Notes receivable transactions and entries LO2 LO3 LO4
Prepare journal entries for the following selected transactions of Dulcinea Company.
Dec. 13 Accepted a $9,500, 60-day, 8% note dated December 13 in granting Miranda Lee a time extension
on her past-due account receivable.
31 Prepared an adjusting entry to record the accrued interest on the Lee note.
Check Dec. 31, Cr. Interest
Revenue $38
2011
Feb. 11 Received Lee’s payment for principal and interest on the note dated December 13.
Mar. 3 Accepted a $5,000, 10%, 90-day note dated March 3 in granting a time extension on the pastdue
account receivable of Tomas Company.
17 Accepted a $2,000, 30-day, 9% note dated March 17 in granting Hiroshi Cheng a time extension
on his past-due account receivable.
Apr. 16 Cheng dishonors his note when presented for payment.
June 1 Received the Tomas payment for principal and interest on the note dated March 3.
Feb. 11, Dr. Cash $9,627
June 1, Dr. Cash $5,125
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