During Year 1, a company accepts the following notes receivable. 1. On April 1, the company provides services to a customer on account. The customer signs a four-month, 9% note for $5,100. 2. On June 1, the company lends cash to one of the company's vendors by accepting a six-month, 10% note for $9,10O. 3. On November 1, the company accepts payment for prior services by having a customer with a past-due account receivable sign a three-month, 8% note for $4,100. Required: Record the acceptance of each of the notes receivable. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

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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During Year 1, a company accepts the following notes receivable:

1. **April 1**: The company provides services to a customer on account. The customer signs a four-month, 9% note for $5,100.
2. **June 1**: The company lends cash to one of the company’s vendors by accepting a six-month, 10% note for $9,100.
3. **November 1**: The company accepts payment for prior services by having a customer with a past-due account receivable sign a three-month, 8% note for $4,100.

**Required**: 

Record the acceptance of each of the notes receivable. *(If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)*

---

**Journal entry worksheet:**

- **Tabs**: The worksheet is divided into tabs numbered 1, 2, and 3, corresponding to each transaction.
- **Page Navigation**: Arrows allow navigation between tabs.

**Tab 1**: 
- **Description**: On April 1, the company provides services to a customer on account. The customer signs a four-month, 9% note for $5,100.
- **Note**: Enter debits before credits.

**Journal Entry Fields**:
- **Date**: April 01
- **General Journal**: Space for entering the account titles.
- **Debit and Credit Columns**: Space for entering amounts.

**Buttons**:
- **Record entry**: Used to save the journal entry.
- **Clear entry**: Used to reset the fields.
- **View general journal**: Opens the complete list of journal entries.

For this exercise, ensure that each transaction is recorded accurately in the journal to reflect the company’s financial records.
Transcribed Image Text:During Year 1, a company accepts the following notes receivable: 1. **April 1**: The company provides services to a customer on account. The customer signs a four-month, 9% note for $5,100. 2. **June 1**: The company lends cash to one of the company’s vendors by accepting a six-month, 10% note for $9,100. 3. **November 1**: The company accepts payment for prior services by having a customer with a past-due account receivable sign a three-month, 8% note for $4,100. **Required**: Record the acceptance of each of the notes receivable. *(If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)* --- **Journal entry worksheet:** - **Tabs**: The worksheet is divided into tabs numbered 1, 2, and 3, corresponding to each transaction. - **Page Navigation**: Arrows allow navigation between tabs. **Tab 1**: - **Description**: On April 1, the company provides services to a customer on account. The customer signs a four-month, 9% note for $5,100. - **Note**: Enter debits before credits. **Journal Entry Fields**: - **Date**: April 01 - **General Journal**: Space for entering the account titles. - **Debit and Credit Columns**: Space for entering amounts. **Buttons**: - **Record entry**: Used to save the journal entry. - **Clear entry**: Used to reset the fields. - **View general journal**: Opens the complete list of journal entries. For this exercise, ensure that each transaction is recorded accurately in the journal to reflect the company’s financial records.
During Year 1, a company accepts the following notes receivable:

1. On April 1, the company provides services to a customer on account. The customer signs a four-month, 9% note for $5,100.
2. On June 1, the company lends cash to one of the company’s vendors by accepting a six-month, 10% note for $9,100.
3. On November 1, the company accepts payment for prior services by having a customer with a past-due account receivable sign a three-month, 8% note for $4,100.

**Required:**
Record the acceptance of each of the notes receivable. *(If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)*

**Journal Entry Worksheet**

- Navigation arrows to select different transactions (1, 2, 3).
- Selected transaction: 2 of 3.

**Transaction Details**:
- On June 1, the company lends cash to one of the company’s vendors by accepting a six-month, 10% note for $9,100.

**Note**: Enter debits before credits.

**Journal Entry Table**:
- Columns: Date, General Journal, Debit, Credit.
- Example Entry: June 01

Options:
- "Record entry" button to save the entry.
- "Clear entry" button to reset the fields.
- "View general journal" button to view all journal entries.

"View transaction list" button is present for navigation.
Transcribed Image Text:During Year 1, a company accepts the following notes receivable: 1. On April 1, the company provides services to a customer on account. The customer signs a four-month, 9% note for $5,100. 2. On June 1, the company lends cash to one of the company’s vendors by accepting a six-month, 10% note for $9,100. 3. On November 1, the company accepts payment for prior services by having a customer with a past-due account receivable sign a three-month, 8% note for $4,100. **Required:** Record the acceptance of each of the notes receivable. *(If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)* **Journal Entry Worksheet** - Navigation arrows to select different transactions (1, 2, 3). - Selected transaction: 2 of 3. **Transaction Details**: - On June 1, the company lends cash to one of the company’s vendors by accepting a six-month, 10% note for $9,100. **Note**: Enter debits before credits. **Journal Entry Table**: - Columns: Date, General Journal, Debit, Credit. - Example Entry: June 01 Options: - "Record entry" button to save the entry. - "Clear entry" button to reset the fields. - "View general journal" button to view all journal entries. "View transaction list" button is present for navigation.
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