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.)
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.)
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 11RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...
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Question
![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.)
View transaction list
Journal entry worksheet
1
2
3
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.
Date
General Journal
Debit
Credit
April 01
Record entry
Clear entry
View general journal](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fef9032f2-251a-4568-97d8-b53b30991fba%2Fcb08920b-f320-4bbb-906e-5c3023940b9b%2F9vv4h6_processed.png&w=3840&q=75)
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.)
View transaction list
Journal entry worksheet
1
2
3
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.
Date
General Journal
Debit
Credit
April 01
Record entry
Clear entry
View general journal
![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 $5,10O.
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.)
View transaction list
Journal entry worksheet
1
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.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
June 01
Record entry
Clear entry
View general journal](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fef9032f2-251a-4568-97d8-b53b30991fba%2Fcb08920b-f320-4bbb-906e-5c3023940b9b%2Fp0vkgbqn_processed.png&w=3840&q=75)
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 $5,10O.
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.)
View transaction list
Journal entry worksheet
1
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.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
June 01
Record entry
Clear entry
View general journal
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