Record the following transactions for the Scott Company: Transactions: Nov. Received a $6,500, 90-day, 6% note from Tim's Co. in payment of the account. 4 Dec. 31 Accrued interest on the Tim's Co. note. Feb. 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.

Record the following transactions for the Scott Company: Transactions: Nov. Received a $6,500, 90-day, 6% note from Tim's Co. in payment of the account. 4 Dec. 31 Accrued interest on the Tim's Co. note. Feb. 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.

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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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…
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…
Title Gorilla Supply Company received a 120-day, 5% note for $150,000, dated March 27 from a customer on.. Description Gorilla Supply Company received a 120-day, 5% note for $150,000, dated March 27 from a customer on account.a. Determine the due date of the note.b. Determine the maturity value of the note.c. Journalize the entry to record the receipt of the payment of the note at maturity.View Solution:Gorilla Supply Company received a 120 day 5 note for 150 000
Journalize the following transaction: Mar. 1 Received a 60-day, note for $24, 000 dated today from Toy Co. on account Apr. 30 Received amount due on note above. Apr. 30 Received a 90-day , 10% note for $4,800, dated April 30, from Bear Co. on account. May 10 Discounted the note dated April 30 at Third National Bank at a discount rate of 10%.
Recording Note Transactions The following information is extracted from Tara Corporation’s accounting records: May 1 Received a $6,000, 12%, 90-day note from V. Leigh, a customer. May 6 Received a $9,000, 10%, 120-day note from C. Gable, a customer. May 11 Sold the Leigh and Gable notes with recourse at the bank at 13%. In addition, borrowed $10,000 from the bank for 90 days at 12%. The bank remits the face value less the interest. The estimated recourse liability for Leigh and Gable is $84 and $110, respectively. July 31 The July bank statement indicated that the Leigh note had been paid. Aug. 10 Repaid the $10,000 borrowed on May 11. Sept. 4 Received notice that Gable had defaulted on the May 6 note. The bank charged a fee of $10. Paid the amount due on the Gable note to the bank. Informed Gable to pay Tara the entire amount due plus 11% interest on the total of the face amount of the note, the accrued interest, and the fee from the maturity date until Gable remits the amount owed.…
O Receivables Notes receivable: Basic journal entry On June 5, Watson Company received a $5,400, 30-day, 10% note from Baker in payment of its account. On July 5, Baker paid its note in full, including interest. Required: Prepare the journal entries for Watson Company on June 5 and July 5. Note: To simplify the arithmetic in the problem, use 360 days for the number of days in a year. Date Account Title Debit Credit 4x 5 k
Year 1 General Journal tab - Prepare the Year 2 journal entries related to the notes and accounts receivable of Clark Co. Calculation of interest tab - Use the interest formula (P x R x T) to verify the amount of interest recorded in your entries. Verify that total interest revenue agrees with the trial balance. Dec. 16 Accepted a $14,400, 60-day, 8% note in granting Hao Lee a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Lee note. Year 2 Feb. 14 Received Lee’s payment of principal and interest on the note dated December 16. Mar. 2 Accepted a $9,000, 8%, 90-day note in granting a time extension on the past-due account receivable from Taylor Co. 17 Accepted a $4,200, 30-day, 10% note in granting Susan Allen a time extension on her past-due account receivable. Apr. 16 Allen dishonored her note. May 31 Taylor Co. dishonored its note. Aug. 7…
PROBLEM IV Journalize the following transaction: Mar. 1 Received a 60-day, note for $24, 000 dated today from Toy Co. on account Apr. 30 Received amount due on note above. Apr. 30 Received a 90-day , 10% note for $4,800, dated April 30, from Bear Co. on account. May 10 Discounted the note dated April 30 at Third National Bank at a discount rate of 10%.
26 The following transactions took place for Parker's Grocery. a. January 1 Loaned $55,000 to cashiers of the company and received back one-year, 9 percent notes. b. June 30 Accrued interest on the notes. c. December 31 Received interest on the notes. (No interest has been recorded since June 30.) d. December 31 Received principal on the notes. Required: Prepare the journal entries that Parker's Grocery would record for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 Loaned $55,000 to cashiers of the company and received back one-year, 9 percent notes. Record the transaction. Note: Enter debits before credits. Date January 01, 2024 General Journal Debit Credit 7
Record the following transactions for Pro Line Communications Inc. in the general journal. May 30 Accepted a 60-day, 12% note for $11,000 from Photo Master as payment on an account receivable. July 29 Received interest due on Photo Master note. The note is renewed for 45 days at 13% interest. Aug. 28 Received full payment of the Photo Master note. GENERAL JOURNALPage 1 Date Description Post Ref. Debit Credit…
6. Prepare general journal entries for the following transactions of Salvador Company. April 30 Received a $5,000, 6%, 30-day note receivable from Juan Co. as settlement for its $5,000 account receivable. May 30 The note received from Juan on April 30 was collected in full.
Night Corp. receives a $4,000, 3-month, 8% note from Day Corp. in settlement of a past due account receivable. What entry will Night Corp. make upon receiving the note? Notes Receivable.. 4,080 Accounts Receivable. 4,080 ......*. Notes Receivable... 4,080 Accounts Receivable. Interest Revenue.. 4,000 80 ...... Notes Receivable.. 4,000 Accounts Receivable. 4,000 Notes Receivable.. 4,000 Interest Receivable. Accounts Receivable. Interest Revenue. 80 4,000 80 ......