Homework Answers
Journal entry
| Date | account and explanation | Debit | Credit |
| May 1 | Notes receivable | 6800 | |
| Account receivable | 6800 | ||
| (To record notes) | |||
| Dec 31 | Interest receivable (6800*6%*8/12) | 272 | |
| Interest revenue | 272 | ||
| (To record accrued interest) | |||
| May 1 | Cash | 7208 | |
| Notes receivable | 6800 | ||
| Interest receivable | 272 | ||
| Interest revenue | 136 | ||
| (To record collection) | |||
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These transactions took place for Bonita Industries 2021 May Received a $6,800, 12-month, 6 note in exchange for an...
These transactions took place for Bramble Corp. 2021 May 1 Received a $7,000, 12-month, 6% note...
These transactions took place for Bramble Corp. 2021 May 1 Received a $7,000, 12-month, 6% note in exchange for an outstanding account receivable from R. Stoney. Dec. 31 Accrued interest revenue on the R. Stoney note. 2022 May 1 Received principal plus interest on the R. Stoney note. (No interest has been accrued since December 31, 2021.) Record the transactions in the general journal. The company does not make entries to accrue interest except at December 31.(Credit account titles are...
These transactions took place for Bramson Co. 2021 May 1 Received a $5,000, 12-month, 6% note...
These transactions took place for Bramson Co. 2021 May 1 Received a $5,000, 12-month, 6% note in exchange for an outstanding account receivable from R. Stoney. Dec. 31 Accrued interest revenue on the R. Stoney note. 2022 May 1 Received principal plus interest on the R. Stoney note. (No interest has been accrued since December 31, 2021.) port Record the transactions in the general journal. The company does not make entries to accrue interest except at December 31.[Credit account titles...
2021 May 1 Received a $5,000, 12-month, 6% note in exchange for an outstanding account receivable...
2021 May 1 Received a $5,000, 12-month, 6% note in exchange for an outstanding account receivable from R. Stoney. Dec. 31 Accrued interest revenue on the R. Stoney note. 2022 May 1 Received principal plus interest on the R. Stoney note. (No interest has been accrued since December 31, 2021.) Record the transactions in the general journal. The company does not make entries to accrue interest except at December 31.(Credit account titles are automatically indented when amount is entered. Do...
Current Attempt in Progress These transactions took place for Blue Spruce Corp. 2021 May 1 Received a $3,400, 12-mo...
Current Attempt in Progress These transactions took place for Blue Spruce Corp. 2021 May 1 Received a $3,400, 12-month, 6% note in exchange for an outstanding account receivable from R. Stoney Dec. 31 Accrued interest revenue on the R Stoney note 2022 May 1 Received principal plus interest on the Stoney note. (No interest has been accrued since December 31, 2021) Record the transactions in the general journal. The company does not make entries to accrue interest except at December...
These transactions took place for Skysong, Inc. 2021 May 1 Received a $3,300, 12-month, 7% note...
These transactions took place for Skysong, Inc. 2021 May 1 Received a $3,300, 12-month, 7% note in exchange for an outstanding account receivable from R. Stoney. Dec. 31 Accrued interest revenue on the R. Stoney note. 2022 May 1 Received principal plus interest on the R. Stoney note. (No interest has been accrued since December 31, 2021.) Record the transactions in the general journal. The company does not make entries to accrue interest except at December 31.(Credit account titles are...
These transactions took place for Vaughn Manufacturing 2016 May 1 Received a 100, 12-month, note in exchange for an...
These transactions took place for Vaughn Manufacturing 2016 May 1 Received a 100, 12-month, note in exchange for an outstanding account receivable from Stone Dec. Acorved interest revenue on the Stoney note 2017 May 1 Received prallus interest on the Stoney note interest has been credince December 11, 2016) Record the transactions in the general oumal The company does not make tries to score interesteptat December 31 Credit accountries are automatically indented when amount entered. Do not indent manually. Record...
2021 May 1 Received a $3,000, 12-month, 6% note in exchange for an outstanding account receivable...
2021 May 1 Received a $3,000, 12-month, 6% note in exchange for an outstanding account receivable from R. Stoney. Dec. 31 Accrued interest revenue on the R. Stoney note. 2022 May 1 Received principal plus interest on the R. Stoney note. (No interest has been accrued since December 31, 2021.) Record the transactions in the general journal. The company does not make entries to accrue interest except at December 31.(Credit account titles are automatically indented when amount is entered. Do...
These transactions took place for Blossom Company 2016 May 1 Received a S 4.300, 12-month, 9%...
These transactions took place for Blossom Company 2016 May 1 Received a S 4.300, 12-month, 9% note in exchange for an outstanding account receivable from R. Stoney Dec. 31 Accrued interest revenue on the R. Stoney note 2017 May 1 Received principal plus interest on the R. Stoney note. (No interest has been accrued since December 31,2016) Record the transactions in the general journal. The company does not make entries to accrue interest except at December 31(Credit account titles are...
