PREPARE THE JOURNAL ENTRIES TO RECORD THE FOLLOWING TRANSACTIONS: APRIL 1 HUERTA COMPANY RECEIVED A 90-DAY,...
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PREPARE THE JOURNAL ENTRIES TO RECORD THE FOLLOWING
TRANSACTIONS:
APRIL 1 HUERTA COMPANY RECEIVED A 90-DAY,...
Prepare journal entries to record the following transactions entered into by the Merando Company: 2016 June...
Prepare journal entries to record the following transactions entered into by the Merando Company: 2016 June 1 Received a $10.000, 6%, 1-year note from Dan Gore as settlement on his account receivable. The note plus interest for 12 months is due in one year on June 1, 2017 Nov. 1 Sold merchandise on account to Barlow, Inc., for $14,000, terms 2/10, 1/30. Nov. 5 Barlow, Inc., returned merchandise worth $1,000. Nov. 9 Received payment in full from Barlow, Inc. Dec....
Journal Entries (Note Received, Renewed, and Collected) 1. Prepare general journal entries for the transactions When...
Journal Entries (Note Received, Renewed, and Collected) 1. Prepare general journal entries for the transactions When required, enter amounts to the nearest cent. If an amount box does not require an entry, leave it blank. Jan. 16 Received a 30-day, 9% note in payment for merchandise sale of $19,400. Feb. 15 Received $150 (interest) on the old (January 16) note: the old note is renewed for 30 days at 11% Mar. 17 Received principal and interest on the new (February...
Q2. Prepare journal entries to record the following transactions in Ela Company's books: 2008 June 1...
Q2. Prepare journal entries to record the following transactions in Ela Company's books: 2008 June 1 Received a $20,000, 12%, 1-year note from Sue as full payment on her account. Dec. 31 Accrued interest on Sue's note. 2009 June 1 Sue honored her promissory note. Q.3 Robi Company often requires customers to sign promissory notes for major credit purchases. Journalize the following transactions for Robi Company. Feb. 12 Robi sells merchandise on account to Jim accepting a $25,000, 6%, 60-day...
The following selected transactions are from Wilson Company. Year 1 Dec. 16 Accepted a $19,200, 60-day,...
The following selected transactions are from Wilson Company. Year 1 Dec. 16 Accepted a $19,200, 60-day, 10% note in granting Debbie Hall a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Hall note. Year 2 Feb. 14 Received Hall’s payment of principal and interest on the note dated December 16. Mar. 2 Accepted a $8,000, 10%, 90-day note in granting a time extension on the past-due account receivable from...
ales and notes receivable transactions Chart of Accounts Journal Instructions The following were selected from...
ales and notes receivable transactions Chart of Accounts Journal Instructions The following were selected from among the transactions completed by Caldemeyer Co. during the current year Caldemeyer sells and installs home and business security systems Jan 3 Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8 % note Feb 10 Sold merchandise on account to Bradford & Co, $24,000. The cost of the goods sold was $14,400 Sold merchandise on account to Dry Creek Co, $60,000 The cost of...
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...
(g) Prepare Journal Entries for Notes Receivable Akron Corporation engaged in the following transactions involving promissory...
(g) Prepare Journal Entries for Notes Receivable Akron Corporation engaged in the following transactions involving promissory notes in 20x1 and 20x2. 20x1 Sept. 1 Sold land to Marge Bailey for $160,000. A 6-month, 7 percent note was received in exchange. Cost of the land was $160,000. Nov. 1 Received a 30-day, non-interest bearing note from Fred Hansen in settlement of his accounts receivable of $4,000. Dec. 1 Fred Hansen dishonored his note issued 30 days earlier. Dec. 31 Recorded accrued...
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 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...
Required: Part A: Prepare the journal entries to record these transactions on Catcus Enterprises books. Part...
Required:
Part A: Prepare the
journal entries to record these transactions on Catcus Enterprises
books.
Part B: Prepare an
adjusting entry as of 31 December 20X0, assuming bad debts are
estimated to be $20,400 by aging accounts receivable. The
unadjusted trial balance of the Allowance for Doubtful Accounts is
$1,000 debit.
Part C: Prepare an
adjusting entry as of 31 December 20X0, assuming that bad debts are
estimated using the percent sales method. The Allowance for
Doubtful Accounts had a...
Prepare journal entries to record the following transactions entered into by the Merando Company: 2016 June 1 Received a $10.000, 6%, 1-year note from Dan Gore as settlement on his account receivable. The note plus interest for 12 months is due in one year on June 1, 2017 Nov. 1 Sold merchandise on account to Barlow, Inc., for $14,000, terms 2/10, 1/30. Nov. 5 Barlow, Inc., returned merchandise worth $1,000. Nov. 9 Received payment in full from Barlow, Inc. Dec....
Journal Entries (Note Received, Renewed, and Collected) 1. Prepare general journal entries for the transactions When required, enter amounts to the nearest cent. If an amount box does not require an entry, leave it blank. Jan. 16 Received a 30-day, 9% note in payment for merchandise sale of $19,400. Feb. 15 Received $150 (interest) on the old (January 16) note: the old note is renewed for 30 days at 11% Mar. 17 Received principal and interest on the new (February...
Q2. Prepare journal entries to record the following transactions in Ela Company's books: 2008 June 1 Received a $20,000, 12%, 1-year note from Sue as full payment on her account. Dec. 31 Accrued interest on Sue's note. 2009 June 1 Sue honored her promissory note. Q.3 Robi Company often requires customers to sign promissory notes for major credit purchases. Journalize the following transactions for Robi Company. Feb. 12 Robi sells merchandise on account to Jim accepting a $25,000, 6%, 60-day...
ales and notes receivable transactions Chart of Accounts Journal Instructions The following were selected from among the transactions completed by Caldemeyer Co. during the current year Caldemeyer sells and installs home and business security systems Jan 3 Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8 % note Feb 10 Sold merchandise on account to Bradford & Co, $24,000. The cost of the goods sold was $14,400 Sold merchandise on account to Dry Creek Co, $60,000 The cost of...
(g) Prepare Journal Entries for Notes Receivable Akron Corporation engaged in the following transactions involving promissory notes in 20x1 and 20x2. 20x1 Sept. 1 Sold land to Marge Bailey for $160,000. A 6-month, 7 percent note was received in exchange. Cost of the land was $160,000. Nov. 1 Received a 30-day, non-interest bearing note from Fred Hansen in settlement of his accounts receivable of $4,000. Dec. 1 Fred Hansen dishonored his note issued 30 days earlier. Dec. 31 Recorded accrued...
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 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...
Required:
Part A: Prepare the
journal entries to record these transactions on Catcus Enterprises
books.
Part B: Prepare an
adjusting entry as of 31 December 20X0, assuming bad debts are
estimated to be $20,400 by aging accounts receivable. The
unadjusted trial balance of the Allowance for Doubtful Accounts is
$1,000 debit.
Part C: Prepare an
adjusting entry as of 31 December 20X0, assuming that bad debts are
estimated using the percent sales method. The Allowance for
Doubtful Accounts had a...
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