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

See similar textbooks

Similar questions

LO 8-3 E8-10 Recording Notes Receivable Transactions, Including Accrual Adjustment for Interest domic The following transactions took place for Smart Solutions Inc. 2020 a. July 1 b. Dec. 31 2021 c. July 1 250 06 Loaned $70,000 to employees of the company and received back one-year, 10 percent notes. shunt at las Accrued interest on the notes. d. July 1 berupa wollReceived interest on the notes. (No interest has been recorded since December 31.) ele St Received principal on the notes. noxidoa bed to Jouons tedW oli ni songly Bubanu adi 11 sqx mis bs& lo tuoms isrw Required: Prepare the journal entries that Smart Solutions Inc. would record for the above transactions.
Help be clear
The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1 Dec. 16 Accepted a $10,700, 60-day, 8% note in granting Danny Todd a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Todd note. Year 2 Feb. 14 Received Todd’s payment of principal and interest on the note dated December 16. Mar. 2 Accepted a(n) $6,600, 8%, 90-day note in granting a time extension on the past-due account receivable from Midnight Co. 17 Accepted a(n) $3,300, 30-day, 7% note in granting Ava Privet a time extension on her past-due account receivable. Apr. 16 Privet dishonored her note. May 31 Midnight Co. dishonored its note. Aug. 7 Accepted a(n) $7,900, 90-day, 10% note in granting a time extension on the past-due account receivable of Mulan Co. Sep. 3 Accepted a(n) $3,210, 60-day, 11% note in granting Noah Carson a time extension on his past-due account…
Following are transactions of The Barnett Company: 2023 Dec. 16 Accepted a $22,900, 60-day, 5% note dated this day in granting Carmel Karuthers a time extension on her past-due account. Made an adjusting entry to record the accrued interest on the Karuthers note. Closed the Interest income account. Dec. 31 Dec. 31 2024 Feb. 14 Mar. 2 Mar. 17 May 31 Received Karuthers' payment for the principal and interest on the note dated December 16. Accepted an $8,800, 4%, 90-day note dated this day in granting a time extension on the past-due account of ATW Company. Accepted a $4,000, 30-day, 4.5% note dated this day in granting Leroy Johnson a time extension on past-due account. Received ATW's payment for the principal and interest on the note dated March 2. Prepare journal entries to record The Barnett Company's transactions. (Assume 365 days in a year. Round your answers to 2 decimal places.) View transaction list
s
Do not give solution in image
nces On 1 October 20X6, Halpern Co borrowed $180,000 from Canada Bank The note has a two-year term, and requires that interest of 9% be paid each 30 September, with the principal payable 30 September 20X8 Required: Provide all entries for the note from 20X6 to 20X8 (If no entry is required for a transaction/event. select "No journal entry required" in the first account field.) View transaction list 1 Record the borrowings from Canada Bank. 2 Record the accrual of intest for the period ending 31st December 20x6. a Record the interest payment on 30 September 20x7. 4 Record the accrual of interest for the period ending 31st December 20X7 5 Record the interest payment on 30 September 20X8. Record the repayment of borrowings to Canada Bank 6 Note: journal entry has been entered Record entry Clear entry EX - - 2 Credit View gener al journal
Entries for Installment Note Transactions On January 1, Year 1, Wedekind Company issued a $66,000, 4-year, 8% installment note to Shannon Bank. The note requires annual payments of $19,927, beginning on December 31, Year 1. Journalize the entries to record the following: Year 1 Jan. 1 Issued the note for cash at its face amount. Dec. 31 Paid the annual payment on the note, which consisted of interest of $5,280 and principal of $14,647. Year 4 Dec. 31 Paid the annual payment on the note, including $1,476 of interest. The remainder of the payment reduced the principal balance on the note. Issued the note for cash at its face amount. If an amount box does not require an entry, leave it blank. Year 1, Jan. 1 Paid the annual payment on the note, which consisted of interest of $5,280 and principal of $14,647. If an amount box does not require an entry, leave it blank. Year 1, Dec. 31 12:09
8
please answer 1A and 1C only
mni.9
Question A and B pleas A business issued a 90day,8% note for 67000$ to creditor on account. Illustrat the effects on the accounts and the financial statement of recording (a) the issuance of the note and (b) the payment of the note at maturity icluding interest. If no account or activity is affect d select "no effect" from the dropdown list and leave the corresponding number entry box blank. Enter account deceases and cash outflows as negative amounts