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Dec. 16 Accepted a $20,400, 60-day, 12% note in granting Rita Griffin a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Griffin note. Year 2 Feb. 14 Received Griffin's payment of principal and interest on the note dated December 16. Mar. 2 Accepted a $9,000, 6%, 90-day note in granting a time extension on the past-due account receivable from Wright Co. 17 Accepted a $7,200, 30-day, 10% note in granting Wang Lee a time extension on her past-due account receivable. Lee dishonored her note. Apr. 16 May 31 Wright Co. dishonored its note. Aug. 7 Accepted a $22,000, 90-day, 10% note in granting a time extension on the past-due account receivable of Collins Co. Sep. 3 Accepted a $11,400, 60-day, 10% note in granting Maria Gonzalez a time extension on his past-due account receivable. Nov. Nov. Dec. 2 Received payment of principal plus interest from Gonzalez for the September 3 note. 5 Received payment of principal plus interest from Collins for the August 7 note. Wrote off the Lee account against the Allowance for Doubtful Accounts. 1 O Ancwor i

Dec. 16 Accepted a $20,400, 60-day, 12% note in granting Rita Griffin a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Griffin note. Year 2 Feb. 14 Received Griffin's payment of principal and interest on the note dated December 16. Mar. 2 Accepted a $9,000, 6%, 90-day note in granting a time extension on the past-due account receivable from Wright Co. 17 Accepted a $7,200, 30-day, 10% note in granting Wang Lee a time extension on her past-due account receivable. Lee dishonored her note. Apr. 16 May 31 Wright Co. dishonored its note. Aug. 7 Accepted a $22,000, 90-day, 10% note in granting a time extension on the past-due account receivable of Collins Co. Sep. 3 Accepted a $11,400, 60-day, 10% note in granting Maria Gonzalez a time extension on his past-due account receivable. Nov. Nov. Dec. 2 Received payment of principal plus interest from Gonzalez for the September 3 note. 5 Received payment of principal plus interest from Collins for the August 7 note. Wrote off the Lee account against the Allowance for Doubtful Accounts. 1 O Ancwor i

FINANCIAL ACCOUNTING
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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GLO701 - Based on Problem 7-5A LO C2, C3, P4 The following selected transactions are from Garcia Company. Year 1 Dec. 16 Accepted a $20,400, 60-day, 12% note in granting Rita Griffin a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Griffin note. Year 2 Feb. 14 Received Griffin's payment of principal and interest on the note dated December 16. Mar. 2 Accepted a $9,000, 6%, 90-day note in granting a time extension on the past-due account receivable from Wright Co. 17 Accepted a $7,200, 30-day, 10% note in granting Wang Lee a time extension on her past-due account receivable. Apr. 16 May 31 Wright Co. dishonored its note. Aug. Sep. Nov. Lee dishonored her note. 7 Accepted a $22,000, 90-day, 10% note in granting a time extension on the past-due account receivable of Collins Co. 3 Accepted a $11,400, 60-day, 10% note in granting Maria Gonzalez a time extension on his past-due account receivable. 2 Received payment of principal plus interest from Gonzalez for the September 3 note. 5 Received payment of principal plus interest from Collins for the August 7 note. Wrote off the Lee account against the Allowance for Doubtful Accounts. Nov. Dec. 1 Answer is not complete. General Journal Schedule of Receivables, Requirement General Trial Balance Calculation of Ledger Interest Prepare the journal entries related to notes receivable and accounts receivable. Hint: Use the "Calculation of Interest" tab to ensure the accuracy of your entries. No Date General Journal Debit Credit < Prev 5 of 5 Next ere to search