Teal Mountain Company had the following select transactions Accepted Goodwin Company's 12-month, 7% note in settlement...
Teal Mountain Company had the following select transactions Accepted Goodwin Company's 12-month, 7% note in settlement of a $38,000 account receivable. Apr. 1, 2022 July 1, 2022 Loaned $23,000 cash to Thomas Slocombe on a 9-month, 12% note. Dec. 31, 2022 Accrued interest on all notes receivable Received principal plus interest on the Goodwin note. Apr. 1, 2023 Apr. 1, 2023 Thomas Slocombe dishonored its note; Teal Mountain expects it will eventually collect. Prepare journal entries to record the transactions....
Kingbird Company had the following select transactions. Apr. 1.2022 Accepted Goodwin Company's 12-month, 8% note in...
Kingbird Company had the following select transactions. Apr. 1.2022 Accepted Goodwin Company's 12-month, 8% note in settlen July 1, 2022 Loaned $22,000 cash to Thomas Slocombe on a 9-month, 11% note. Dec 31, 2022 Accrued interest on all notes receivable. Apr. 1, 2023 Received principal plus interest on the Goodwin note. Apr. 1, 2023 Thomas Slocombe dishonored its note: Kingbird expects it will eventually collect. Prepare journal entries to record the transactions. Kingbird prepares adjusting entries once a year on...
These transactions took place for Bramble Corp. 2021 May 1 Received a $7,000, 12-month, 6% note in exchange for an outstanding account receivable from R. Stoney. Dec. 31 Accrued interest revenue on the R. Stoney note. 2022 May 1 Received principal plus interest on the R. Stoney note. (No interest has been accrued since December 31, 2021.) Record the transactions in the general journal. The company does not make entries to accrue interest except at December 31.(Credit account titles are...
These transactions took place for Bramson Co. 2021 May 1 Received a $5,000, 12-month, 6% note in exchange for an outstanding account receivable from R. Stoney. Dec. 31 Accrued interest revenue on the R. Stoney note. 2022 May 1 Received principal plus interest on the R. Stoney note. (No interest has been accrued since December 31, 2021.) port Record the transactions in the general journal. The company does not make entries to accrue interest except at December 31.[Credit account titles...
2021 May 1 Received a $5,000, 12-month, 6% note in exchange for an outstanding account receivable from R. Stoney. Dec. 31 Accrued interest revenue on the R. Stoney note. 2022 May 1 Received principal plus interest on the R. Stoney note. (No interest has been accrued since December 31, 2021.) Record the transactions in the general journal. The company does not make entries to accrue interest except at December 31.(Credit account titles are automatically indented when amount is entered. Do...
Current Attempt in Progress These transactions took place for Blue Spruce Corp. 2021 May 1 Received a $3,400, 12-month, 6% note in exchange for an outstanding account receivable from R. Stoney Dec. 31 Accrued interest revenue on the R Stoney note 2022 May 1 Received principal plus interest on the Stoney note. (No interest has been accrued since December 31, 2021) Record the transactions in the general journal. The company does not make entries to accrue interest except at December...
These transactions took place for Vaughn Manufacturing 2016 May 1 Received a 100, 12-month, note in exchange for an outstanding account receivable from Stone Dec. Acorved interest revenue on the Stoney note 2017 May 1 Received prallus interest on the Stoney note interest has been credince December 11, 2016) Record the transactions in the general oumal The company does not make tries to score interesteptat December 31 Credit accountries are automatically indented when amount entered. Do not indent manually. Record...
These transactions took place for Blossom Company 2016 May 1 Received a S 4.300, 12-month, 9% note in exchange for an outstanding account receivable from R. Stoney Dec. 31 Accrued interest revenue on the R. Stoney note 2017 May 1 Received principal plus interest on the R. Stoney note. (No interest has been accrued since December 31,2016) Record the transactions in the general journal. The company does not make entries to accrue interest except at December 31(Credit account titles are...
Teal Mountain Company had the following select transactions Accepted Goodwin Company's 12-month, 7% note in settlement of a $38,000 account receivable. Apr. 1, 2022 July 1, 2022 Loaned $23,000 cash to Thomas Slocombe on a 9-month, 12% note. Dec. 31, 2022 Accrued interest on all notes receivable Received principal plus interest on the Goodwin note. Apr. 1, 2023 Apr. 1, 2023 Thomas Slocombe dishonored its note; Teal Mountain expects it will eventually collect. Prepare journal entries to record the transactions....
Kingbird Company had the following select transactions. Apr. 1.2022 Accepted Goodwin Company's 12-month, 8% note in settlen July 1, 2022 Loaned $22,000 cash to Thomas Slocombe on a 9-month, 11% note. Dec 31, 2022 Accrued interest on all notes receivable. Apr. 1, 2023 Received principal plus interest on the Goodwin note. Apr. 1, 2023 Thomas Slocombe dishonored its note: Kingbird expects it will eventually collect. Prepare journal entries to record the transactions. Kingbird prepares adjusting entries once a year on...
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