Chocolate Corner Company had the following transactions during the current year: Apr. 8. Received a $7,050, 75-day, 8% note from Lance Armstrong in payment of account. May 24 Wrote off customer Joe Nutella's account against the Allowance for Uncollectible Accounts, $150 June 22. Received payment of Lance Armstrong's note in full. Sept. 10.Gave a $5,600, 90-day, 9% note to Herbert Anson In payment of account. Sept 18. Received payment of Joe Nutella's account, written off May 24. Dec 9. Pald principal and Interest due on note to Herbert Anson. Please Note: a 360-day year is standard for many such Interest computations for this course Interest is to the nearest month rather than precisely to the day. Round Interest to the nearest dollar If needed record the above transactions in general Journal form. The balance of Notes Receivable at April 10th is: Multiple Choice
Chocolate Corner Company had the following transactions during the current year: Apr. 8. Received a $7,050, 75-day, 8% note from Lance Armstrong in payment of account. May 24 Wrote off customer Joe Nutella's account against the Allowance for Uncollectible Accounts, $150 June 22. Received payment of Lance Armstrong's note in full. Sept. 10.Gave a $5,600, 90-day, 9% note to Herbert Anson In payment of account. Sept 18. Received payment of Joe Nutella's account, written off May 24. Dec 9. Pald principal and Interest due on note to Herbert Anson. Please Note: a 360-day year is standard for many such Interest computations for this course Interest is to the nearest month rather than precisely to the day. Round Interest to the nearest dollar If needed record the above transactions in general Journal form. The balance of Notes Receivable at April 10th is: Multiple Choice
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Chocolate Corner Company had the following transactions during the current year:
Apr. 8. Received a $7,050, 75-day, 8% note from Lance Armstrong in payment of account.
May 24 Wrote off customer Joe Nutella's account against the Allowance for Uncollectible Accounts, $150
June 22. Received payment of Lance Armstrong's note in full.
Sept. 10.Gave a $5,600, 90-day, 9% note to Herbert Anson In payment of account.
Sept 18. Received payment of Joe Nutella's account, written off May 24.
Dec 9. Pald principal and Interest due on note to Herbert Anson.
Please Note: a 360-day year is standard for many such Interest computations for this course Interest is to the nearest month rather than precisely to the day. Round Interest to the nearest dollar (no cents).
If needed record the above transactions in general Journal form.
The balance of Notes Receivable at April 10th is:
Multiple Choice
O
O
$150
$7,200
$575
$7,050
None of the other alternatives are correct
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