FINANCIAL & MANAGERIAL ACCOUNTING (ACCES
9th Edition
ISBN: 9781265484040
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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Prepare journal entries to record the following transactions of Ridge Company. Mar. 21 Accepted a $9,500, 180-day, 8% note from Tamara Jackson in granting a time extension on her past-due account receivable. Sep. 17 Jackson dishonored her note. Dec. 31 After trying several times to collect, Ridge Company wrote off Jackson’s account against the Allowance for Doubtful Accounts.
How did 80 and 160 come from? Please explain, thank you.
Chapter 7 Solutions
FINANCIAL & MANAGERIAL ACCOUNTING (ACCES
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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- Hansabenarrow_forwardnik.6 November 1 Accepted a $17,000, 180-day, 8% note from Kelly White in granting a time extension on her past-due account receivable. December 31 Adjusted the year-end accounts for the accrued interest earned on the White note. April 30 White honored her note when presented for payment. Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your journal entries. Note: Do not round intermediate calculations. Use 360 days a year.arrow_forwardPrepare journal entries to record these transactions: Mar. 21 Accepted a $6,200, six-month, 4% note dated today from Bradley Brooks in granting a time extension on his past-due account. Sept. 21 Brooks dishonoured his note when presented for payment. Dec. 31 After exhausting all legal means of collection, wrote off Brooks's account against the Allowance for Doubtful Accounts. View transaction list Journal entry worksheetarrow_forward
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- Record the following transactions in general journal form for Koonce Company. Jul 1 Received a $5,000 3-month, 5%, note, dated July 1, from Ruth Jordan in payment of her open account. Sep 30 Received notification from Ruth Jordan that she was unable to honour her note at this time. It is expected that Jordan will pay at a later date. Nov 15 Received full payment from Ruth Jordan for note receivable previously dishonoured. No additional financing charges were charged.arrow_forward111arrow_forwardMonty Corp. borrows $68,400 on July 1 from the bank by signing a $68,400, 8%, 1-year note payable.(a)Prepare the journal entry to record the proceeds of the note. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1 enter an account title to record the proceeds of the note on July 1 enter a debit amount enter a credit amount enter an account title to record the proceeds of the note on July 1 enter a debit amount enter a credit amount (b)Prepare the journal entry to record the accrued interest at December 31, assuming adjusting entries are made only at the end of the year. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 enter an account title to record the accrued interest on December 31 enter a debit amount enter a credit…arrow_forward
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