Homework Answers
Date Accounts and Explanation Debit Credit
Mar 1 Notes Receivable (short term) 21900
Account Receivable 21900
(Being note received from J Peterman)
Mar 31 Interest receivable 162
Interest Revenue 162
(Being interest revenue accrued)
Interest revenue = 21900 * 0.09 * 30/365
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On March 1, Kis Company accepted a 6-day 9%, $21.900 note receivable from J. Peterman in...
Requirement 3. Joumalize the collection of the principal and interest at maturity. Specify the date. Round...
Requirement 3. Joumalize the collection of the principal and interest at maturity. Specify the date. Round to the nearest dollar. (Record debits first, then credits Select the explanation on the last line of the journal entry table Check your spelling carefully and do not abbreviate except with respect to the debtor's name. When entering the debtor's name, enter the name exactly as is presented in the problem data For example: Notes Receivables Johnson. For notes stated in days, use a...
On March 1, Krauss Corporation accepted a 60-day, 3%. $29,200 note receivable from J. Silverthorn in...
On March 1, Krauss Corporation accepted a 60-day, 3%. $29,200 note receivable from J. Silverthorn in exchange for his account receivable. Read the requirements Requirement 1. Journalize the transaction on March 1. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Mar. 1 Choose from any list or enter any number in the input fields and then continue to the next question Requirement 2. Journalize the...
The Accounts Receivable balance for Southolde Company at December 31, 2023, was $30,000. During 2024. Southside...
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During its first year of operations. Whippersnapper Fun Room earned net credt sales of $342,000. Industry experience suggests that bad debts will amount to 3% of net credit sales. Al December 31, 2024, accounts receivable total 538.000. The company uses the alowance method to account for uncollectibles Read the team Requirement 1. JoumalizeWhippersnapper's Bad Debts Expense using the percent of sales method. Record its first the credits. Select the explanation on the last line of the journal entry table. Check...
Requirement 1. Record the AprilApril transactions in the journal. Include an explanation for each entry. (Record...
Requirement 1. Record the
AprilApril
transactions in the journal. Include an explanation for each
entry. (Record debits first, then credits. Select the explanations
on the last line of the journal entry table. Check your spelling
carefully and do not abbreviate. When applicable, use only the
account names provided in the trial balance.)
Apr.Apr.
Requirement 1. Record the April transactions in the journal. Include an explanation for each entry. (Record debits first, then credits. Select the explanations on the last line...
On June 6, Ploter Black Trust kot 100,000 to Sue Mon Noel on a 90 day,...
On June 6, Ploter Black Trust kot 100,000 to Sue Mon Noel on a 90 day, 7% neke Requirements Journal for the landing of the money on June 2. Journere the collection of the principal and were many fpecify the date 1 Requirement 1. Journal for the landing of the money on June 6 Record debts fast, the credits elect the explanation on the last line of the journal entry table) Account De Credi Jon Requirement. Jom the collection of...
Following are transactions for Vitalo Company. Nov. 1 Accepted a $16,000, 180-day, 6% note from Kelly...
Following are transactions for Vitalo Company. Nov. 1 Accepted a $16,000, 180-day, 6% note from Kelly White in granting a time extension on her past-due account receivable. Dec. 31 Adjusted the year-end accounts for the accrued interest earned on the white note. Apr. 30 White honored her note when presented for payment. Complete the table to calculate the interest amounts at December 31st and April 30" and use those calculated values to prepare your journal entries. (Do not round intermediate...
Following are transactions for Vitalo Company Nov. 1 Accepted a $8,000, 180-day, 6% note fron Kelly...
Following are transactions for Vitalo Company Nov. 1 Accepted a $8,000, 180-day, 6% note fron Kelly White in granting a time extension on her past-due account receivable. Dec. 31 Adjusted the year-end accounts for the accrued interest earned on the white note. Apr. 30 White honored her note when presented for payment. Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your Journal entries. (Do not round intermediate...
Homework: Graded MAL HW #3 [Ch 3] Spr 2020 Score: 0 of 16 pts 12 of...
Homework: Graded MAL HW #3 [Ch 3] Spr 2020 Score: 0 of 16 pts 12 of 18 (11 complete) X E3-28 (open response) The following data at July 31, 2018, are given for KHG: (Click the icon to view the data.) Read the requirements. Requirement 1. Journalize the adjusting entries needed on July 31, 2018. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Check your spelling carefully and do not abbreviate.)...
