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Question 2 Partially correct Mark 9.15 out of 14.00 Remove flag Journal Entries for Accounts and Notes Receivable Philly, Inc

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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

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