May 13: Paid the invoice of April 14. Date Description Debit Credit May 13 May 17: Received cash from daily cash sales for $21,200. The amount indicated by the cas Date Description Debit Credit May 17 June 2: Received a 60-day, 8% note for $180,000 on the Ryanair account. Date Description Debit Credit June 2 Aug. 1: Received amount owed on June 2 note, plus interest at the maturity date. Date Description Debit Credit Aug. 1

May 13: Paid the invoice of April 14. Date Description Debit Credit May 13 May 17: Received cash from daily cash sales for $21,200. The amount indicated by the cas Date Description Debit Credit May 17 June 2: Received a 60-day, 8% note for $180,000 on the Ryanair account. Date Description Debit Credit June 2 Aug. 1: Received amount owed on June 2 note, plus interest at the maturity date. Date Description Debit Credit Aug. 1

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...

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A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest Expense
Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?
On March 24, MS Companys Accounts Receivable consisted of the following customer balances: S. Burton 310 A. Tangier 240 J. Holmes 504 F. Fullman 110 P. Molty 90 During the following week, MS made a sale of 104 to Molty and collected cash on account of 207 from Burton and 360 from Holmes. Prepare a schedule of accounts receivable for MS at March 31, 20--.
On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan. Refer to RE6-10. On December 31, Jordan Inc. received 50,000 on assigned accounts. Prepare Jordans journal entries to record the cash receipt and the payment to McLaughlin.
JOURNAL ENTRIES (NOTE ISSUED FOR BANK LOAN) Prepare general journal entries for the following transactions: July15 Borrowed 5,000 cash from the bank, giving a 60-day non- interest-bearing note. The note is discounted 8% by the bank. Sept.13 Paid the 5,000 note, recognizing the discount as interest expense.
May 13: Paid the invoice of April 14. Date Description Debit Credit May 13 May 17: Received cash from daily cash sales for $21,200. The amount indicated by the cash register was $21,240. Date Description Debit Credit May 17 June 2: Received a 60-day, 8% note for $180,000 on the Ryanair account. Date Description Debit Credit June 2
On July 9, Mifflin Company receives an $8,500, 90-day, 8% note from customer Payton Summers as payment on account. What entry should be made on July 9 to record receipt of the note? Multiple Choice Debit Notes Receivable $8,670; credit Sales $8,670. Debit Notes Receivable $8,725; credit Interest Revenue $225; credit Accounts Receivable $8,500. Debit Accounts Receivable $8,500; credit Sales $8,500. Debit Notes Receivable $8,500; credit Accounts Receivable $8,500. Debit Notes Receivable $8,500; credit Sales $8,500.
Equipment and More a is an electronic equipment company and had several notes receivable. Journalize the entries for the following accounts receivable: Date Transaction February 10 Received a note receivable for $150,000 with a 4% term and 60 days for payment. March 12 A note receivable for $185,000 was received with a 6% term and 120 days for payment. April 3 $151,000 was received from the Feb. 10 note receivable. May 16 Received a note receivable of $125,000 with a term of 5% and 40 days for payment. June 2 $188,700 received from the March 12 note receivable. October 11 Received a note receivable of $210,000 with an 8% term and 90 days for payment. November 11 $214,200 was received from the Oct. 11 receivable.
On August 2, Jun Company receives a $7,000, 90-day, 11.5% note from customer Ryan Albany as payment on his $7,000 account receivable. Prepare Jun's journal entry assuming the note is honored by the customer on October 31 of that same year. (Do not round intermediate calculations. Round your answers to nearest whole dollar value. Use 360 days a year.) View transaction list Journal entry worksheet 1 Record cash received on note plus interest. Note: Enter debits before credits. Date October 31 General Journal Debit Credit
On Octobe 1, Eli's Carpet Service borrows $125,000 from First National Bank on a 3-month, $125,000, 8% note. The entry by Eli's Carpet Service to record payment of the note and accrued interest on January 1 is a. Cash. 127,500 C. Notes Payable. 125,000 Interest Payable. 10,000 Cash... 135,000 d. Notes Payable...... 125,000 Interest Expense.. 2,500 Cash.... 127,500
Journal Entries (Note Received, Renewed, and Collected) Jan. Received a 30-day, 6% note in payment for merchandise sale of $20,000. 16 Feb. Received $100 (interest) on the old (January 16) note; the old note is renewed for 30 15 days at 7%. Mar. Received principal and interest on the new (February 15) note. 17 19 Received a 60-day, 6% note in payment for accounts receivable balance of $8,000. May Received $80 (interest) plus $1,000 principal on the old (March 19) note; the old note 18 renewed for 60 days (from May 18) at 6%. July Received principal and interest on the new (May 18) note. 17 Prepare general journal entries for the transactions. Assume 360 days in a year. Page: 1 DOC. POST. NO. REF. DATE ACCOUNT TITLE DEBIT CREDIT 20-- 1 Jan. 16 2 3 4 Feb. 15 4 6. 6 8 Mar. 17 9 10 10 11 11 12 12 13 Mar. 19 13 14 14 15 15 16 May 18 16 17 17 18 18 19 19 20 20 21 July 17 21 22 22 23 23 24 24
Journal Entries (Note Received, Renewed, and Collected) Jan. Received a 30-day, 6% note in payment for merchandise sale of $20,000. 16 Feb. Received $100 (interest) on the old (January 16) note; the old note is renewed for 30 15 days at 7%. Mar. Received principal and interest on the new (February 15) note. 17 19 Received a 60-day, 6% note in payment for accounts receivable balance of $8,000. May Received $80 (interest) plus $1,000 principal on the old (March 19) note; the old note 18 renewed for 60 days (from May 18) at 6%. July Received principal and interest on the new (May 18) note. 17 Prepare general journal entries for the transactions. Assume 360 days in a year. Page: 1 DOC. POST. DATE ACCOUNT TITLE DEBIT CREDIT NO. REF. 20-- Notes Receivable 20,000 Jan. 16 Cash - X 20,000 V 2 2 3 3 Feb. 15 Cash - v 100 Notes Receivable (new note) ► Notes Receivable (old note) - v Interest Revenue 5 20,000 V 20,000 v 6 7 100 V 7 8 8. 9. Mar. 17 Cash v 21,167.67 X Notes Receivable - 20,000 V 10…