January 27 Received Lee's payment for principal and interest on the note dated December 13. March3 Accepted a $14,000, 8%, 90-day note in granting a time extension on the past-due accountreceivable of Tomas Company. March 17 Accepted a $18,000, 30-day, 10% note in granting H.Cheng a time extension on his past-due account receivable. April 16 H. Cheng dishonored his note.May 1 Wrote off the H. Cheng account against the Allowance for Doubtful Accounts. June 1 Receivedthe Tomas payment for principal and interest on the note dated March 3. Complete the table tocalculate the interest amounts and use those calculated values to prepare your journal entries. Note:Do not round intermediate calculations. Use 360 days a year.

Explanations: To calculate the interest amounts, we will use the formula:Interest = Principal *…

Answered: January 27 Received Lee's payment for…

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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Raindrop Inc owes a past due bill to Jax Corp. On August 8, Jax agrees to accept a $5000, 8%, 120-day note as payment from Raindrop. On October 11, Jax discounts the note at Park Bank at 9%. Find the: (a) original interest and Maturity Value that Raindrop will pay, (b) discount period for Park Bank (c) Park Bank’s discount, and (d) Jax’s proceeds
On April 1, instead of making the minimum payment, Shiing makes a payment of $700. Assuming there are no additional charges or cash advances, determine Shiing's minimum payment due on May 1.
he following transactions took place for Smart Solutions Inc. 2017 a. July 1 Loaned $75,000 to an employee of the company and received back a one-year, 8 percent note. b. Dec. 31 Accrued interest on the note. 2018 c. July 1 Received interest on the note. (No interest has been recorded since December 31.) d. July 1 Received principal on the note. Required: Prepare the journal entries that Smart Solutions Inc. would record for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
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Record the following transactions in general journal form for Koonce Company. Jul 1 Received a $5,000 3-month, 5%, note, dated July 1, from Ruth Jordan in payment of her open account. Sep 30 Received notification from Ruth Jordan that she was unable to honour her note at this time. It is expected that Jordan will pay at a later date. Nov 15 Received full payment from Ruth Jordan for note receivable previously dishonoured. No additional financing charges were charged.
Solstice Company, which uses the direct write-off method, determines on October 1 that it cannot collect $53,000 of its accounts receivable from its customer, P. Moore. On October 30, P. Moore unexpectedly pays his account in full to Solstice Company. Record Solstice’s entries for recovery of this bad debt.
At year-end December 31, Chan Company estimates its bad debts as 0.30% of its annual credit sales of $812, 000. Chan records its bad debts expense for that estimate. On the following February 1, Chan decides that the $406 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Prepare Chan's journal entries to record the transactions of December 31, February 1, and June 5. Journal entry worksheet Record the estimated bad debts expense. Note: Enter debits before credits. Please explain and elaborate!
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99) On November 1, Casey's Snowboards signed a $12,000, 90-day, 5% note payable to cover a past due account payable. a. What amount of interest expense on this note should Casey's Snowboards report on year-end December 31? b. Prepare Casey's journal entry to record the issuance of the note payable. c. Prepare Casey's adjusting journal entry at the end of the year December 31. d. Prepare Casey's journal entry to record the payment of the note on January 30 of the following year.
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