Aug. 24: Received $7,600 on the Finley account and wrote off the remainder owed on a $9,000 accounts receivable balance. (The allowance method is used in accounting for uncollectible receivables.) Date Description Debit Credit Aug. 24 Sept. 15: Reinstated the Finley account written off on August 24 and received $1,400 cash in full payment. Date Description Debit Credit Sept. 15 Sept. 15: Purchased land by issuing a $670,000, 90-day note to Zahorik Co., which discounted it at 99%. Date Description Debit Credit Sept. 15

Aug. 24: Received $7,600 on the Finley account and wrote off the remainder owed on a $9,000 accounts receivable balance. (The allowance method is used in accounting for uncollectible receivables.) Date Description Debit Credit Aug. 24 Sept. 15: Reinstated the Finley account written off on August 24 and received $1,400 cash in full payment. Date Description Debit Credit Sept. 15 Sept. 15: Purchased land by issuing a $670,000, 90-day note to Zahorik Co., which discounted it at 99%. Date Description Debit Credit Sept. 15

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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Listed below are selected transactions of Martinez Department Store for the current year ending December 31. On December 5, the store received $520 from the Selig Players as a deposit to be returned after certain furniture to be used in stage production was returned on January 15. 1. 2. 3. Your answer is partially correct. 4. During December, cash sales totaled $815,850, which includes the 5% sales tax that must be remitted to the state by the fifteenth day of the following month. On December 10, the store purchased for cash three delivery trucks for $131,700. The trucks were purchased in a state that applies a 5% sales tax. The store sold 24 gift cards for $100 per card. At year-end, 19 of the gift cards are redeemed. Martinez expects three of the cards to expire unused. Prepare all the journal entries necessary to record the transactions noted above as they occurred and any adjusting journal entries relative to the transactions that would be required to present fair financial…
1. Prepare general journal entries for the following transactions for the current year: April 25 Sold $3,500 of merchandise to Phillip Corporation receiving a 9%, 60-day, $3,500 note receivable (the merchandise cost $2,000) June 24 The note of Phillip Corporation was dishonored. Date Description Post Ref Debit Credit
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The following data relate to notes receivable and interest for CGH Cable Co., a cable manufacturer and supplier. (All notes are dated as of the day they are received.)Apr. 10. Received a $144,000, 5%, 60-day note on account.May 15. Received a $270,000, 7%, 120-day note on account.June 9. Received $145,200 on note of April 10.Aug. 22. Received a $150,000, 4%, 45-day note on account.Sept. 12. Received $276,300 on note of May 15.30. Received a $210,000, 8%, 60-day note on account.Oct. 6. Received $150,750 on note of August 22.18. Received a 120,000, 5%, 60-day note on account.Nov. 29. Received $212,800 on note of September 30.Dec. 17. Received $121,000 on note of October 18. Instructions Journalize the entries to record the transactions.
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December 13 Accepted a $22, 000, 45-day, 4% note in granting Miranda Lee a time extension on her past-due account receivable. December 31 Prepared an adjusting entry to record the accrued interest on the Lee note. January 27 Received Lee's payment for principal and interest on the note dated December 13. March 3 Accepted a $16, 000, 6%, 90-day note in granting a time extension on the past-due account receivable of Tomas Company. March 17 Accepted a $18,000, 30-day, 6% note in granting H. Cheng a time extension on his past-due account receivable. April 16 H. Cheng dishonored his note. May 1 Wrote off the H. Cheng account against the Allowance for Doubtful Accounts. June 1 Received the Tomas payment for principal and interest on the note dated March 3. Complete the table to calculate the interest amounts and use those calculated values to prepare your journal entries. (Do not round Intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the…
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