FINANCIAL AND MANAGERIAL ACCOUNTING
9th Edition
ISBN: 9781264899180
Author: Wild
Publisher: MCG
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Chapter 7, Problem 17QS
To determine
Concept Introduction:
Dishonoring of Note: When a promissory note is not paid by a debtor in the stated amount of time due to which the creditor must write off the income as
To prepare: The
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Notes Receivable-Dishonoring a Note
Prepare journal entries to record the following selected transactions of Wilson
Company.
Mar. 21 Accepted a $9,500, 180-day, 8% note dated March 21 from Jackson in
granting a time extension on his past-due account receivable.
Sept. 17 Jackson dishonors his note when it is presented for payment.
Dec. 31 After exhausting all legal means of collection, Wilson Company writes
off Jackson's account against the Allowance for Doubtful Accounts.
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Chapter 7 Solutions
FINANCIAL AND MANAGERIAL ACCOUNTING
Ch. 7 - Prob. 1QSCh. 7 - Prob. 2QSCh. 7 - Prob. 3QSCh. 7 - QS 7-4 Distinguishing between allowance method and...Ch. 7 - Prob. 5QSCh. 7 - Prob. 6QSCh. 7 - Prob. 7QSCh. 7 - Prob. 8QSCh. 7 - Prob. 9QSCh. 7 - Prob. 10QS
Ch. 7 - Prob. 11QSCh. 7 - Prob. 12QSCh. 7 - Prob. 13QSCh. 7 - Prob. 14QSCh. 7 - Prob. 15QSCh. 7 - Prob. 16QSCh. 7 - Prob. 17QSCh. 7 - Prob. 18QSCh. 7 - Prob. 19QSCh. 7 - Prob. 20QSCh. 7 - Prob. 21QSCh. 7 - Prob. 1ECh. 7 - Prob. 2ECh. 7 - Prob. 3ECh. 7 - Prob. 4ECh. 7 - Prob. 5ECh. 7 - Prob. 6ECh. 7 - Prob. 7ECh. 7 - Prob. 8ECh. 7 - Prob. 9ECh. 7 - Prob. 10ECh. 7 - Prob. 11ECh. 7 - Prob. 12ECh. 7 - Prob. 13ECh. 7 - Prob. 14ECh. 7 - Prob. 15ECh. 7 - Prob. 16ECh. 7 - Prob. 17ECh. 7 - Prob. 18ECh. 7 - Prob. 19ECh. 7 - Prob. 20ECh. 7 - Prob. 21ECh. 7 - Prob. 22ECh. 7 - Prob. 23ECh. 7 - Prob. 1PSACh. 7 - Prob. 2PSACh. 7 - Prob. 3PSACh. 7 - Prob. 4PSACh. 7 - Prob. 5PSACh. 7 - Prob. 1PSBCh. 7 - Prob. 2PSBCh. 7 - Prob. 3PSBCh. 7 - Prob. 4PSBCh. 7 - Prob. 5PSBCh. 7 - Prob. 7SPCh. 7 - Prob. 1.1AACh. 7 - Prob. 1.2AACh. 7 - Prob. 1.3AACh. 7 - Prob. 1.4AACh. 7 - Prob. 2.1AACh. 7 - Prob. 2.2AACh. 7 - Prob. 3.1AACh. 7 - Prob. 3.2AACh. 7 - Prob. 1DQCh. 7 - Prob. 2DQCh. 7 - Prob. 3DQCh. 7 - Prob. 4DQCh. 7 - Prob. 5DQCh. 7 - Prob. 6DQCh. 7 - Anton Blair is the manager of a medium-size...Ch. 7 - Prob. 2BTNCh. 7 - Prob. 3BTNCh. 7 - Prob. 4BTNCh. 7 - Prob. 5BTN
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- Need help with this question not use aiarrow_forwardQuestion A and B pleas A business issued a 90day,8% note for 67000$ to creditor on account. Illustrat the effects on the accounts and the financial statement of recording (a) the issuance of the note and (b) the payment of the note at maturity icluding interest. If no account or activity is affect d select "no effect" from the dropdown list and leave the corresponding number entry box blank. Enter account deceases and cash outflows as negative amountsarrow_forwardJurnalize he following transactionsarrow_forward
- January 27 Received Lee's payment for principal and interest on the note dated December 13. March 3 Accepted a $14,000, 8%, 90-day note in granting a time extension on the past-due account receivable of Tomas Company. March 17 Accepted a $18,000, 30-day, 10% note in granting H. Cheng a time extension on his past-due account receivable. April 16 H. Cheng dishonored his note. May 1 Wrote off the H. Cheng account against the Allowance for Doubtful Accounts. June 1 Received the Tomas payment for principal and interest on the note dated March 3. Complete the table to calculate the interest amounts and use those calculated values to prepare your journal entries. Note: Do not round intermediate calculations. Use 360 days a year.arrow_forwardRecording a dishonored note receivable McKale Corporation has a three-month, $18, 000, 9% note receivable from L. Peters that was signed on June 1,2 018. Peters defaults on the loan on September 1. Journalize the entry for McKale to record the default of the loan.arrow_forwardDecember 13 Accepted a $22, 000, 45-day, 4% note in granting Miranda Lee a time extension on her past-due account receivable. December 31 Prepared an adjusting entry to record the accrued interest on the Lee note. January 27 Received Lee's payment for principal and interest on the note dated December 13. March 3 Accepted a $16, 000, 6%, 90-day note in granting a time extension on the past-due account receivable of Tomas Company. March 17 Accepted a $18,000, 30-day, 6% note in granting H. Cheng a time extension on his past-due account receivable. April 16 H. Cheng dishonored his note. May 1 Wrote off the H. Cheng account against the Allowance for Doubtful Accounts. June 1 Received the Tomas payment for principal and interest on the note dated March 3. Complete the table to calculate the interest amounts and use those calculated values to prepare your journal entries. (Do not round Intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the…arrow_forward
- Note Receivable Same Day Surgery Center received a 120-day, 7% note for $72,000, dated April 9, from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note.$ c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank.arrow_forward6. 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.arrow_forwardGLO701 - Based on Problem 7-5A LO C2, C3, P4 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 $9,00e, 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. 31 Wright Co. dishonored its note. Mar. May Aug. 7 Accepted a $22, eee, 98-day, 1e% note in granting a time extension on the past-due account receivable of Collins Co. Sep. Nov. 2 Received payment of principal plus interest from Gonzalez for the September 3 note. Nov. 5 Received payment of principal plus interest from…arrow_forward
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