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On August 2, Jun Co. receives a $6,000, 90-day, 12% note from customer Ryan Albany as payment on his $6,000 account receivable. Prepare Jun's journal entry assuming the note is honored by the customer on October 31 of that same year. (Use 360 days a year.) View transaction list

On August 2, Jun Co. receives a $6,000, 90-day, 12% note from customer Ryan Albany as payment on his $6,000 account receivable. Prepare Jun's journal entry assuming the note is honored by the customer on October 31 of that same year. (Use 360 days a year.) View transaction list

FINANCIAL ACCOUNTING
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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On August 2, Jun Co. receives a $6,000, 90-day, 12% note from customer Ryan Albany as payment on his $6,000 account receivable. Prepare Jun's journal entry assuming the note is honored by the customer on October 31 of that same year. (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 General Journal Debit Credit < Prev 9 of 15 Next > 9:16 AM 3/28/2022 Insert Prt Sc F10 F11 F12 Fn Lock F3 F6 F7 F8 F9 Del %23 $ & Backs
Transcribed Image Text:On August 2, Jun Co. receives a $6,000, 90-day, 12% note from customer Ryan Albany as payment on his $6,000 account receivable. Prepare Jun's journal entry assuming the note is honored by the customer on October 31 of that same year. (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 General Journal Debit Credit < Prev 9 of 15 Next > 9:16 AM 3/28/2022 Insert Prt Sc F10 F11 F12 Fn Lock F3 F6 F7 F8 F9 Del %23 $ & Backs
On December 1, Daw Co. accepts a $10,000, 45-day, 6% note from a customer. (1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31. (2) Prepare the entry required on the note's maturity date assuming it is honored. (Use 360 days a year.) View transaction list Journal entry worksheet 1 <> Record the year-end adjustment related to this note, if any. Note: Enter debits before credits. < Prev 10 of 15 Next > 3/ F6 F7 F8 F9 F10 F11 Insert Prt Sc F12 Fn + Lock
Transcribed Image Text:On December 1, Daw Co. accepts a $10,000, 45-day, 6% note from a customer. (1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31. (2) Prepare the entry required on the note's maturity date assuming it is honored. (Use 360 days a year.) View transaction list Journal entry worksheet 1 <> Record the year-end adjustment related to this note, if any. Note: Enter debits before credits. < Prev 10 of 15 Next > 3/ F6 F7 F8 F9 F10 F11 Insert Prt Sc F12 Fn + Lock
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