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Prepare journal entries for the following selected transactions of Danica Company for 2014. Exercise 9-10 Notes receivable 2014 transactions Dec. 13 Accepted a $9,500, 45-day, 8% note dated December 13 in granting Miranda Lee a time exten- C2 sion on her past-due account receivable. Prepared an adjusting entry to record the accrued interest on the Lee note. Check Dec. 31, Cr. 31 Interest Revenue $38

Prepare journal entries for the following selected transactions of Danica Company for 2014. Exercise 9-10 Notes receivable 2014 transactions Dec. 13 Accepted a $9,500, 45-day, 8% note dated December 13 in granting Miranda Lee a time exten- C2 sion on her past-due account receivable. Prepared an adjusting entry to record the accrued interest on the Lee note. Check Dec. 31, Cr. 31 Interest Revenue $38

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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Prepare journal entries for the following selected transactions of Danica Company for 2014. Exercise 9-10 Notes receivable 2014 transactions Dec. 13 Accepted a $9,500, 45-day, 8% note dated December 13 in granting Miranda Lee a time exten- C2 sion on her past-due account receivable. 31 Prepared an adjusting entry to record the accrued interest on the Lee note. Check Dec. 31, Cr. Interest Revenue $38 Exercise 9-11 Refer to the information in Exercise 9-10 and prepare the journal entries for the following selected trans- actions of Danica Company for 2015. Notes receivable transactions P3 2015 Jan. 27 Received Lee's payment for principal and interest on the note dated December 13. Mar. 3 Accepted a $5,000, 10%, 90-day note dated March 3 in granting a time extension on the past- Check Jan. 27, Dr. Cash $9,595 due account receivable of Tomas Company. 17 Accepted a $2,000, 30-day, 9% note dated March 17 in granting H. Cheng a time extension on his past-due account receivable. Apr. 16 Cheng dishonors his note when presented for payment. Мay 1 June Wrote off the Cheng account against the Allowance for Doubtful Accounts. Received the Tomas payment for principal and interest on the note dated March 3. June 1, Dr. Cash 1 $5,125
Transcribed Image Text:Prepare journal entries for the following selected transactions of Danica Company for 2014. Exercise 9-10 Notes receivable 2014 transactions Dec. 13 Accepted a $9,500, 45-day, 8% note dated December 13 in granting Miranda Lee a time exten- C2 sion on her past-due account receivable. 31 Prepared an adjusting entry to record the accrued interest on the Lee note. Check Dec. 31, Cr. Interest Revenue $38 Exercise 9-11 Refer to the information in Exercise 9-10 and prepare the journal entries for the following selected trans- actions of Danica Company for 2015. Notes receivable transactions P3 2015 Jan. 27 Received Lee's payment for principal and interest on the note dated December 13. Mar. 3 Accepted a $5,000, 10%, 90-day note dated March 3 in granting a time extension on the past- Check Jan. 27, Dr. Cash $9,595 due account receivable of Tomas Company. 17 Accepted a $2,000, 30-day, 9% note dated March 17 in granting H. Cheng a time extension on his past-due account receivable. Apr. 16 Cheng dishonors his note when presented for payment. Мay 1 June Wrote off the Cheng account against the Allowance for Doubtful Accounts. Received the Tomas payment for principal and interest on the note dated March 3. June 1, Dr. Cash 1 $5,125
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