FINANCIAL ACCOUNTING
6th Edition
ISBN: 9781618533111
Author: DYCKMAN
Publisher: Cambridge Business Publishers
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Question
Chapter 3, Problem 30ME
a.
To determine
Prepare adjusting entry and
b.
To determine
Prepare journal entry for closing the interest income.
c.
To determine
Prepare adjusting entry and journal entry for cash receipts.
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Agrico Inc. accepted a 10-month, 13% (annual rate), $5,350 note from one of its
customers on May 15, 2019; interest is payable with the principal at maturity.
a-2. Prepare the journal entry to record the interest earned by Agrico during its year
ended December 31, 2019. (If no entry is required for a transaction/event, select
"No journal entry required" in the first account field. Do not round your
intermediate calculation. Round your answers to 2 decimal places.)
ok
The following transactions took place for Smart Solutions Incorporated.
ces
2020
a. July 1
Loaned $70,000 to employees of the company and received back one-year, 10 percent notes.
b. December 31 Accrued interest on the notes.
2021
c. July 1
d. July 1
Required:
Prepare the journal entries that Smart Solutions Incorporated 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
Received interest on the notes. (No interest has been recorded since December 31.)
Received principal on the notes.
Journal entry worksheet
1
Loaned $70,000 to employees of the company and received back one-year, 10
percent notes. Record the transaction.
2
Note: Enter debits before credits.
<
Date
July 01, 2020
<
Journal entry worksheet
1
Date
Note: Enter debits before credits.
December 31, 2020
Record entry
1
Accrued interest on the notes. Record the transaction.
2
Journal entry worksheet
2…
Following are transactions of Leduc Company:
2023
Dec.11 Accepted a $16,000, 6%, 60-day note dated this day in granting Fred Calhoun a time
extension on his past-due account.
Made an adjusting entry to record the accrued interest on the Fred Calhoun note.
Closed the Interest income account.
31
31
2021
Jan. 10
Feb. 10
Mar. 5
29
May 7
June 9
Aug. 8
11
31
Oct. 12
Nov.19
Discounted the Fred Calhoun note at the bank at 7%.
The Fred Calhoun note was dishonoured. Paid the bank the maturity value of the note
plus a $30 fee.
Accepted a $5,500, 5.5%, 60-day note dated this day in granting a time extension on the
past-due account of Donna Reed.
Discounted the Donna Reed note at the bank at 7.5%.
The Donna Reed note had been received by the bank and paid by Donna Reed.
Accepted a $7,750, 60-day, 5% note dated this day in granting a time extension on the
past-due account of Jack Miller.
Received payment of the maturity value of the Jack Miller note.
Accepted an $9,000, 60-day, 5% note dated this…
Chapter 3 Solutions
FINANCIAL ACCOUNTING
Ch. 3 - Prob. 1MCCh. 3 - Prob. 2MCCh. 3 - Prob. 3MCCh. 3 - Prob. 4MCCh. 3 - Prob. 5MCCh. 3 - Prob. 1QCh. 3 - Prob. 2QCh. 3 - Prob. 3QCh. 3 - Prob. 4QCh. 3 - Prob. 5Q
Ch. 3 - Prob. 6QCh. 3 - Prob. 7QCh. 3 - Prob. 8QCh. 3 - Prob. 9QCh. 3 - Prob. 10QCh. 3 - Prob. 11QCh. 3 - Prob. 12QCh. 3 - Prob. 13QCh. 3 - Prob. 14QCh. 3 - Prob. 15QCh. 3 - Prob. 16QCh. 3 - Prob. 17QCh. 3 - Prob. 18QCh. 3 - Prob. 19QCh. 3 - Prob. 20QCh. 3 - Prob. 21MECh. 3 - Prob. 22MECh. 3 - Prob. 23MECh. 3 - Prob. 24MECh. 3 - Prob. 25MECh. 3 - Prob. 26MECh. 3 - Prob. 27MECh. 3 - Prob. 28MECh. 3 - Prob. 29MECh. 3 - Prob. 30MECh. 3 - Prob. 31ECh. 3 - Prob. 32ECh. 3 - Prob. 33ECh. 3 - Prob. 34ECh. 3 - Prob. 35ECh. 3 - Prob. 36ECh. 3 - Prob. 37ECh. 3 - Prob. 38ECh. 3 - Prob. 39ECh. 3 - Prob. 40PCh. 3 - Prob. 41PCh. 3 - Prob. 42PCh. 3 - Prob. 43PCh. 3 - Prob. 44PCh. 3 - Prob. 45PCh. 3 - Prob. 46PCh. 3 - Prob. 47PCh. 3 - Prob. 48PCh. 3 - Prob. 49PCh. 3 - Prob. 50PCh. 3 - Prob. 51PCh. 3 - Prob. 52PCh. 3 - Prob. 53PCh. 3 - Prob. 54PCh. 3 - Prob. 55CPCh. 3 - Prob. 56CPCh. 3 - Prob. 57CPCh. 3 - Prob. 58CP
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