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 01Options:- "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.

Journals are the books of primary entries. The business transactions are recorded at the initial…

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.)

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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