Prepare journal entries for the following selected transactions of Hirona Company.
2008
Dec. 13 Accepted a $14,000, 60-day, 9% note dated December 13 in granting Allie Sumera a time
extension on her past-due account receivable.
31 Prepared an adjusting entry to record the accrued interest on the Sumera note.
2009
Feb. 11 Received Sumera’s payment for principal and interest on the note dated December 13.
Mar. 3 Accepted a $10,000, 9%, 90-day note dated March 3 in granting a time extension on the pastdue account receivable of Kudak Company.
17 Accepted a $9,000, 30-day, 8% note dated March 17 in granting Rod Burgess a time extension on his past-due account receivable.
Apr. 16 Burgess dishonors his note when presented for payment.
May 1 Wrote off the Burgess account against the Allowance for Doubtful Accounts.
June 1 Received the Kudak payment for principal and interest on the note dated March 3.
We need at least 10 more requests to produce the solution.
0 / 10 have requested this problem solution
The more requests, the faster the answer.