Transcribed Image Text:GLO701 - Based on Problem 7-5A LO C2, C3, P4 The following selected transactions are from Garcia Company. Year 1 Dec. 16 Accepted a $20,400, 60-day, 12% note in granting Rita Griffin a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Griffin note. Year 2 Feb. 14 Received Griffin's payment of principal and interest on the note dated December 16. Mar. 2 Accepted a $9,000, 6%, 90-day note in granting a time extension on the past-due account receivable from Wright Co. 17 Accepted a $7,200, 30-day, 10% note in granting Wang Lee a time extension on her past-due account receivable. Apr. 16 May 31 Wright Co. dishonored its note. Aug. Sep. Nov. Lee dishonored her note. 7 Accepted a $22,000, 90-day, 10% note in granting a time extension on the past-due account receivable of Collins Co. 3 Accepted a $11,400, 60-day, 10% note in granting Maria Gonzalez a time extension on his past-due account receivable. 2 Received payment of principal plus interest from Gonzalez for the September 3 note. 5 Received payment of principal plus interest from Collins for the August 7 note. Wrote off the Lee account against the Allowance for Doubtful Accounts. Nov. Dec. 1 Answer is not complete. General Journal Schedule of Receivables, Requirement General Trial Balance Calculation of Ledger Interest Prepare the journal entries related to notes receivable and accounts receivable. Hint: Use the "Calculation of Interest" tab to ensure the accuracy of your entries. No Date General Journal Debit Credit < Prev 5 of 5 Next ere to search
Interest" tab to ensure the accuracy of your entries. No Date General Journal Debit Credit 1 Feb 14 Cash 20,808 O Notes receivable - R. Griffin 20,400 Interest receivable 102 Interest revenue 306 O 2 Mar 02 Notes receivable - Wright Co. 9,000 Accounts receivable - Wright Co. 9,000 O 3. Mar 17 Notes receivable - W. Lee 7.200 O Accounts receivable - W. Lee 7.200 4 Apr 16 Accounts receivable - W. Lee 7,260 O Interest revenue 60 O Notes receivable - W. Lee 7.200 O May 31 Accounts receivable - Wright Co. O 9,135 Interest revenue 135 O Notes receivable - Wright Co. 9,000 O 6 Aug 07 Notes receivable - Collins 22,000 O Accounts receivable - Collins 22,000 O 7. Sep 03 Notes receivable - M. Gonzalez 11.400 O Accounts receivable - M. Gonzalez 11,400 O 8 Nov 02 Cash 11,590 O Notes receivable - M. Gonzalez 11.400 O Interest revenue 190 Nov 05 Cash 22,550 O Notes receivable- Collins 22.000 O Interest revenue 550 10 Dec 01 Allowance for doubtful accounts 7,200 O Accounts receivable - W. Lee 7.260 < Requirement General Ledoer
Transcribed Image Text:Interest" tab to ensure the accuracy of your entries. No Date General Journal Debit Credit 1 Feb 14 Cash 20,808 O Notes receivable - R. Griffin 20,400 Interest receivable 102 Interest revenue 306 O 2 Mar 02 Notes receivable - Wright Co. 9,000 Accounts receivable - Wright Co. 9,000 O 3. Mar 17 Notes receivable - W. Lee 7.200 O Accounts receivable - W. Lee 7.200 4 Apr 16 Accounts receivable - W. Lee 7,260 O Interest revenue 60 O Notes receivable - W. Lee 7.200 O May 31 Accounts receivable - Wright Co. O 9,135 Interest revenue 135 O Notes receivable - Wright Co. 9,000 O 6 Aug 07 Notes receivable - Collins 22,000 O Accounts receivable - Collins 22,000 O 7. Sep 03 Notes receivable - M. Gonzalez 11.400 O Accounts receivable - M. Gonzalez 11,400 O 8 Nov 02 Cash 11,590 O Notes receivable - M. Gonzalez 11.400 O Interest revenue 190 Nov 05 Cash 22,550 O Notes receivable- Collins 22.000 O Interest revenue 550 10 Dec 01 Allowance for doubtful accounts 7,200 O Accounts receivable - W. Lee 7.260 < Requirement General Ledoer
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