Your answer to present journal entry is absolutly correct.
Each and every journal entry has been perfectly fixed. However one change could be made that is Debit the account Note receivable instead of interest receivable. Since the interest will likely to receive with the principal amount of note receivables.
You are suggested to change name of interest receivable with 6% Note receivable in the journal entry of december 31.
Please comment for any additional explanation.
Thanks
Quick Running Shoes reports the following: (Click the icon to view the information.) Journalize all entries...
Quick Running Shoes reports the following Click the icon to view the information) Journalize all entries required for Quick Running Shoes (Record debits first, then credits. Select the explanation on the last line of the journal entry table) Feb. 6. 2018Recorded credit sales of $107.000. Ignore Cost of Goods Sold Date Accounts and Explanation Debit Credit 2018 Feb. 6 Accounts Receivable Sales Revenue Record credit sales Jul 1, 2018: Loaned $12,000 to Karen Parker, an executive with the company, on...
First Place Running Shoes reports the following: 2016 May 3 Oct. 1 Dec. 31 Recorded credit card sales of $93,000, net of processor fee of 1%. Ignore Cost of Goods Sold. Loaned $17,000 to Jackie Parker, an executive with the company, on a one-year, 6% note. Accrued interest revenue on the Parker note. 2017 Oct. 1 Collected the maturity value of the Parker note. Journalize all entries required for First Place Running Shoes. (Record debits first, then credits. Select the...
please explain why answet is 720 Gold Medal Running Shoes reports the following 2016 Jan. 3 Recorded credit card sales of $110,000, net of processor fee of 3%. Ignore Cost of Goods Sold. Oct. 1 Loaned $12,000 to Jerry Pinket, an executive with the company, on a one-year 8% note. Dec. 31 Accrued interest revenue on the Pinket note 2017 Oct 1 Collected the maturity value of the Pinket note. Journalize all entries required for Gold Medal Running Shoes (Record...
Q2 Ch9 First Place Running Shoes reports the following: i (Click the loon to view the information) Joumalize all entries required for First Place Running Shoes (Record debits first, then credits. Select the explanation the last line of the journal entry table) Mar. 2. 2018. Recorded credit sales of $104,000. Igrare Cost of Goods Suld. Date Accounts and Explanation Debit Credit 2018 Mar. 2 i More Info 2018 Mar. 2 Recorded credit sales of $104,000. Ignore Cost of Goods Sold....
Distance Running Shoes reports the following: 2016 May 4 Recorded credit card sales of $96.000, net of processor fee of 3% Ignore Cost of Goods Sold Sep 1 Loaned $23,000 to Jean Pinket, an executive with the company, on a one-year, 12% note Dec. 31 Accrued interest revenue on the Pinket note 2017 Sep. 1 Collected the maturity value of the Pinket note. Journalize all entries required for Distance Running Shoes (Record debits first, then credits. Select the explanation on...
i More Info Quick Running Shoes reports the following: (Click the icon to view the transaction information.) Journalize all entries required for Quick Running Shoes. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. 2018 Jul. 1 15 Jul. 4. 2018: Recorded credit card sales of $145,000, net of processor fee of 1%. Ignore Cost of Goods Sold. (Prepare a single compound journal entry) Date Accounts and Explanation Debit Credit Recorded North...
Also, please explain why interest revenue and interest receivable answer is 510. Fast Cat Running Shoes reports the following: 2016 May 6 Recorded credit card sales of $101,000, net of processor fee of 3%. Ignore Cost of Goods Sold Jul. 1 Loaned $17,000 to Tess Pinket, an executive with the company, on a one-year, 6% note. Dec. 31 Accrued interest revenue on the Pinket note. 2017 Jul. 1 Collected the maturity value of the Pinket note. Dec 31, 2016: Accrued...
First Place Running Shoes reports the following: 2016 Jan. 4 Recorded credit card sales of $91,000, net of processor fee of 3%. Ignore Cost of Goods Sold. Sep. 1 Loaned $12,000 to Jean Porter, an executive with the company, on a one-year, 8% note. Dec. 31 Accrued interest revenue on the Porter note. 2017 Sep. 1 Collected the maturity value of the Porter note. Journalize all entries required for First Place Running Shoes. (Record debits first, then credits. Select the...
Consider the following transactions for Mad Dog Music. (Click the icon to view the transactions.) Journalize all transactions for Mad Dog Music, Round all amounts to the nearest dollar (For notes stated in days, use a 365-day year. Round your final answers to the nearest whole dollar. Record debits first, then credits. Exclude explanations from journal entries.) Dec. 6: Received a $15,000, 90-day, 10% note in settlement of an overdue accounts receivable from All Star Date Accounts Debit Credit 2018...
Jan. 3?, 2018?: Recorded credit sales of $ 106 comma 000. Ignore Cost of Goods Sold. Date Accounts and Explanation Debit Credit 2018 Jan. 3 Oct. ?1, 2018?: Loaned $ 15 comma 000 to Karen Pinket?, an executive with the? company, on a? one-year, 16?% note. Date Accounts and Explanation Debit Credit 2018 Oct. 1 Dec. 31?, 2018?: Accrued interest revenue on the Pinket note. Date Accounts and Explanation Debit Credit 2018 Dec. 31 Oct. ?1, 2019?: Collected the maturity...