Prepare journal entries to record these selected transactions for Morrobel Company. Nov. 1 Accepted a $6,000, 180-day, 8% note dated November 1 from Yates in granting a time extension on her past-due account receivable. Dec. 31 Adjusted the year-end accounts for the accrued interest earned on the Yates note. Apr. 30 Yates honors her note when presented for payment; February has 28 days for the current year.

Prepare journal entries to record these selected transactions for Morrobel Company. Nov. 1 Accepted a $6,000, 180-day, 8% note dated November 1 from Yates in granting a time extension on her past-due account receivable. Dec. 31 Adjusted the year-end accounts for the accrued interest earned on the Yates note. Apr. 30 Yates honors her note when presented for payment; February has 28 days for the current year.

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 Nov 1 alan co. signed a 120 - day, 9% note payable with a face value of 18,000. alan made the appropriate year-end accrual. what is the journal entry as of March 1 to record the payment of the note assuming no reversing entry was made
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Following are transactions of Danica Company. Dec. 13 Accepted a $18,000, 45-day, 10% note in granting Miranda Lee a time extension on her past-due account receivable. 31 Prepared an adjusting entry to record the accrued interest on the Lee note.
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Please tell me what the how this would be recorded in a journal entry: accounts/and amount. Record the interest of $400 on a note receivable that was earned at year-end, although collection of the interest is not due until the following year.
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