13 On November 1, Orpheum Company accepted a $10,000, 90-day, 8% note from a customer to replace an account receivable. What entry should be made by Orpheum on the November 1 to record the acceptance of the note? Mc Grew Mutiple Choice Debit Notes Receivable $10,000 credit Cash $10,000 Debe Notes Receivable $10,000; credit Accounts Receivable $10,000 Debit Notes Receivable $10,000 credit Sales $10,000 Debit Notes Reivable $10,200 crede Accounts Receivable $10.000: credit interest Revenue $200 Detit Sales $10.000 chade Accounts Receivable $10.000

13 On November 1, Orpheum Company accepted a $10,000, 90-day, 8% note from a customer to replace an account receivable. What entry should be made by Orpheum on the November 1 to record the acceptance of the note? Mc Grew Mutiple Choice Debit Notes Receivable $10,000 credit Cash $10,000 Debe Notes Receivable $10,000; credit Accounts Receivable $10,000 Debit Notes Receivable $10,000 credit Sales $10,000 Debit Notes Reivable $10,200 crede Accounts Receivable $10.000: credit interest Revenue $200 Detit Sales $10.000 chade Accounts Receivable $10.000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Kader Company had the following balances on January 1, 2020: $ 2.600 56,000 Allowance for doubtful accounts Notes receivable Prepare general journal entries for the following transactions of Kader Company: 21Discounted a $10,000, 9%. 120-day note dated March 1, received from Creed Corp, at the bank at 12%. Mar. Apr. 25 Sold $4,500 of merchandise to Finn Corp., receiving a 10%, 60- day note receivable. May 10Wrote off $1,800 account owed by Friller as worthless June 24 Note signed by Finn Corp. on April 25 was dishonoured. 29 Received a memo from the bank that the note discounted on March 21 was collected Dec. 31Uncollectible accounts receivable were estimated to be $3.200.
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