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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Jurnalize he following transactions
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Please fill in the missing blanks!
Nates Payable A business issued a 90-day, 6% nole for $67,000 bo a creditor on account, [llustrate the effacts on the accounts and finannal statamants of recording (a) L'ie ssuance at the note and (b) the payment of the rote at maturity, including interest If ne accaunt or activity is affacted, selact "Na affect from the drapdewn list and eave the correspording umber entry box alar k. Enter account cecreeses end cash outfiows as negative amcunts.
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…