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Valley Spa purchased $10,800 in plumbing components from Tubman Co. Valley Spa signed a 60-day, 10...
Jax Recording Studio purchased $7,800 in electronic components from Music World. Jax signed a 60-day, 8%...
Jax Recording Studio purchased $7,800 in electronic components from Music World. Jax signed a 60-day, 8% promissory note for $7,800. Music World's journal entry to record the sales transaction is: Multiple Choice Debit Accounts Receivable $7,800; credit Sales $7,800 Debit Accounts Receivable $7,904; credit Sales $7,904 Debit Notes Receivable $7,800, credit Sales $7,800 O Debit Notes Receivable $7,904; credit Sales $7,904 O Debit Notes Receivable 57.800: debit Interest Receivable $104: credit Sales $7.904
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 transactions are from Ohlm Company Year 1 December 16 - Accepted a $10,800, 60-day,...
The following transactions are from Ohlm Company Year 1 December 16 - Accepted a $10,800, 60-day, 8% note in granting Danny Todd a time extension on his past-due account receivable. December 31 – Made an adjustment entry to record the accrued interest on the Todd note. Year 2 February 14 – Received Todd’s payment of principal and interest on the note dates December 16. March 2 – Accepted a $6,100, 8%, 90-day note in granting a time extension on the...
Jax Recording Studio purchased $7,900 in electronic components from Music World, Jax signed a 90-day, 8%...
Jax Recording Studio purchased $7,900 in electronic components from Music World, Jax signed a 90-day, 8% promissory note for $7,900. Music World's journal entry to record the sales transaction is: Multiple Choice Debit Notes Receivable $7.900: Credit Sales $7900 Debit Accounts Receivable $7.900, credit Sales $7.900 Debit Notes Receivable $8,058: credit Sales 58,058 Debit Notes Receivable $8,058, debit Interest Receivable $158; credit Sales $7,900 Debit Accounts Receivable $8,058 Credit Sales $8.058 < Prey 7 of 15 Next >
The following selected transactions are from Lee Company. 2016 Dec. 16 Accepted a $22,800, 60-day, 10%...
The following selected transactions are from Lee Company. 2016 Dec. 16 Accepted a $22,800, 60-day, 10% note dated this day in granting Carlos Sanchez a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Sanchez note. 2017 Feb. 14 Received Sanchez's payment of principal and interest on the note dated December 16. Mar. 2 Accepted a $11,000, 10%, 90-day note dated this day in granting a time extension on the...
Uniform Supply accepted a $6,400, 90-day, 6% note from Tracy Janitorial on October 17. If the...
Uniform Supply accepted a $6,400, 90-day, 6% note from Tracy Janitorial on October 17. If the note is dishonored, but Uniform Supply intends to continue collection efforts, what entry should Uniform Supply make on January 15 of the next year? (Assume no reversing entries are made.) (Use 360 days a year.) Debit Cash $6,496; credit Interest Revenue $16; credit Interest Receivable $80, credit Notes Receivable $6,400. Debit Cash $6,496; credit Interest Revenue $80; credit Interest Receivable $16, credit Notes Receivable...
17) Jasper makes a $89,000, 90-day, 7% cash loan to Clayborn Co. Jasper's entry to record...
17) Jasper makes a $89,000, 90-day, 7% cash loan to Clayborn Co. Jasper's entry to record the transaction should be: A) Debit Notes Receivable for $89,000; credit Cash $89,000. B) Debit Notes Payable $89,000: credit Accounts Payable $89,000. C) Debit Accounts Receivable $89,000; credit Notes Receivable $89,000. D) Debit Notes Receivable $89.000; credit Sales $89,000. E) Debit Cash $89,000; credit Notes Receivable for $89,000. 18) Jasper makes a $50,000, 90-day, 9,0% cash loan to Clayborn Co. Jasper's entry to record...
The following information is available for Park Valley Spa for July Year 1: BANK STATEMENT STATE...
