epare journal entries to record these transactions: Mar. 21 Accepted a $6,750, six-month, 4% note dated today from Bradley Brooks in granting a time extension on his past-due Brooks dishonoured his note when presented for payment. Sept. 21 Dec. 31 account. After exhausting all legal means of collection, wrote off Brooks's account against the Allowance for Doubtful Accounts. View transaction list Journal entry worksheet < 1 2 3 Record the 6-month, 4% note to replace past-due account. Note: Enter debits before credits. Date Mar 21 General Journal Debit Credit

epare journal entries to record these transactions: Mar. 21 Accepted a $6,750, six-month, 4% note dated today from Bradley Brooks in granting a time extension on his past-due Brooks dishonoured his note when presented for payment. Sept. 21 Dec. 31 account. After exhausting all legal means of collection, wrote off Brooks's account against the Allowance for Doubtful Accounts. View transaction list Journal entry worksheet < 1 2 3 Record the 6-month, 4% note to replace past-due account. Note: Enter debits before credits. Date Mar 21 General Journal Debit Credit

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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Following are transactions of The Barnett Company: 2023 Dec. 16 Accepted a $22,900, 60-day, 5% note dated this day in granting Carmel Karuthers a time extension on her past-due account. Made an adjusting entry to record the accrued interest on the Karuthers note. Closed the Interest income account. Dec. 31 Dec. 31 2024 Feb. 14 Mar. 2 Mar. 17 May 31 Received Karuthers' payment for the principal and interest on the note dated December 16. Accepted an $8,800, 4%, 90-day note dated this day in granting a time extension on the past-due account of ATW Company. Accepted a $4,000, 30-day, 4.5% note dated this day in granting Leroy Johnson a time extension on past-due account. Received ATW's payment for the principal and interest on the note dated March 2. Prepare journal entries to record The Barnett Company's transactions. (Assume 365 days in a year. Round your answers to 2 decimal places.) View transaction list
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nces On 1 October 20X6, Halpern Co borrowed $180,000 from Canada Bank The note has a two-year term, and requires that interest of 9% be paid each 30 September, with the principal payable 30 September 20X8 Required: Provide all entries for the note from 20X6 to 20X8 (If no entry is required for a transaction/event. select "No journal entry required" in the first account field.) View transaction list 1 Record the borrowings from Canada Bank. 2 Record the accrual of intest for the period ending 31st December 20x6. a Record the interest payment on 30 September 20x7. 4 Record the accrual of interest for the period ending 31st December 20X7 5 Record the interest payment on 30 September 20X8. Record the repayment of borrowings to Canada Bank 6 Note: journal entry has been entered Record entry Clear entry EX - - 2 Credit View gener al journal
ces Required information [The following information applies to the questions displayed below.] Following are transactions of Danica Company. December 13 Accepted a $20,000, 45-day, 4% note in granting Miranda Lee a time extension on her past-due account receivable. December 31 Prepared an adjusting entry to record the accrued interest on the Lee note. Complete the table to calculate the interest amounts at December 31st and use the calculated value to prepare your journal entries. Note: Do not round your intermediate calculations. Use 360 days a year. Complete this question by entering your answers in the tabs below. Interest Amounts General Journal Complete the table to calculate the interest amounts at December 31st, Interest Recognized December 31 20,000 4% 18/360 Principal Rate (%) Time Total interest Total Through Maturity $ 20,000 $ 4% 45/360 Check my work
answer in text form please (without image), Note: .Every entry should have narration please
8
Record the following transactions for the Scott Company: Transactions: Nov. 4 Received a $6,500, 90-day, 6% note from Tim’s Co. in payment of the account. Dec. 31 Accrued interest on the Tim’s Co. note. Feb. 2 Received the amount due from Tim’s Co. on the note. Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. Assume a 360-day year when calculating interest. CHART OF ACCOUNTS Scott Company General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Batson Co. 122 Accounts Receivable-Bynum Co. 123 Accounts Receivable-Calahan Inc. 124 Accounts Receivable-Dodger Co. 125 Accounts Receivable-Fronk Co. 126 Accounts Receivable-Miracle Chemical 127 Accounts Receivable-Solo Co. 128 Accounts Receivable-Tim’s Co. 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable-Tim’s Co. 141…
Following are transactions of Danica Company. Dec. 13 Accepted a $18,000, 45-day, 10% note in granting Miranda Lee a time extension on her past-due account receivable. 31 Prepared an adjusting entry to record the accrued interest on the Lee note.
Question A and B pleas A business issued a 90day,8% note for 67000$ to creditor on account. Illustrat the effects on the accounts and the financial statement of recording (a) the issuance of the note and (b) the payment of the note at maturity icluding interest. If no account or activity is affect d select "no effect" from the dropdown list and leave the corresponding number entry box blank. Enter account deceases and cash outflows as negative amounts