Provide the general journal entries of the following transactionsof The Pet Whiskers Company.Received a $10,000, 8%, 3-month note, dated July 1,from Peter in payment of his open account.July 1Oct. 1Received notification from Peter that he was unableto honor his note at this time. It is expected thatFrank will pay at a later date.Received full payment from Peter for his noTereceivable previously dishonored.Nov. 15

Journal entry: It is the first step to record the transactions incurred during the operations. It…

Answered: Provide the general journal entries of…

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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Journal Entries (Note Received, Renewed, and Collected) 1. Prepare general journal entries for the transactions. When required, enter amounts to the nearest cent. If an amount box does not require an entry, leave it blank. Jan. 16 Received a 30-day, 6% note in payment for merchandise sale of $20,000. Feb. 15 Received $100 (interest) on the old (January 16) note; the old note is renewed for 30 days at 7%. Mar. 17 Received principal and interest on the new (February 15) note. 19 Received a 60-day, 6% note in payment for accounts receivable balance of $8,000. May 18 Received $80 (interest) plus $1,000 principal on the old (March 19) note; the old note is renewed for 60 days (from May 18) at 6%. July 17 Received principal and interest on the new (May 18) note. Assume 360 days in a year.
Selkirk Company obtained a $16,000 note receivable from a customer on January 1, 2024. The note, along with interest at 12%, is due on July 1, 2024. On February 28, 2024, Selkirk discounted the note at Unionville Bank. The bank’s discount rate is 15%. Required: Prepare the journal entries required on February 28, 2024, to accrue interest and to record the discounting for Selkirk. Assume that the discounting is accounted for as a sale.
Year 1 Dec. 16 Accepted a $10,800, 60-day, 8% note in granting Danny Todd a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Todd note.
Paper Company receives a $6,000, 3-month, 6% promissory note from Dame Company in settlement of an open accounts receivable. What entry will Paper Company make upon receiving the note?
Journal Entries for Accounts and Notes ReceivableLancaster, Inc., began business on January 1. Certain transactions for the year follow: Jun.8 Received a $18,000, 60 day, eight percent note on account from R. Elliot. Aug.7 Received payment from R. Elliot on her note (principal plus interest). Sep.1 Received a $21,000, 120 day, nine percent note from B. Shore Company on account. Dec.16 Received a $17,000, 45 day, ten percent note from C. Judd on account. Dec.30 B. Shore Company failed to pay its note. Dec.31 Wrote off B. Shore's account as uncollectible. Lancaster, Inc., uses the allowance method of providing for credit losses. Dec.31 Recorded expected credit losses for the year by an adjusting entry. Accounts written off during this first year have created a debit balance in the Allowance for Doubtful Accounts of $25,600. An analysis of aged receivables indicates that the desired balance of the allowance account should be $22,500. Dec.31 Made the…
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Following are transactions for Ridge Company. March 21 Accepted a $11,900, 180-day, 7 % note from Tamara Jackson in granting a time extension on her past-due account receivable. September 17 Jackson dishonored her note. December 31 After trying several times to collect, Ridge Company wrote off Jackson's account against the Allowance for Doubtful Accounts. Complete the table to calculate the Interest amounts at September 17 and use the calculated value to prepare your journal entries. Note: Do not round Intermediate calculations. Round your final answers to nearest whole dollar. 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 September 17. Total Through Principal Maturity Rate (%) 7% Time 180/360 Total interest 4 General Journal >
nik.6 November 1 Accepted a $17,000, 180-day, 8% note from Kelly White in granting a time extension on her past-due account receivable. December 31 Adjusted the year-end accounts for the accrued interest earned on the White note. April 30 White honored her note when presented for payment. Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your journal entries. Note: Do not round intermediate calculations. Use 360 days a year.
i Required Information [The following Information applies to the questions displayed below.] Following are transactions of Danica Company. December 13 Accepted a $14,000, 45-day, 8% 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 Use the calculated value to prepare your journal entries. View transaction list View journal entry worksheet No 1 Date December 13 General Journal Debit Credit Accounts receivable-M. Lee 14,000 Cash
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On March 1, LGE asks to extend its past-due $3,200 account payable to Tyson. Tyson agrees to accept $700 cash and a 180-day, 8%, $2,500 note payable to replace the account payable. Note: Use 360 days a year. (1) Prepare the March 1 entry for LGE. (2) Prepare the August 28 entry for LGE when it pays the note and interest to Tyson. View transaction list Journal entry worksheet 1 2 Record LGE's entry to extend its past-due $3,200 account payable by paying cash of $700 and issuing a 180-day, 8 %, $2,500 note payable. Note: Enter debits before credits. Date March 01 Record entry General Journal Clear entry Debit Credit View general journal >

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