CHECK FIGURES: Jan 10, 2021 Cash $15,060 80. Mar 29, 2021 Cash - $4.507.09 Required Prepare general journal entries to record the following transactions of Leduc Company: 2020 Dec. 11 Accepted a $15,000, 6, 60-day note dated this day in granting Fred Calhoun a time extension on his past-due account 31 Made an adjusting entry to record the accrued interest on the Fred Calhoun note 31 Closed the Interest income account 2021 Jan 10 Discounted the Fred Calhoun note at the bank at 7%. Feb. 10 The Fred Calhoun note was dishonoured. Paid the bank the maturity value of the note plus a 530 fee. Mar. 5 Accepted a $4,500, 5.5%, 60-day note dated this day in granting a time extension on the past-due account of Donna Reed. 29 Discounted the Donna Reed note at the bank at 7.5%. May 7 The Donna Reed note had been received by the bank and paid by Donna Reed June 9 Accepted a $6,750, 60-day, 5% note dated this day in granting a time extension on the past-due account of Jack Miller. August 8 Received payment of the maturity value of the Jack Miller note 11 Accepted an $3,000, 60-day, 5% note dated this day in granting Roger Addison a time extension on his past-due account. 31 Discounted the Roger Addison note at the bank at 6.55%. Oct. 12 The Roger Addison note was dishonoured. Paid the bank the maturity value of the note plus a $30 fee Nov 19 Received payment from Roger Addison of the maturity value of his dishonoured note, the fee, and interest on both for 40 days beyond maturity at 5%. Dec 23 Wrote off the Fred Calhoun account against Allowance for Doubtful Accounts
CHECK FIGURES: Jan 10, 2021 Cash $15,060 80. Mar 29, 2021 Cash - $4.507.09
Required
Prepare general journal entries to record the following transactions of Leduc Company:
2020
Dec.
11 Accepted a $15,000, 6, 60-day note dated this day in granting Fred Calhoun a time extension on his past-due account
31 Made an
31 Closed the Interest income account
2021
Jan 10 Discounted the Fred Calhoun note at the bank at 7%.
Feb. 10 The Fred Calhoun note was dishonoured. Paid the bank the maturity value of the note plus a 530 fee.
Mar. 5 Accepted a $4,500, 5.5%, 60-day note dated this day in granting a time extension on the past-due account of Donna Reed.
29 Discounted the Donna Reed note at the bank at 7.5%.
May 7 The Donna Reed note had been received by the bank and paid by Donna Reed
June 9 Accepted a $6,750, 60-day, 5% note dated this day in granting a time extension on the past-due account of Jack Miller.
August 8 Received payment of the maturity value of the Jack Miller note
11 Accepted an $3,000, 60-day, 5% note dated this day in granting Roger Addison a time extension on his past-due account.
31 Discounted the Roger Addison note at the bank at 6.55%.
Oct. 12 The Roger Addison note was dishonoured. Paid the bank the maturity value of the note plus a $30 fee
Nov 19 Received payment from Roger Addison of the maturity value of his dishonoured note, the fee, and interest on both for 40 days beyond maturity at 5%.
Dec 23 Wrote off the Fred Calhoun account against Allowance for Doubtful Accounts
Step by step
Solved in 3 steps with 3 images
