Toy Co Supply Corp. has the following selected transactions for notes receivable. Nov. 1 Lent $129,600 cash to A. Bouchard on a one-year, 9% note. 1 Dec. 15 Feb. 1 28 28 Sold goods to Wright Inc., receiving a two-month, 6%, $29,000 note. Interest is due at maturity. The goods cost $18,024. Received a six-month, 6%, $31,680 note in exchange for an account from Aquilina Corporation. Interest is due at maturity. Collected the amount owing on the Wright note. Accrued interest on all notes receivable at year end. Assume that interest is calculated to the nearest half month. Analyzed each note and estimated that uncollectible notes at year end totalled $23,724. Record the above transactions for Toy Co Supply Corp. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Round answers to the nearest whole dollar, eg. 5,275.)
Toy Co Supply Corp. has the following selected transactions for notes receivable. Nov. 1 Lent $129,600 cash to A. Bouchard on a one-year, 9% note. 1 Dec. 15 Feb. 1 28 28 Sold goods to Wright Inc., receiving a two-month, 6%, $29,000 note. Interest is due at maturity. The goods cost $18,024. Received a six-month, 6%, $31,680 note in exchange for an account from Aquilina Corporation. Interest is due at maturity. Collected the amount owing on the Wright note. Accrued interest on all notes receivable at year end. Assume that interest is calculated to the nearest half month. Analyzed each note and estimated that uncollectible notes at year end totalled $23,724. Record the above transactions for Toy Co Supply Corp. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Round answers to the nearest whole dollar, eg. 5,275.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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How do I write the entries for this question?
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Transcribed Image Text:Toy Co Supply Corp. has the following selected transactions for notes receivable.
Nov. 1
1
Dec.
Feb.
15
1
28
28
Lent $129,600 cash to A. Bouchard on a one-year, 9% note.
Sold goods to Wright Inc., receiving a two-month, 6%, $29,000 note. Interest is due at maturity. The goods cost
$18,024.
Date
Received a six-month, 6%, $31,680 note in exchange for an account from Aquilina Corporation. Interest is due at
maturity.
Collected the amount owing on the Wright note.
Accrued interest on all notes receivable at year end. Assume that interest is calculated to the nearest half month.
Analyzed each note and estimated that uncollectible notes at year end totalled $23,724.
Record the above transactions for Toy Co Supply Corp. (List all debit entries before credit entries. Credit account titles are automatically
indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the
amounts. Round answers to the nearest whole dollar, eg. 5,275.)
Account Titles and Explanation
(To record sales)
(To
cost of merchandise sold)
(To accrue interest)
(To record estimate of uncollectible accounts)
Debit
Credit
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