The following selected transactions are from Garcia Company.Year 1Dec. 16 Accepted a $20,400, 60-day, 12% note in granting Rita Griffin a time extension on his past-due account receivable.31 Made an adjusting entry to record the accrued interest on the Griffin note.Year 2Feb. 14 Received Griffin's payment of principal and interest on the note dated December 16.2 Accepted a $9,000, 6%, 90-day note in granting a time extension on the past-due account receivable from Wright Co.17 Accepted a $7, 200, 30-day, 10% note in granting Wang Lee a time extension on her past-due account receivable.Mar.Apr. 16May 31 Wright Co. dishonored its note.Aug. 7 Accepted a $22,000, 90-day, 10% note in granting a time extension on the past-due accourt receivable of Collins Co.Lee dishonored her note.3 Accepted a $11,400, 60-day, 10% note in granting Maria Gonzalez a time extension on his past-due account receivable.2 Received payment of principal plus interest from Gonzalez for the September 3 note.Received payment of principal plus interest from Collins for the August 7 note.Wrote off the Lee account against the Allowance for Doubtful Accounts.Sep.Nov,Nov.5.Dec.1cesGeneralJournalSchedule ofReceivablesCalculation ofInterestGeneralRequirementTrial BalanceLedgerPrepare the journal entries related to notes receivable and accounts receivable. Hint: Use the "Calculation of Interest" tab toensure the accuracy of your entries.View transaction listJournal entry worksheet4 5 6 7 8910>Feb. 14 Received Griffin's payment of principal and interest on the $20,400,60-day, 12% note dated December 16. The Garcia Company does not preparereversing entries. Verify the amount of interest using the "CALCULATION OFINTEREST" tab.Note: Enter debits before credits.DateGeneral JournalDebitCredit< Prev5 of 5NextMcGrawHill 1Ved payment of principal plus interest from Collins for the August 7 note.the September 3 note.unt receivable.ec.1 Wrote off the Lee account against the Allowance for Doubtful Accounts.RequirementGeneralJournalGeneralSchedule ofReceivablesCalculation ofInterestTrial BalanceLedgerPrepare the journal entries related to notes receivable and accounts receivable. Hint: Use the "Calculation of Interest" tab toensure the accuracy of your entries.View transaction listJournal entry worksheet123467810Feb. 14 Received Griffin's payment of principal and interest on the $20,400,60-day, 12% note dated December 16. The Garcia Company does not preparereversing entries. Verify the amount of interest using the "CALCULATION OFINTEREST" tab.Note: Enter debits before credits.DateGeneral JournalDebitCreditFeb 14Record entryClear entryView general journal< Prev5 of 5Next

General Journl Date General Journal Debit Credit Year 1 Dec 16 Note receivable - Rita…

The following selected transactions are from Garcia Company. Year 1 Dec. 16 Accepted a $20,400, 60-day, 12% note in granting Rita Griffin a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Griffin note. Year 2 Feb. 14 Received Griffin's payment of principal and interest on the note dated December 16. 2 Accepted a $9,000, 6%, 90-day note in granting a time extension on the past-due account receivable from Wright Co. 17 Accepted a $7, 200, 30-day, 10% note in granting Wang Lee a time extension on her past-due account receivable. Apr. 16 Lee dishonored her note. May 31 Wright Co. dishonored its note. Aug. 7 Accepted a $22,000, 90-day, 10% note in granting a time extension on the past-due accourt receivable of Collins Co. Sep. 3 Accepted a $11,400, 60-day, 10% note in granting Maria Gonzalez a time extension on his past-due account receivable. Mar. 2 Received payment of principal plus interest from Gonzalez for the September 3 note. Nov. 5 Received payment of principal plus interest from Collins for the August 7 note. 1 Wrote off the Lee account against the Allowance for Doubtful Accounts. Nov. Dec.

The following selected transactions are from Garcia Company. Year 1 Dec. 16 Accepted a $20,400, 60-day, 12% note in granting Rita Griffin a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Griffin note. Year 2 Feb. 14 Received Griffin's payment of principal and interest on the note dated December 16. 2 Accepted a $9,000, 6%, 90-day note in granting a time extension on the past-due account receivable from Wright Co. 17 Accepted a $7, 200, 30-day, 10% note in granting Wang Lee a time extension on her past-due account receivable. Apr. 16 Lee dishonored her note. May 31 Wright Co. dishonored its note. Aug. 7 Accepted a $22,000, 90-day, 10% note in granting a time extension on the past-due accourt receivable of Collins Co. Sep. 3 Accepted a $11,400, 60-day, 10% note in granting Maria Gonzalez a time extension on his past-due account receivable. Mar. 2 Received payment of principal plus interest from Gonzalez for the September 3 note. Nov. 5 Received payment of principal plus interest from Collins for the August 7 note. 1 Wrote off the Lee account against the Allowance for Doubtful Accounts. Nov. Dec.

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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