Following are transactions of Leduc Company: 2023 Dec.11 Accepted a $16,000, 6%, 60-day note dated this day in granting Fred Calhoun a time extension on his past-due account. Made an adjusting entry to record the accrued interest on the Fred Calhoun note. Closed the Interest income account. 31 31 2021 Jan. 10 Feb. 10 Mar. 5 29 May 7 June 9 Aug. 8 11 31 Discounted the Fred Calhoun note at the bank at 7%. The Fred Calhoun note was dishonoured. Paid the bank the maturity value of the note plus a $30 fee. Accepted a $5,500, 5.5%, 60-day note dated this day in granting a time extension on the past-due account of Donna Reed. Discounted the Donna Reed note at the bank at 7.5%. The Donna Reed note had been received by the bank and paid by Donna Reed. Accepted a $7,750, 60-day, 5% note dated this day in granting a time extension on the past-due account of Jack Miller. Received payment of the maturity value of the Jack Miller note. Accepted an $9,000, 60-day, 5% note dated this day in granting Roger Addison a time extension on his past-due account. Discounted the Roger Addison note at the bank at 6.5%

Following are transactions of Leduc Company: 2023 Dec.11 Accepted a $16,000, 6%, 60-day note dated this day in granting Fred Calhoun a time extension on his past-due account. Made an adjusting entry to record the accrued interest on the Fred Calhoun note. Closed the Interest income account. 31 31 2021 Jan. 10 Feb. 10 Mar. 5 29 May 7 June 9 Aug. 8 11 31 Discounted the Fred Calhoun note at the bank at 7%. The Fred Calhoun note was dishonoured. Paid the bank the maturity value of the note plus a $30 fee. Accepted a $5,500, 5.5%, 60-day note dated this day in granting a time extension on the past-due account of Donna Reed. Discounted the Donna Reed note at the bank at 7.5%. The Donna Reed note had been received by the bank and paid by Donna Reed. Accepted a $7,750, 60-day, 5% note dated this day in granting a time extension on the past-due account of Jack Miller. Received payment of the maturity value of the Jack Miller note. Accepted an $9,000, 60-day, 5% note dated this day in granting Roger Addison a time extension on his past-due account. Discounted the Roger Addison note at the bank at 6.5%

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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Hi there, I'm not sure how to write this journal entry
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Subject: accounting
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