Prepare the journal entries for the following transactions: a. Sold $150,000 of goods to Farley Co....
Prepare the journal entries for the following transactions:
a. Sold $150,000 of goods to Farley Co. on account.
b. Collected $50,000 from Farley Co.
c. Accepted a $100,000, one-year, 10% note from Farley Co. for the amount remaining on the account.
d. After 60 days, discounted the note from Farley Co. at First National Bank at a 12% interest rate.
Prepare the journal entries for each transaction.
Homework Answers
| Journal Entries | ||||
| Sr. No. | Date | Account Title and explanation | Debit | Credit |
| 1 | (A) | Account Receivable - Farley Co. | $1,50,000 | |
| Sales Revenue | $1,50,000 | |||
| Cash | $50,000 | |||
| 2 | (B) | Account Receivable - Farley Co. | $50,000 | |
| Note Receivable | $1,00,000 | |||
| 3 | (C) | Account Receivable - Farley Co. | $1,00,000 | |
| Cash | $99,667 | |||
| 4 | (D) | Discount on note Receivable ($ 100,000 X 12% X 2/12) | $2,000 | |
| Note Receivable | $1,00,000 | |||
| Interest Revenue ( $ 100,000 X 10% X 2/12) | $1,667 | |||
Add Answer to:
Prepare the journal entries for the following transactions:
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