Prepare journal entries to record these transactions. (Round your answers to 2 decimal places.) Oct. 31 Accepted a $15,e0e, six- month, 4.5% note dated today from Leann Grimes in granting a time extension on her past-due account. Dec. 31 Adjusted the books for the interest due on the Grimes note. Apr. 30 Grimes honoured her note when presented for payment. View transaction list Journal entry worksheet 1 2 3 Record entry for note accepted for $15,000, for 6 months at 4.5% dated today from Leann Grimes in granting a time extension on her past-due account. Note: Enter debits before credits. Date General Journal Debit Credit Oct 31 Record entry Clear entry View general journal

Prepare journal entries to record these transactions. (Round your answers to 2 decimal places.) Oct. 31 Accepted a $15,e0e, six- month, 4.5% note dated today from Leann Grimes in granting a time extension on her past-due account. Dec. 31 Adjusted the books for the interest due on the Grimes note. Apr. 30 Grimes honoured her note when presented for payment. View transaction list Journal entry worksheet 1 2 3 Record entry for note accepted for $15,000, for 6 months at 4.5% dated today from Leann Grimes in granting a time extension on her past-due account. Note: Enter debits before credits. Date General Journal Debit Credit Oct 31 Record entry Clear entry View general journal

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

i need the answer quickly
Please only answer the amount fields. Thank you
Please help me. Thankyou.
How to do this, please explain. Thank you.
ces Required information [The following information applies to the questions displayed below.] Following are transactions of Danica Company. December 13 Accepted a $20,000, 45-day, 4% note in granting Miranda Lee a time extension on her past-due account receivable. December 31 Prepared an adjusting entry to record the accrued interest on the Lee note. Complete the table to calculate the interest amounts at December 31st and use the calculated value to prepare your journal entries. Note: Do not round your intermediate calculations. Use 360 days a year. Complete this question by entering your answers in the tabs below. Interest Amounts General Journal Complete the table to calculate the interest amounts at December 31st, Interest Recognized December 31 20,000 4% 18/360 Principal Rate (%) Time Total interest Total Through Maturity $ 20,000 $ 4% 45/360 Check my work
hi how do we record this in MYOB. Please help me Transactions from early January 2021 2 Obtained a loan of $14,000 from Uncle Oliver (a family relative of Beatrice Reed) at a simple interest rate of 10% per year, Cheque No. 145, ID #CR000001. The principal and interest on the loan are payable in six months time. 3 Received Cheque No. 227 from Pikea for the full amount outstanding on their account, ID #CR000002. 4 Issued Cheque No. 4098 for $10,065 to Mega Tech in payment of Purchase #303 (Supplier Inv#230). 4 Purchased 9 units MePod multimedia players from Pony at $979 each (includes 10% GST), Purchase #306, Supplier Inv#328. Issued Cheque No. 4099 for $3,900 to this supplier for this particular invoice at the time of the purchase. 4 Issued Cheque No. 4100 for $1,320 (includes 10% GST) to Discount Office Supplies for the cash purchase of office supplies. 6 Sold the following items on credit to Jerry Technology, Invoice #3284: 3 units BG90 plasma televisions for…
eBook Show Me How Proceeds from Notes Payable On January 26, Vibrant Co. borrowed cash from Conrad Bank by issuing a 60-day note with a face amount of $39,600. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 6%. b. Determine the proceeds of the note, assuming the note is discounted at 6%. Check My Work Email Instructor Save and Exit Previous Submit Assignme
How did 80 and 160 come from? Please explain, thank you.
Record the following transactions for the Scott Company: Transactions: Nov. 4 Received a $6,500, 90-day, 6% note from Tim’s Co. in payment of the account. Dec. 31 Accrued interest on the Tim’s Co. note. Feb. 2 Received the amount due from Tim’s Co. on the note. Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. Assume a 360-day year when calculating interest. CHART OF ACCOUNTS Scott Company General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Batson Co. 122 Accounts Receivable-Bynum Co. 123 Accounts Receivable-Calahan Inc. 124 Accounts Receivable-Dodger Co. 125 Accounts Receivable-Fronk Co. 126 Accounts Receivable-Miracle Chemical 127 Accounts Receivable-Solo Co. 128 Accounts Receivable-Tim’s Co. 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable-Tim’s Co. 141…
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.
Don't give answer in image format
Would you provide me with an answer to this question please?