These transactions took place for Blossom Co.2024May1Received a $3,000, 12-month, 4% note in exchange for an outstanding account receivable from R. Stoney.Accrued interest revenue on the R. Stoney note.Dec. 312025May 1Received principal plus interest on the R. Stoney note. (No interest has been accrued since December 31, 2024.)Record the transactions in the general journal. The company does not make entries to accrue interest except at December 31. (List alldebit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Recordjournal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amount inthe relevant debit OR credit box. Entering zero in ALL boxes will result in the question being marked incorrect.)DateAccount Titles and ExplanationDebitCredit

Step 1: This question requires recording journal entries for Blossom Co.'s notes receivable. It…

Answered: These transactions took place for…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...

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On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank. The note has a face value of 15,000 and a maturity value (principal plus interest) of 15,400. The discount is calculated to be 385, and the accrued interest income is 100. The recourse liability is estimated to be 1,000. Prepare the journal entry of Phillips to record the sale of the note receivable.
On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.
These transactions took place for Oriole Company. 2021 May 1 Received a $8,400, 12-months, 12% note in exchange for an outstanding account receivable from R. Stoney. Dec. 31 Accrued interest revenue on the R. Stoney note. 2022 May 1 Received principal plus interest on the R. Stoney note. (No interest has been accrued since December 31, 2021.) Record the transactions in the general journal. The company does not make entries to accrue interest except at December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Below are the transactions related to notes receivable activity for Barton Corporation. Record each transaction in the journal provided. Enter the date of the last transaction. 2020 13-Nov Accepted a $40,000, 90-day, 6% note from a customer in exchange for their past due accounts receivable balance 31-Dec Made an entry to accrue the accrued interest earned on the Nov 13 note 2021 11-Feb Received payment for the principal and interest on the note dated November 13 22-Apr Accepted a $20,000, 45-day, 5% note from a customer in exchange for consulting fees provided ??? Received payment for the principal and interest on the note dated April 22…
Accounting for Notes Receivable—Honoured and Dishonoured On November 30, 2018, Tucker Products performed computer programming services for Damascus Inc. in exchange for a five-month, $75,000, 10% note receivable. Damascus Inc. paid Tucker the full amount of interest and principal on April 30, 2019. Tucker has a December 31 year-end. Required: 1. Prepare the necessary entries for Tucker to record the transactions described above. For a compound transaction, if those boxes in which no entry is required, leave the box blank. If required, round amounts to the nearest dollar. 2018, Nov. 30 (Record adjusting entry for bad debt expense estimate) 2018, Dec. 31 (Record accrued interest income) 2019, Apr. 30 (Record collection of note receivable) 2. Prepare the journal entry required if the note is dishonoured on April 30, 2019. For those boxes in which no entry is required,…
Swifty Company had the following select transactions. Аpr. 1. 2020 Accepted Goodwin Company's 12-month, 14% note in settlement of a $63,000 account receivable. July 1. 2020 Loaned $65,000 cash to Thomas Slocombe on a 9-month, 12% note. Dec. 31. 2020 Accrued interest on all notes receivable. Apr. 1. 2021 Received principal plus interest on the Goodwin note. Аpr. 1. 2021 Thomas Slocombe dishonored its note; Swifty expects it will eventually collect. Prepare journal entries to record the transactions. Swifty prepares adjusting entries once a year on December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record interest at 14%) (To record interest at 12%) (To record principal plus interest on the Goodwin note)
C.S.Sunland Company had the following transactions involving notes payable. July 1, 2025 Nov. 1, 2025 Dec. 31, 2025 Feb. 1, 2026 Apr. 1, 2026 Borrows $55,950 from First National Bank by signing a 9-month, 8% note. Borrows $59,000 from Lyon County State Bank by signing a 3-month, 6% note. Prepares adjusting entries. Pays principal and interest to Lyon County State Bank. Pays principal and interest to First National Bank. Prepare journal entries for each of the transactions. (List all debit entries before credit entries. Credit acc
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Accounting for Notes Receivable On November 30, 2019, Tucker Products performed computer programming services for Thomas Inc. in exchange for a 5-month, $125,000, 9% note receivable. Thomas paid Tucker the full amount of interest and principal on April 30, 2020. Required: Prepare the necessary entries for Tucker to record the transactions described above. For a compound transaction, if an amount box does not require an entry, leave it blank. If required, round amounts to the nearest dollar. Nov. 30, 2019 Notes Receivable Sales Revenue Record issuance of the note Dec. 31, 2019 Interest Receivable Interest Income Record accrued interest income Apr. 30, 2020 Cash Notes Receivable Interest Receivable Interest Income
Splish Brothers Company had the following select transactions. Apr. 1, 2022 Accepted Goodwin Company’s 12-month, 6% note in settlement of a $41,000 account receivable. July 1, 2022 Loaned $22,000 cash to Thomas Slocombe on a 9-month, 11% note. Dec. 31, 2022 Accrued interest on all notes receivable. Apr. 1, 2023 Received principal plus interest on the Goodwin note. Apr. 1, 2023 Thomas Slocombe dishonored its note; Splish Brothers expects it will eventually collect. Prepare journal entries to record the transactions. Splish Brothers prepares adjusting entries once a year on December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit 4/1/227/1/2212/31/224/1/23
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please prepare the journal entries for the following info. Morton Company had the following select transactions. Apr. 1,2021 Accepted Remington Company's 1-year, 12% note in settlement of a $25,000 account receivable. July 1, 2021 Loaned $15,000 cash to Jenny Green on a 9-month, 10% note. Dec. 31, 2021 Accrued interest on all notes receivable. Apr. 1, 2022 Received principal plus interest on the Remington note. Apr. 1, 2022 Jenny Green dishonored its note: Morton expects it will eventually collect. Debit Credit Date Account Titles and Explanation 4/1/21 7/1/21 12/31/21 (To record interest accrued on Remington note) 12/31/21 (To record interest accrued on Jenny Green note) 12/31/21 (To record interest accrued on Jenny Green note) 4/1/22 (To record collection of Remington note and interest) 4/1/22 (To record the dishonor of Jenny Green note)

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