Following are selected transactions Deshawn Company for 2010 and 2011. 2010 Dec. 13 Accepted a $28,000, 45-day, 7% note dated December 13 in granting Latisha Clark a time extension on her past-due account receivable. 31 Prepared an adjusting entry to record the accrued interest on the Clark note. 2011 Jan. 27 Received Clark s payment for principal and interest on the note dated December 13. Mar. 3 Accepted a $22,000, 10%, 90-day note dated March 3 in granting a time extension on the pastdue account receivable of Shandi Company. 17 Accepted a $20,000, 30-day, 8% note dated March 17 in granting Juan Torres a time extension on his past-due account receivable. Apr. 16 Torres dishonors his note when presented for payment. May 1 Wrote off the Torres account against the Allowance for Doubtful Accounts. June 1 Received the Shandi payment for principal and interest on the note dated March 3. Prepare journal entries for the above transactions for 2011. (Use 360 days a year. Do not round intermediate calculations and round your final answers to nearest dollar amount. Omit the "$" sign in your response.) Date General Journal
Following are selected transactions Deshawn Company for 2010 and 2011.
2010
|
Dec. |
13 |
Accepted a $28,000, 45-day, 7% note dated December 13 in granting Latisha Clark a time extension on her past-due |
|
31 |
Prepared an |
2011
|
Jan. |
27 |
Received Clark s payment for principal and interest on the note dated December 13. |
|
Mar. |
3 |
Accepted a $22,000, 10%, 90-day note dated March 3 in granting a time extension on the pastdue account receivable of Shandi Company. |
|
17 |
Accepted a $20,000, 30-day, 8% note dated March 17 in granting Juan Torres a time extension on his past-due account receivable. |
|
|
Apr. |
16 |
Torres dishonors his note when presented for payment. |
|
May |
1 |
Wrote off the Torres account against the Allowance for Doubtful Accounts. |
|
June |
1 |
Received the Shandi payment for principal and interest on the note dated March 3. |
|
Prepare |
|
|
Date |
General Journal |
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