Dynatech Supply Corp. has the following selected transactions for notes receivable. Nov. 1 Lent $141,100 cash to A. Bouchard on a one-year, 9% note. Sold goods to Wright Inc., receiving a two-month, 6%, $31,000 note. Interest is due at maturity. The goods cost $19,344. 1 Dec. Received a six-month, 6%, $34,080 note in exchange for an account from Aquilina Corporation. Interest is due at maturity. 15 Feb. 1 Collected the amount owing on the Wright note. 28 Accrued interest on all notes receivable at year end. Assume that interest is calculated to the nearest half month. 28 Analyzed each note and estimated that uncollectible notes at year end totalled $25,544. Record the above transactions for Dynatech Supply Corp. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. Round answers to the nearest whole dollar, eg. 5,275.) Date Account Titles and Explanation Debit Credit

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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(To record sales)
(To record cost of merchandise sold)
(To accrue interest)
(To record estimate of uncollectible accounts)
Transcribed Image Text:(To record sales) (To record cost of merchandise sold) (To accrue interest) (To record estimate of uncollectible accounts)
Dynatech Supply Corp. has the following selected transactions for notes receivable.
Nov.
1
Lent $141,100 cash to A. Bouchard on a one-year, 9% note.
Sold goods to Wright Inc., receiving a two-month, 6%, $31,000 note. Interest is due at maturity. The goods cost
$19,344.
1
Dec.
Received a six-month, 6%, $34,080 note in exchange for an account from Aquilina Corporation. Interest is due at
maturity.
15
Feb.
1
Collected the amount owing on the Wright note.
28
Accrued interest on all notes receivable at year end. Assume that interest is calculated to the nearest half month.
28
Analyzed each note and estimated that uncollectible notes at year end totalled $25,544.
Record the above transactions for Dynatech Supply Corp. (List all debit entries before credit entries. Credit account titles are
automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and
enter O for the amounts. Round answers to the nearest whole dollar, e.g. 5,275.)
Date
Account Titles and Explanation
Debit
Credit
(To record sales)
Transcribed Image Text:Dynatech Supply Corp. has the following selected transactions for notes receivable. Nov. 1 Lent $141,100 cash to A. Bouchard on a one-year, 9% note. Sold goods to Wright Inc., receiving a two-month, 6%, $31,000 note. Interest is due at maturity. The goods cost $19,344. 1 Dec. Received a six-month, 6%, $34,080 note in exchange for an account from Aquilina Corporation. Interest is due at maturity. 15 Feb. 1 Collected the amount owing on the Wright note. 28 Accrued interest on all notes receivable at year end. Assume that interest is calculated to the nearest half month. 28 Analyzed each note and estimated that uncollectible notes at year end totalled $25,544. Record the above transactions for Dynatech Supply Corp. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to the nearest whole dollar, e.g. 5,275.) Date Account Titles and Explanation Debit Credit (To record sales)
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