Morton Company had the following select transactions. Apr. 1, 2020 Accepted Remington Company's 1-year, 12% note in settlement of a $25,000 account receivable. July 1, 2020 Loaned $15,000 cash to Jenny Green on a 9-month, 10% note. Dec. 31, 2020 Accrued interest on all notes receivable. Apr. 1, 2021 Received principal plus interest on the Remington note. Apr. 1, 2021 Jenny Green dishonored its note: Morton does not expect collection Instructions Prepare journal entries to record the transactions. Morton prepares adjusting entries once a year on December 31.

Morton Company had the following select transactions. Apr. 1, 2020 Accepted Remington Company's 1-year, 12% note in settlement of a $25,000 account receivable. July 1, 2020 Loaned $15,000 cash to Jenny Green on a 9-month, 10% note. Dec. 31, 2020 Accrued interest on all notes receivable. Apr. 1, 2021 Received principal plus interest on the Remington note. Apr. 1, 2021 Jenny Green dishonored its note: Morton does not expect collection Instructions Prepare journal entries to record the transactions. Morton prepares adjusting entries once a year on December 31.

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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