14, please read the question carefully and follow the instructions. thanks Assuming Flounder chooses Option 1, prepare the entries required on Concord's books on September 30, 2023, December 31,2023, and September 30, 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Ifno entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in theproblem. List all debit entries before credit entries.)DateAccount Titles and ExplanationDebitTUCre Flounder Corp. was experiencing cash flow problems and was unable to pay its $117,000 account payable to Concord Corp. when itfell due on September 30, 2023. Concord agreed to substitute a one-year note for the open account. The following two options werepresented to Flounder by Concord:Option 1:Option 2:A one-year note for $117,000 due September 30, 2024. Interest at a rate of 8% would be payable at maturity.A one-year non-interest-bearing note for $126,360. The implied rate of interest is 8%.Assume that Concord has a December 31 year end.

Option 1: Date Particulars Debit Credit 30-Sep-2023 Notes Receivable $117,000 To Accounts…

Flounder Corp. was experiencing cash flow problems and was unable to pay its $117,000 account payable to Concord Corp. when it fell due on September 30, 2023. Concord agreed to substitute a one-year note for the open account. The following two options were presented to Flounder by Concord: Option 1: Option 2: A one-year note for $117,000 due September 30, 2024. Interest at a rate of 8% would be payable at maturity. A one-year non-interest-bearing note for $126,360. The implied rate of interest is 8%. Assume that Concord has a December 31 year end.

Flounder Corp. was experiencing cash flow problems and was unable to pay its $117,000 account payable to Concord Corp. when it fell due on September 30, 2023. Concord agreed to substitute a one-year note for the open account. The following two options were presented to Flounder by Concord: Option 1: Option 2: A one-year note for $117,000 due September 30, 2024. Interest at a rate of 8% would be payable at maturity. A one-year non-interest-bearing note for $126,360. The implied rate of interest is 8%. Assume that Concord has a December 31 year end.

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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