Journalize all required entries. Make sure to determine the missing maturity date.Debts at December 31, 2018.crs. The company ends its accounting year on September 30.The following selected transactions occurred during 2018 and 2019 for Baltic Import-on the basis of the aging- note receivable transactionsReceivables 523E9-24 Journalizingreceivable on itsLearning Objective 4Jul. 1, 2019 Cash DR $17,280method versus the2018Loaned $16,000 cash to Bud Shyne on a one-year, 8% note.Jul. 1Sold goods to Lawn Pro, receiving a 90-day, 6% note for $11,000.Sep. 6Ignore Cost of Goods Sold.pre Cost of Goods SoldMade a single entry to accrue interest revenue on both notes.30Collected the maturity value of the Lawn Pro note.2019Collected the maturity value of the Shyne note.Jul. 1ima uses the directRound to the nearest dollar.r9-25 Journalizing note receivable transactionsProfessional Steam Cleaning performs services on account. When a customer accountLocomes four months old, Professional converts the account to a note receivable.ma uses theLearning Objective 4Oct. 31 Cash DR $18,355d accruingDuring 2018, the company completed the following transactions:Apr. 28 Performed service on account for Parkview Club, $18,000.Sep. 1 Received an $18,000, 60-day, 12% note from Parkview Club insatisfaction of its past-due account receivable.Oct. 31 Collected the Parkview Club note at maturity.a one-year,Duoord the transactions in Professional's journal. Round to the nearest dollar.CHAPTER 9 AutoSaveAcct12_Ch09_WP_templates - Compatibility ModeSearchinvoker robinsonFileHomeDesignReferencesMailingsReviewViewHelpA ShareP CommentsInsertLayoutE9-24Journalize all required entries. Make sure to determine the missing maturity date.Solution:DateAccounts and ExplanationDebitCreditD FocusPage 16 of 1712 of 876 words100%8:10 PMO Type here to searchaW10/22/2020O

Notes receivable is a note which is received at the time of providing loan to supplier and creditor,…

E9-24 Jour The following selected transactions occurred during 2018 and 2019 for Baltic Import- ers. The company ends its accounting year on September 30. transactions Learning Objective 4 Jul. 1, 2019 Cash DR $17.280 2018 Loaned $16,000 cash to Bud Shyne on a one-year, 8% note. Jul. 1 Sold goods to Lawn Pro, receiving a 90-day, 6% note for $11,000. Ignore Cost of Goods Sold, Sep. 6 Made a single entry to accrue interest revenue on both notes. 30 Collected the maturity value of the Lawn Pro note. 2019 Collected the maturity value of the Shyne note. Jul. 1 urnalize all required entries. Make sure to determine the missing maturity date. Round to the nearest dollar. urnalizing note receivable transactions Learning Objective 4 CHAPTER 9

E9-24 Jour The following selected transactions occurred during 2018 and 2019 for Baltic Import- ers. The company ends its accounting year on September 30. transactions Learning Objective 4 Jul. 1, 2019 Cash DR $17.280 2018 Loaned $16,000 cash to Bud Shyne on a one-year, 8% note. Jul. 1 Sold goods to Lawn Pro, receiving a 90-day, 6% note for $11,000. Ignore Cost of Goods Sold, Sep. 6 Made a single entry to accrue interest revenue on both notes. 30 Collected the maturity value of the Lawn Pro note. 2019 Collected the maturity value of the Shyne note. Jul. 1 urnalize all required entries. Make sure to determine the missing maturity date. Round to the nearest dollar. urnalizing note receivable transactions Learning Objective 4 CHAPTER 9

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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S11-4 Accounting for a note payable On December 31, 2017, Franklin purchased $13,000 of merchandise inventory on a one-year, 9% note payable. Franklin uses a perpetual inventory system. Learning Objective 1 Requirements 1. Journalize the company's purchase of merchandise inventory on December 31, 2017. 2. Journalize the company's accrual of interest expense on June 30, 2018, its fiscal year-end. suit? 3. Journalize the company's payment of the note plus interest on December 31, 2018. ****.
HANDOUT PROBLEM for CURRENT LIABILITIES I. Prepare journal entries for the following transactions which took place in 2021. Sold various products for $180,000 on account. The products cost $85,000. Sales a. tax in your area is 8%. Your company uses a periodic inventory system. Your sales in part "a" included an offer for cash rebates of 2% of the $180,000 total sales price if the customer answers a short five-question internet survey. b. с. On November 1, 2021, your company collected $12,000 of rent on your extra office. The rent covers the six-month period from November 1, 2021 through April 30, 2022. Recorded $62,000 of wages earned by employees including $9,000 of d. withholding taxes, $4,000 of FICA taxes, and $2,800 of health insurance benefits. There were no other deductions from the employees' paychecks. e. Recorded EMPLOYER taxes on the wages in "a." Unemployment is a total of 3% of the gross earnings. f. On December 1, 2021, your company received notice that you were being…
Merchandising Journal Entries (ADOPTED) Newton General Merchandise had the following transactions in March 2021: March 2 Purchased merchandise amounting to Php 36,000. Terms: 2/10, n/30 FOB shipping point. Paid the freight bill amounting to Php 4,000. March 5 Returned Php 3,000 of the merchandise purchased on March 2 because they were defective. March 8 Sold merchandise on account for Php 10,000. Terms 3/15, n/30. The cost of the merchandise sold was Php 6,000. March 10 Paid the purchase made on March 2 less the return and the discount. March 12 Received Php 2,000 of the merchandise sold on March 8. The cost of the merchandise returned was Php 1,200. March 22 Received cash from the March 8 customer in full settlement of his account less the return and the discount. REQUIRED: Prepare the appropriate journal entries for both periodic and perpetual inventory systems.
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E 7-8 Sales returns ⒸLO7-4 Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2024 with a refund liability of $300,000. During 2024, Halifax sold merchandise on account for $11,500,000. Halifax's merchandise costs are 65% of merchandise selling price. Also during the year, customers returned $450,000 in sales for credit, with $250,000 of those being returns of merchandise sold prior to 2024, and the rest being merchandise sold during 2024. Sales returns, estimated to be 4% of sales, are recorded as an adjusting entry at the end of the year. Required: 1. Prepare entries to (a) record actual returns in 2024 of merchandise that was sold prior to 2024; (b) record actual returns in 2024 of merchandise that was sold during 2024; and (c) adjust the refund liability to its appropriate balance at…
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On August 2, Jun Company receives a $7,000, 90-day, 11.5% note from customer Ryan Albany as payment on his $7,000 account receivable. Prepare Jun's journal entry assuming the note is honored by the customer on October 31 of that same year. (Do not round intermediate calculations. Round your answers to nearest whole dollar value. Use 360 days a year.) View transaction list Journal entry worksheet 1 Record cash received on note plus interest. Note: Enter debits before credits. Date October 31 General Journal Debit Credit
Do a journal entry based on this transections, round interest amounts to the nearest dollar,