Exercise 8-17 Honouring a note LO4 Prepare journal entries to record these transactions: (Round your answers...
Exercise 8-17 Honouring a note LO4
Prepare journal entries to record these transactions:
(Round your answers to 2 decimal
places.)
| Oct. | 31 | Accepted a $23,500, six-month, 6.0% note dated today from Leann Grimes in granting a time extension on her past-due account. |
| Dec. | 31 | Adjusted the books for the interest due on the Grimes note. |
| Apr. | 30 | Grimes honoured her note when presented for payment. |
Ne
Homework Answers
Journal entries
| Date | account and explanation | Debit | Credit |
| Oct 31 | Notes receivable | 23500 | |
| Account receivable | 23500 | ||
| Dec 31 | Interest receivable (23500*6%*2/12) | 235 | |
| Interest revenue | 235 | ||
| Apr 30 | Cash | 24205 | |
| Notes receivable | 23500 | ||
| Interest receivable | 235 | ||
| Interest revenue | 470 |
Add Answer to:
Exercise 8-17 Honouring a note LO4
Prepare journal entries to record these transactions:
(Round your answers...
Exercise 8-17 Honouring a note LO4 Prepare journal entries to record these transactions: (Round your answers...
Exercise 8-17 Honouring a note LO4 Prepare journal entries to record these transactions: (Round your answers to 2 decimal places.) Oct 31 Accepted a $19,000, six-month, 6.00 note dated today from Leann Grimes in granting a time extension on her past-due account. Dudu Adjusted the books for the interest due on the Grimes note. Apr 30 Grimes honoured her note when presented for payment. View transaction list View journal entry worksheet Credit Date Oct 31 General Journal Notes receivable-Leann Grimes...
Exercke 8.17 Honouring a note LOA Prepare journal entries to record these transactions (round the answer...
Exercke 8.17 Honouring a note LOA Prepare journal entries to record these transactions (round the answer to two decimal places) Oct. Dec. 31 Accepted a $15,000, six-month, 4.5% note dated today from Leann Grimes in granting a time extension on her past-due account. 31 Adjusted the books for the interest due on the Grimes note. 30 Grimes honoured her note when presented for payment. Apr. We were unable to transcribe this image
Exercise 8-16 Dishonouring a note L04 Prepare journal entries to record these transactions Mar. Sept. Dec...
Exercise 8-16 Dishonouring a note L04 Prepare journal entries to record these transactions Mar. Sept. Dec 21 Accepted a $6,200, six-month, 4% note dated today from Bradley Brooks in granting a time extension on his past-due account 21 Brooks dishonoured his note when presented for payment. 31 After exhausting all legal means of collection, wrote off Brooks's account against the Allowance for Doubtful Accounts. Exercke 8.17 Honouring a note L04 Prepare journal entries to record these transactions (round the answer...
exercise 7-13 Check Det Revenue 838 Refer to the information in Exercise 7-11 and prepare the journal entries for th...
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...
Required: 1-a. First, complete the table below to calculate the interest amount at December 31, Year 1. 1-b. Use the calculated value to prepare your journal entries for Year 1 transactions. 1-c. First, complete the table below to calculate the interest a
The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1Dec.16Accepted a $10,800, 60-day, 8% note in granting Danny Todd a time extension on his past-due account receivable.31Made an adjusting entry to record the accrued interest on the Todd note.Year 2Feb.14Received Todd’s payment of principal and interest on the note dated December 16.Mar.2Accepted a $6,100, 8%, 90-day note in granting a time extension on the past-due account receivable from Midnight Co.17Accepted a $2,400, 30-day, 7% note in granting Ava...
The following selected transactions are from Ohlm Company 2014 Accepted a $10,800, 60-day, 8% note dated...
The following selected transactions are from Ohlm Company 2014 Accepted a $10,800, 60-day, 8% note dated this day in granting Danny Todd a time extension on his past-due account receivable. Dec. 16 31 Made an adjusting entry to record the accrued interest on the Todd note 2015 Feb. 14 Received Todd's payment of principal and interest on the note dated December 16 Mar. 2 Accepted a $6,100, 89, 90-day note dated this day in granting a time extension on the...
