90-day note...
Exercise 7-12 Notes receivable transactions LO P4 Following are selected transactions of Danica Company for 2016 and 2017 points 2016 Dec. 13 Nocepted a $16,000, 45-day, 8: note dated December 13 in granting Miranda Lee a time extension on her past-due account receivable. 31 Prepared an adjusting entry to record the acerued interest on the Lee note. look 2017 Jan. 27 Received Lee's payment for principal and interest on the note dated December 13. Mar. Accepted a 510,000, 81, 90-day...
exercise 7-13 Check Det Revenue 838 Refer to the information in Exercise 7-11 and prepare the journal entries for the following selected trans actions of Danica Company for 2017 Exercise 7-12 Notes receivable transactions P4 2017 Check Tart a Jan. 27 Received Lee's payment for principal and interest on the note dated December 13. Mar. 3 Accepted a $5.000, 10%, 90-day note dated March 3 in granting a time extension on the past due account receivable of Tomas Company 17...