AssignmentGradebookORIONDownloadable eTextbookntCALCULATORFULL SCREENPRINTER VERSION4 BACKNEXTExercise 9-14Z Your answer is partially correct. Try again.Vandiver Company had the following select transactions.Apr. 1, 2020Accepted Goodwin Company's 12-month, 6% note in settlement of a $30,000 account receivable.July 1, 2020Loaned $25,000 cash to Thomas Slocombe on a 9-month, 10% note.Dec. 31, 2020Accrued interest on all notes receivable.Apr. 1, 2021Received principal plus interest on the Goodwin note.Apr. 1, 2021Thomas Slocombe dishonored its note; Vandiver expects it will eventually collect.Prepare journal entries to record the transactions. Vandiver prepares adjusting entries once a year on December 31. (Credit account titles are automatically indented when amount isentered. Do not indent manually. Record journal entries in the order presented in the problem.)DateAccount Titles and ExplanationDebitCredit4/1/20:Notes Receivable30,000Accounts Receivable30,0007/1/20Notes Receivable25,00025,000Cash12/31/20 Interest ReceivableVersion 4.24.21.1acy Policy © 2000-2021 John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc.GMAR30MacBook AirDIIDDF12F11888000F10F9 01/20AssignmentGradebookORIONDownloadable eTextbookentCALCULATORFULL SCREENPRINTER VERSION1 BACKNEXTDateAccount Titles and ExplanationDebitCredit4/1/20Notes Receivable30,000Accounts Receivable30,0007/1/20Notes Receivable25,000Cash25,00012/31/20 Interest ReceivableInterest Revenue(To record interest at 6%)12/31/20 Interest ReceivableInterest Revenue(To record interest at 10%)31,8004/1/21수Cash30,000Notes Receivable450Interest Revenue1,350Interest ReceivableVersion 4.24.21.1vacy Policy I Q 2000-2021 John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc.GMAR30MacBook AirDIDDF12

The note receivable is instrument issued by debtors as a promissory note to make the payment on a…

Exercise 9-14 Z Your answer is partially correct. Try again. Vandiver Company had the following select transactions. Apr. 1, 2020 Accepted Goodwin Company's 12-month, 6% note in settlement of a $30,000 account receivable. July 1, 2020 Loaned $25,000 cash to Thomas Slocombe on a 9-month, 10% note. Dec. 31, 2020 Accrued interest on all notes receivable. Apr. 1, 2021 Received principal plus interest on the Goodwin note. Apr. 1, 2021 Thomas Slocombe dishonored its note; Vandiver expects it will eventually collect. Prepare journal entries to record the transactions. Vandiver prepares adjusting entries once a year on December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit 4/1/20 :INotes Receivable 30,000 Accounts Receivable 30,000 7/1/20 Notes Receivable 25,000 25,000 Cash 12/31/20 Interest Receivable Version 4.24.21.1 Division of John Wiley & Sons, Inc.

Exercise 9-14 Z Your answer is partially correct. Try again. Vandiver Company had the following select transactions. Apr. 1, 2020 Accepted Goodwin Company's 12-month, 6% note in settlement of a $30,000 account receivable. July 1, 2020 Loaned $25,000 cash to Thomas Slocombe on a 9-month, 10% note. Dec. 31, 2020 Accrued interest on all notes receivable. Apr. 1, 2021 Received principal plus interest on the Goodwin note. Apr. 1, 2021 Thomas Slocombe dishonored its note; Vandiver expects it will eventually collect. Prepare journal entries to record the transactions. Vandiver prepares adjusting entries once a year on December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit 4/1/20 :INotes Receivable 30,000 Accounts Receivable 30,000 7/1/20 Notes Receivable 25,000 25,000 Cash 12/31/20 Interest Receivable Version 4.24.21.1 Division of John Wiley & Sons, Inc.

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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L. How much interest income should be reported on December 31, 2020 with regards to the note from Company B? 2-2 Notes Receivables The trial balance for BLUE Corporation prepared at December 31, 2020 showed a balance of P4,000,000 for Notes Receivables broken as follows: Notes receivable from Company A Notes receivable from Company B 3,000,000 1,000,000 Total 4,000,000 Additional information: The notes receivable from Company A is a three-year non- interest bearing note, with face value of P3,000,000. The note was received in exchange for a piece of land sold by BLUE on May 1, 2020. The land was carried in the books at the date of sale at P2,600,000. The difference between the face amount of the note and the carrying value of the land was credited to gain on sale of land. The market interest rate for a note of this type is 10%. The notes receivable from Company B bears interest at 10%. The note was received from sale of goods in the normal course of business. The note is dated October…
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