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

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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

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