The Accounts Receivable balance for Lantana Company at December 31, 2017, was $26,000. During 2018. Lantana...
The Accounts Receivable balance for Lantana Company at December 31, 2017, was $26,000. During 2018. Lantana earned revenue of $460,000 on account and collected $329,000 on account. Lantana wrote off $6,200 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 3% of accounts receivable. Read the requirements Requirement 1. Assume Lantana had an unadjusted $2,300 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Lantana's December 31, 2018, adjustment to record bad debts expense...
Requirement 3. Joumalize the collection of the principal and interest at maturity. Specify the date. Round to the nearest dollar. (Record debits first, then credits Select the explanation on the last line of the journal entry table Check your spelling carefully and do not abbreviate except with respect to the debtor's name. When entering the debtor's name, enter the name exactly as is presented in the problem data For example: Notes Receivables Johnson. For notes stated in days, use a...
On March 1, Krauss Corporation accepted a 60-day, 3%. $29,200 note receivable from J. Silverthorn in exchange for his account receivable. Read the requirements Requirement 1. Journalize the transaction on March 1. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Mar. 1 Choose from any list or enter any number in the input fields and then continue to the next question Requirement 2. Journalize the...
The Accounts Receivable balance for Southolde Company at December 31, 2023, was $30,000. During 2024. Southside eamed revenue of 450.000 on account and collected 5329.000 on account Southside wrote of 55,000 receivables as collectitle Industry experience suggests that incolectible counts will amount to 8 of accounts receivable Read the resulteert Requirement. Assume Southside had an adjusted $2,400 credit balance in Allowance for Bad Debts at December 31, 2024 Joumalee Southside's December 31, 2024 adjustment to record bed dette expense using...
During its first year of operations. Whippersnapper Fun Room earned net credt sales of $342,000. Industry experience suggests that bad debts will amount to 3% of net credit sales. Al December 31, 2024, accounts receivable total 538.000. The company uses the alowance method to account for uncollectibles Read the team Requirement 1. JoumalizeWhippersnapper's Bad Debts Expense using the percent of sales method. Record its first the credits. Select the explanation on the last line of the journal entry table. Check...
Requirement 1. Record the
AprilApril
transactions in the journal. Include an explanation for each
entry. (Record debits first, then credits. Select the explanations
on the last line of the journal entry table. Check your spelling
carefully and do not abbreviate. When applicable, use only the
account names provided in the trial balance.)
Apr.Apr.
Requirement 1. Record the April transactions in the journal. Include an explanation for each entry. (Record debits first, then credits. Select the explanations on the last line...
On June 6, Ploter Black Trust kot 100,000 to Sue Mon Noel on a 90 day, 7% neke Requirements Journal for the landing of the money on June 2. Journere the collection of the principal and were many fpecify the date 1 Requirement 1. Journal for the landing of the money on June 6 Record debts fast, the credits elect the explanation on the last line of the journal entry table) Account De Credi Jon Requirement. Jom the collection of...
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Following are transactions for Vitalo Company Nov. 1 Accepted a $8,000, 180-day, 6% note fron Kelly White in granting a time extension on her past-due account receivable. Dec. 31 Adjusted the year-end accounts for the accrued interest earned on the white note. Apr. 30 White honored her note when presented for payment. Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your Journal entries. (Do not round intermediate...
Homework: Graded MAL HW #3 [Ch 3] Spr 2020 Score: 0 of 16 pts 12 of 18 (11 complete) X E3-28 (open response) The following data at July 31, 2018, are given for KHG: (Click the icon to view the data.) Read the requirements. Requirement 1. Journalize the adjusting entries needed on July 31, 2018. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Check your spelling carefully and do not abbreviate.)...
The Accounts Receivable balance for Lantana Company at December 31, 2017, was $26,000. During 2018. Lantana earned revenue of $460,000 on account and collected $329,000 on account. Lantana wrote off $6,200 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 3% of accounts receivable. Read the requirements Requirement 1. Assume Lantana had an unadjusted $2,300 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Lantana's December 31, 2018, adjustment to record bad debts expense...
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