GLO701 - Based on Problem 7-5A LO C2, C3, P4The following selected transactions are from Turner Company.Year 1Accepted a $22,800, 60-day, 10% note in granting Than Nguyen a time extension on his past-due accountreceivable.Made an adjusting entry to record the accrued interest on the Nguyen note.Dec. 1631Year 2Received Nguyen's payment of principal and interest on the note dated December 16.Accepted a $8,000, 10%, 90-day note in granting a time extension on the past-due account receivable from LeeFeb. 14Mar.Co.17 Accepted a $15,600, 30-day, 7% note in granting Spencer Lauer a time extension on her past-due accountreceivable.Lauer dishonored her note.Lee Co. dishonored its note.Apr. 16May31Accepted a $22,000, 90-day, 6% note in granting a time extension on the past-due account receivable of PerezCo.Aug.Accepted a $12,600, 60-day, 10% note in granting Kay Wright a time extension on his past-due accountreceivable.Received payment of principal plus interest from Wright for the September 3 note.Received payment of principal plus interest from Perez for the August 7 note.1.Sep.Nov.Nov.Dec.Wrote off the Lauer account against the Allowance for Doubtful Accounts.GeneralJournalGeneralLedgerSchedule ofReceivablesCalculation ofInterestRequirementTrial BalanceGeneral Journal tab - Prepare the Year 2 journal entries related to the notes and accounts receivable of Turner Co.Calculation of interest tab - Use the interest formula (P x R x T) to verify the amount of interest recorded in your entries.Verify that total interest revenue agrees with the trial balance.RequirementGeneral Journal>...< Prev5 of 5Next>..MacBook Air

Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

GLO701 - Based on Problem 7-5A LO C2, C3, P4 The following selected transactions are from Turner Company. Year 1 Dec. 16 Accepted a $22,800, 60-day, 10 note in granting Than Nguyen a time extension on his past-due account receivable. Made an adjusting entry to record the accrued interest on the Nguyen note. 31 Year 2 Feb. 14 Received Nguyen's payment of principal and interest on the note dated December 16. 2 Accepted a $8,000, 10%, 90-day note in granting a time extension on the past-due account receivable from Lee Мar. Co. 17 Accepted a $15,600, 30-day, 7% note in granting Spencer Lauer a time extension on her past-due account receivable. Lauer dishonored her note. Lee Co. dishonored its note. Accepted a $22,000, 90-day, 6% note in granting a time extension on the past-due account receivable of Perez Co. Accepted a $12,600, 60-day, 10% note in granting Kay Wright a time extension on his past-due account receivable. Received payment of principal plus interest from Wright for the September 3 note. Received payment of principal plus interest from Perez for the August 7 note. 1. Apr. 16 May 31 Aug. Sep. Nov. Nov. Dec. Wrote off the Lauer account against the Allowance for Doubtful Accounts.

GLO701 - Based on Problem 7-5A LO C2, C3, P4 The following selected transactions are from Turner Company. Year 1 Dec. 16 Accepted a $22,800, 60-day, 10 note in granting Than Nguyen a time extension on his past-due account receivable. Made an adjusting entry to record the accrued interest on the Nguyen note. 31 Year 2 Feb. 14 Received Nguyen's payment of principal and interest on the note dated December 16. 2 Accepted a $8,000, 10%, 90-day note in granting a time extension on the past-due account receivable from Lee Мar. Co. 17 Accepted a $15,600, 30-day, 7% note in granting Spencer Lauer a time extension on her past-due account receivable. Lauer dishonored her note. Lee Co. dishonored its note. Accepted a $22,000, 90-day, 6% note in granting a time extension on the past-due account receivable of Perez Co. Accepted a $12,600, 60-day, 10% note in granting Kay Wright a time extension on his past-due account receivable. Received payment of principal plus interest from Wright for the September 3 note. Received payment of principal plus interest from Perez for the August 7 note. 1. Apr. 16 May 31 Aug. Sep. Nov. Nov. Dec. Wrote off the Lauer account against the Allowance for Doubtful Accounts.

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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