The following information is available for Park Valley Spa for July Year 1: BANK STATEMENT STATE BANK BOLTA VISTA, NV 10001 Park Valley Spa 10 Main Street Bolta Vista, NV 10001 Beginning balance 6/30/Year 1 Total deposits and other credits Total checks and other debits Ending balance 7/31/Year 1 Checks and Debits Check No. Amount 2350 $3,762 2351 1,644 2352 8,002 2354 1, 399 2355 6,188 2357 1,501 DM 19 Account number 12-4567 July 31, Year 1 $ 9,990 29,809...
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...
2016 Dec. 16 Accepted a $14,500, 60-day, 9% note dated this day in granting Danny Todd...
2016 Dec. 16 Accepted a $14,500, 60-day, 9% note dated this day in granting Danny Todd a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Todd note. 2017 Feb. 14 Received Todd's payment of principal and interest on the note dated December 16. Mar. 2 Accepted a(n) $7,200, 98, 90-day note dated this day in granting a time extension on the past-due account receivable from Midnight Co. 17 Accepted...
Jax Recording Studio purchased $7,800 in electronic components from Music World. Jax signed a 60-day, 8% promissory note for $7,800. Music World's journal entry to record the sales transaction is: Multiple Choice Debit Accounts Receivable $7,800; credit Sales $7,800 Debit Accounts Receivable $7,904; credit Sales $7,904 Debit Notes Receivable $7,800, credit Sales $7,800 O Debit Notes Receivable $7,904; credit Sales $7,904 O Debit Notes Receivable 57.800: debit Interest Receivable $104: credit Sales $7.904
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...
Jax Recording Studio purchased $7,900 in electronic components from Music World, Jax signed a 90-day, 8% promissory note for $7,900. Music World's journal entry to record the sales transaction is: Multiple Choice Debit Notes Receivable $7.900: Credit Sales $7900 Debit Accounts Receivable $7.900, credit Sales $7.900 Debit Notes Receivable $8,058: credit Sales 58,058 Debit Notes Receivable $8,058, debit Interest Receivable $158; credit Sales $7,900 Debit Accounts Receivable $8,058 Credit Sales $8.058 < Prey 7 of 15 Next >
The following selected transactions are from Lee Company. 2016 Dec. 16 Accepted a $22,800, 60-day, 10% note dated this day in granting Carlos Sanchez a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Sanchez note. 2017 Feb. 14 Received Sanchez's payment of principal and interest on the note dated December 16. Mar. 2 Accepted a $11,000, 10%, 90-day note dated this day in granting a time extension on the...
17) Jasper makes a $89,000, 90-day, 7% cash loan to Clayborn Co. Jasper's entry to record the transaction should be: A) Debit Notes Receivable for $89,000; credit Cash $89,000. B) Debit Notes Payable $89,000: credit Accounts Payable $89,000. C) Debit Accounts Receivable $89,000; credit Notes Receivable $89,000. D) Debit Notes Receivable $89.000; credit Sales $89,000. E) Debit Cash $89,000; credit Notes Receivable for $89,000. 18) Jasper makes a $50,000, 90-day, 9,0% cash loan to Clayborn Co. Jasper's entry to record...
The following information is available for Park Valley Spa for July Year 1: BANK STATEMENT STATE BANK BOLTA VISTA, NV 10001 Park Valley Spa 10 Main Street Bolta Vista, NV 10001 Beginning balance 6/30/Year 1 Total deposits and other credits Total checks and other debits Ending balance 7/31/Year 1 Checks and Debits Check No. Amount 2350 $3,762 2351 1,644 2352 8,002 2354 1, 399 2355 6,188 2357 1,501 DM 19 Account number 12-4567 July 31, Year 1 $ 9,990 29,809...
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...
2016 Dec. 16 Accepted a $14,500, 60-day, 9% note dated this day in granting Danny Todd a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Todd note. 2017 Feb. 14 Received Todd's payment of principal and interest on the note dated December 16. Mar. 2 Accepted a(n) $7,200, 98, 90-day note dated this day in granting a time extension on the past-due account receivable from Midnight Co. 17 Accepted...
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