Journal entries | |||||
Date | Particulars | Debit | Credit | ||
05-Jan | Accounts receivable | 31800 | |||
sale | 31800 | ||||
20-Jan | Notes receivable | 31800 | |||
accounts receivable | 31800 | ||||
18-Feb | notes receivable | 21600 | |||
sale revenue | 21600 | ||||
20-Apr | cash | 32436 | |||
notes receivable | 31800 | ||||
interest income (31800*8%*3/12) | 636 | ||||
30-Apr | cash | 38316 | |||
notes receivable | 37200 | ||||
interest income (37200*9%*4/12) | 1116 | ||||
25-May | notes receivable | 18000 | |||
accounts receivable | 18000 | ||||
18-Aug | cash | 22572 | |||
notes receivable | 21600 | ||||
interest income (21600*9%*6/12) | 972 | ||||
25-Aug | accounts receivable | 18315 | |||
notes receivable | 18000 | ||||
interest income (18000*7%*3/12) | 315 | ||||
01-Sep | Notes receivable | 12500 | |||
sales | 12500 |
1) Journalize the transactions.( Omit cost of goods sold entries.) On January 1, 2020, Oriole Company...
P8-7A On January 1, 2019, Harter Company had Accounts Receivable $139,000, Notes Receivable $25,000, and Allowance for Doubtful Accounts $13,200. The note receivable is from Willingham Company. It is a 4- month, 9% note dated December 31, 2018. Harter Company prepares financial statements annually at December 31. During the year, the following selected transactions occurred. Jan. 5 Sold $20,000 of merchandise to Sheldon Company, terms n/15. 20 Accepted Sheldon Company's $20,000, 3-month, 8% note for balance due. Feb. 18 Sold...
Current Attempt in Progress On January 1,2019, Pharoah Company had Accounts Receivable $136,100, Notes Receivable $39,600, and Allowance for Doubtful Accounts $29,500 The note receivable is from Willingham Company. It is a 4-month, 9 % note dated December 31, 2018. Pharoah Company prepares financial statements annually at December 31. During the year, the following selected transactions occurred. Jan. 5 Sold $34,700 of merchandise to Sheldon Company, terms n/15 20 Accepted Sheldon Company's $34,700, 3-month, 8 % note for balance due....
Problem 8-07A (Video) On January 1, 2020, Harter Company had Accounts Receivable $139,000, Notes Receivable $25,000, and Allowance for Doubtful Accounts $13,200. The note receivable is from Willingham Company. It is a 4- month, 9% note dated December 31, 2019. Harter Company prepares financia December 31. During the year, the following selected transactions occurred. Jan. 5 20 Apr. 20 30 May 25 Aug. 18 25 Sept. 1 Sold $20,000 of merchandise to Sheldon Company, terms n/15. Accepted Sheldon Company's $20,000,...
Problem 8-07A (Video) On January 1, 2020, Harter Company had Accounts Receivable $139,000, Notes Receivable $25,000, and Allowance for Doubtful Accounts $13,200. The note receivable is from Willingham Company. It is a 4- month, 9% note dated December 31, 2019. Harter Company prepares financia December 31. During the year, the following selected transactions occurred. Jan. 5 20 Apr. 20 30 May 25 Aug. 18 25 Sept. 1 Sold $20,000 of merchandise to Sheldon Company, terms n/15. Accepted Sheldon Company's $20,000,...
BURUNUN gnment CALCULATOR PRINTER VERSION BACK NEXT Question 17 On January 1, 2020, Crane Company had Accounts Receivable $136,700, Notes Receivable $33,600, and Allowance for Doubtful Accounts $23,000. The note receivable is from Willingham Company. It is a 4-month, 9% note dated December 31, 2019. Crane Company prepares financial statements annually at December 31. During the year, the following selected transactions occurred. Jan. 5 20 Feb. 18 Apr. 20 30 May 25 Aug. 18 25 Sept. 1 Sold $28,400 of...
On January 1, 2020, Sheridan Company had Accounts Receivable $138,800, Notes Receivable $40,800, and Allowance for Doubtful Accounts $28,800. The note receivable is from Willingham Company. It is a 4-month, 8% note dated December 31, 2019. Sheridan Company prepares financial statements annually at December 31. During the year, the following selected transactions occurred. Jan. 5 Sold $34,800 of merchandise to Sheldon Company, terms n/15. 20 Accepted Sheldon Company’s $34,800, 3-month, 7% note for balance due. Feb. 18 Sold $23,800 of...
On January 1, 2017, Derek Co. had Accounts Receivable €139,000, Notes Receiv- able €30,000, and Allowance for Doubtful Accounts €13,200. The note receivable is from Kaye Noonan Ltd. It is a 4-month, 9% note dated December 31, 2016. Derek prepares financial statements annually at December 31. During the year, the following selected transactions occurred. Jan. 5 Sold €24,000 of merchandise to Zwingle SE, terms n/15. Jan. 20 Accepted Zwingle’s €24,000, 3-month, 6% note for balance due. Feb. 18 Sold €8,000...
Exercise 8-14 Vandiver Company had the following select transactions. Apr. 1. 2020 Accepted Goodwin Company's 12-month, 6% note in settlement of a $30,000 account receivable. July 1, 2020 Loaned $25,000 cash to Thomas Slocombe on a 9-month, 10% note. Dec. 31, 2020 Accrued interest on all notes receivable. Apr. 1, 2021 Received principal plus interest on the Goodwin note. Apr. 1, 2021 Thomas Slocombe dishonored its note; Vandiver expects it will eventually collect. Prepare journal entries to record the transactions....
Windsor Company had the following select transactions. Apr. 1, 2020 July 1, 2020 Dec. 31, 2020 1, 2021 Apr. 1, 2021 Accepted Goodwin Company's 12-month, 10% note in settlement of a $65,000 account receivable. Loaned $67,000 cash to Thomas Slocombe on a 9-month, 8% note. Accrued interest on all notes receivable. Received principal plus interest on the Goodwin note. Thomas Slocombe dishonored its note; Windsor expects it will eventually collect. Apr. Prepare journal entries to record the transactions. Windsor prepares...
Current Attempt in Progress On January 1, 2017, Sheffield Corp. had Accounts Receivable of $56,300 and Allowance for Doubtful Accounts of $3,800. Sheffield Corp. prepares financial statements annually. During the year, the following selected transactions occurred: Jan. 5 Sold $4,400 of merchandise to Rian Company, terms n/30. Feb. 2 Accepted a $4,400, 4-month, 9% promissory note from Rian Company for balance due. 12 Sold $11,280 of merchandise to Cato Company and accepted Cato's $11,280, 2-month, 10% note for the balance...