The following selected transactions are from Ohlm Company 2014 Accepted a $10.800, 60-day, 8% note dated...
The following selected transactions are from Ohlm Company 2014 Accepted a $10.800, 60-day, 8% note dated this day in granting Danny Todd a time extension on his past-due account receivable. Dec. 16 31 Made an adjusting entry to record the accrued interest on the Todd note 2015 Feb. 14 Received Todd's payment of principal and interest on the note dated December 16 Mar. 2 Accepted a $6,100, 89, 90-day note dated this day in granting a time extension on the...
exercise 7-13 Check Det Revenue 838 Refer to the information in Exercise 7-11 and prepare the...
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...
2016 Dec. 13 Accepted a $20,000, 45-day, 8% note dated December 13 in granting Miranda Lee...
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...
The following selected transactions are from Springer Company. 2014 Accepted a $4,800, 90-day, 8% note dated...
The following selected transactions are from Springer Company. 2014 Accepted a $4,800, 90-day, 8% note dated this day in granting Steve Julian a time extension on his past-due account receivable. Nov. 1 Dec. 31 Made an adjusting entry to record the accrued interest on the Julian note. 2015 Jan. Feb. 30 Received Julian's payment for principal and interest on the note dated November 1. 28 Accepted a $12,600, 30-day, 8% note dated this day in granting a time extension on...
Exercise 8-17 Honouring a note LO4 Prepare journal entries to record these transactions: (Round your answers to 2 decimal places.) Oct 31 Accepted a $19,000, six-month, 6.00 note dated today from Leann Grimes in granting a time extension on her past-due account. Dudu Adjusted the books for the interest due on the Grimes note. Apr 30 Grimes honoured her note when presented for payment. View transaction list View journal entry worksheet Credit Date Oct 31 General Journal Notes receivable-Leann Grimes...
Exercke 8.17 Honouring a note LOA Prepare journal entries to record these transactions (round the answer to two decimal places) Oct. Dec. 31 Accepted a $15,000, six-month, 4.5% note dated today from Leann Grimes in granting a time extension on her past-due account. 31 Adjusted the books for the interest due on the Grimes note. 30 Grimes honoured her note when presented for payment. Apr. We were unable to transcribe this image
Exercise 8-16 Dishonouring a note L04 Prepare journal entries to record these transactions Mar. Sept. Dec 21 Accepted a $6,200, six-month, 4% note dated today from Bradley Brooks in granting a time extension on his past-due account 21 Brooks dishonoured his note when presented for payment. 31 After exhausting all legal means of collection, wrote off Brooks's account against the Allowance for Doubtful Accounts. Exercke 8.17 Honouring a note L04 Prepare journal entries to record these transactions (round the answer...
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...
The following selected transactions are from Ohlm Company 2014 Accepted a $10,800, 60-day, 8% note dated this day in granting Danny Todd a time extension on his past-due account receivable. Dec. 16 31 Made an adjusting entry to record the accrued interest on the Todd note 2015 Feb. 14 Received Todd's payment of principal and interest on the note dated December 16 Mar. 2 Accepted a $6,100, 89, 90-day note dated this day in granting a time extension on the...
The following selected transactions are from Ohlm Company 2014 Accepted a $10.800, 60-day, 8% note dated this day in granting Danny Todd a time extension on his past-due account receivable. Dec. 16 31 Made an adjusting entry to record the accrued interest on the Todd note 2015 Feb. 14 Received Todd's payment of principal and interest on the note dated December 16 Mar. 2 Accepted a $6,100, 89, 90-day note dated this day in granting a time extension on the...
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...
The following selected transactions are from Springer Company. 2014 Accepted a $4,800, 90-day, 8% note dated this day in granting Steve Julian a time extension on his past-due account receivable. Nov. 1 Dec. 31 Made an adjusting entry to record the accrued interest on the Julian note. 2015 Jan. Feb. 30 Received Julian's payment for principal and interest on the note dated November 1. 28 Accepted a $12,600, 30-day, 8% note dated this day in granting a time extension on...
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