Answer -
Journal of Philly Inc.
Date | Description | Debit ($) | Credit ($) |
Jun.8 |
Notes Receivable--J.Albert Accounts Receivable--J.Albert (Received a 60-day, 9 percent note on account) |
15000 - |
- 15000 |
Aug.7 |
Cash Interest Income [($15000 * 9%) * 60 days / 360 days] Notes Receivable--J.Albert (To record receipt of principal plus interest from J.Albert) |
15225 - - |
- 225 15000 |
Sep.1 |
Notes Receivable--R.T. Matthews Accounts Receivable--R.T. Matthews (Received a 120 day, 6 percent note on account) |
40000 - |
- 40000 |
Dec.16 |
Notes Receivable--D. Leroy Accounts Receivable--D. Leroy (Received a 45 day, 10 percent note on account) |
28800 - |
- 28800 |
Dec.30 |
Accounts Receivable--R.T. Matthews Interest Income [($40000 * 6%) * 120 days / 360 days] Notes Receivable--R.T. Matthews (To record dishonoring of R.T. Matthews's note) |
40800 - - |
- 800 40000 |
Dec.31 |
Allowance for Doubtful Accounts Accounts Receivable--R.T. Matthews (To write off R.T. Matthews's account) |
40800 - |
- 40800 |
Dec.31 |
Bad Debts Expense [$45200 + $42000] Allowance for Doubtful Accounts (To record allowance for uncollectible accounts) |
87200 - |
- 87200 |
Dec.31 |
Interest Receivable [($28800 * 10%) * 15 days / 360 days] Interest Income (To accrue interest income on December 16 note) |
120 - |
- 120 |
Question 2 Partially correct Mark 9.15 out of 14.00 Remove flag Journal Entries for Accounts and...
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