General Ledger Assignment GL 9-1, based on problem 9-5A, focuses on transactions related to accounts and notes receivable and highlights the impact each transaction has on interest revenue. Prepare journal entries to record each of the given transactions and events: Introduction: A journal entry , is the recording of a transaction in journal items. The journal entry comprise of several recordings, each of which is either a debit or a credit. The total of the debits must equal the total of the credits. To calculate: Journal Entries are as follows: DATE PARTICULARS DR AMOUNT CR AMOUNT Year 1 Notes Receivable A/c DrTo Accounts Receivable A/c $10,800 $10,800 Dec 16 Dec 31 Interest Receivable A/c DrTo Interest Revenue A/c $36 $36 Feb 14 Cash A/c DrTo Interest Revenue A/cTo Interest Receivable A/cTo Notes receivable A/c $10944 $1083610800 Mar 2 Notes Receivable A/c DrTo Accounts Receivable A/c $6100 $6100 Mar 17 Notes Receivable A/c DrTo Accounts Receivable A/c $2400 $2400 Year 2 Accounts Receivable A/c Dr.To Interest Revenue A/c To Notes Receivable A/c $2414 $142400 Apr 16 May 31 Accounts Receivable A/c Dr.To Interest Revenue A/c To Notes Receivable A/c $6222 $1226100 Aug 7 Notes Receivable A/c DrTo Accounts Receivable A/c $7440 $7440 Sep 3 Notes Receivable A/c DrTo Accounts Receivable A/c $2100 $2100 Nov 2 Cash A/c Dr.To Interest Revenue A/cTo Notes Receivable A/c $2135 $35$2100 Nov 5 Cash A/c Dr.To Interest Revenue A/cTo Notes Receivable A/c 7626 1867440 Dec 1 Allowance for Doubtful A/cTo Accounts Receivable 2414 2414

Question

Want to see the full answer?

Answer 1

Question

Chapter 9, Problem 1GLP

To determine

General Ledger Assignment GL 9-1, based on problem 9-5A, focuses on transactions related to accounts and notes receivable and highlights the impact each transaction has on interest revenue.

Prepare journal entries to record each of the given transactions and events:

Introduction:

A journal entry, is the recording of a transaction in journal items. The journal entry comprise of several recordings, each of which is either a debit or a credit. The total of the debits must equal the total of the credits.

To calculate:

Journal Entries are as follows:

DATE PARTICULARS DR AMOUNT CR AMOUNT
Year 1 Notes Receivable A/c DrTo Accounts Receivable A/c $10,800 $10,800
Dec 16
Dec 31 Interest Receivable A/c DrTo Interest Revenue A/c $36 $36
Feb 14 Cash A/c DrTo Interest Revenue A/cTo Interest Receivable A/cTo Notes receivable A/c $10944 $1083610800
Mar 2 Notes Receivable A/c DrTo Accounts Receivable A/c $6100 $6100
Mar 17 Notes Receivable A/c DrTo Accounts Receivable A/c $2400 $2400
Year 2 Accounts Receivable A/c Dr.To Interest Revenue A/c To Notes Receivable A/c $2414 $142400
Apr 16
May 31 Accounts Receivable A/c Dr.To Interest Revenue A/c To Notes Receivable A/c $6222 $1226100
Aug 7 Notes Receivable A/c DrTo Accounts Receivable A/c $7440 $7440
Sep 3 Notes Receivable A/c DrTo Accounts Receivable A/c $2100 $2100
Nov 2 Cash A/c Dr.To Interest Revenue A/cTo Notes Receivable A/c $2135 $35$2100
Nov 5 Cash A/c Dr.To Interest Revenue A/cTo Notes Receivable A/c 7626 1867440
Dec 1 Allowance for Doubtful A/cTo Accounts Receivable 2414 2414

To determine

Introduction:

General Ledger Assignment GL 9-1, based on problem 9-5A, focuses on transactions related to accounts and notes receivable and highlights the impact each transaction has on interest revenue.

To calculate:

IfOhlm pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this pledge of receivables.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

The primary objective of financial accounting is to:a) Provide management with detailed reports for decision-making.b) Help the company save taxes.c) Provide financial information to external users.d) Track inventory levels.

Need help! What is the formula for calculating the net present value (NPV) of an investment?A) Future Cash Flows × Discount RateB) Present Value of Cash Inflows - Initial InvestmentC) Internal Rate of Return - Discount RateD) Net Income / Initial Investment

Need help! In the context of accounting, "liquidity" refers to:a) The amount of cash a business hasb) The ability to pay short-term obligations as they come duec) The net income of a businessd) The profitability of a business

Answer 2

Question

Chapter 9, Problem 1GLP

To determine

General Ledger Assignment GL 9-1, based on problem 9-5A, focuses on transactions related to accounts and notes receivable and highlights the impact each transaction has on interest revenue.

Prepare journal entries to record each of the given transactions and events:

Introduction:

A journal entry, is the recording of a transaction in journal items. The journal entry comprise of several recordings, each of which is either a debit or a credit. The total of the debits must equal the total of the credits.

To calculate:

Journal Entries are as follows:

DATE PARTICULARS DR AMOUNT CR AMOUNT
Year 1 Notes Receivable A/c DrTo Accounts Receivable A/c $10,800 $10,800
Dec 16
Dec 31 Interest Receivable A/c DrTo Interest Revenue A/c $36 $36
Feb 14 Cash A/c DrTo Interest Revenue A/cTo Interest Receivable A/cTo Notes receivable A/c $10944 $1083610800
Mar 2 Notes Receivable A/c DrTo Accounts Receivable A/c $6100 $6100
Mar 17 Notes Receivable A/c DrTo Accounts Receivable A/c $2400 $2400
Year 2 Accounts Receivable A/c Dr.To Interest Revenue A/c To Notes Receivable A/c $2414 $142400
Apr 16
May 31 Accounts Receivable A/c Dr.To Interest Revenue A/c To Notes Receivable A/c $6222 $1226100
Aug 7 Notes Receivable A/c DrTo Accounts Receivable A/c $7440 $7440
Sep 3 Notes Receivable A/c DrTo Accounts Receivable A/c $2100 $2100
Nov 2 Cash A/c Dr.To Interest Revenue A/cTo Notes Receivable A/c $2135 $35$2100
Nov 5 Cash A/c Dr.To Interest Revenue A/cTo Notes Receivable A/c 7626 1867440
Dec 1 Allowance for Doubtful A/cTo Accounts Receivable 2414 2414

To determine

Introduction:

General Ledger Assignment GL 9-1, based on problem 9-5A, focuses on transactions related to accounts and notes receivable and highlights the impact each transaction has on interest revenue.

To calculate:

IfOhlm pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this pledge of receivables.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 9, Problem 1GLP

To determine

General Ledger Assignment GL 9-1, based on problem 9-5A, focuses on transactions related to accounts and notes receivable and highlights the impact each transaction has on interest revenue.

Prepare journal entries to record each of the given transactions and events:

Introduction:

A journal entry, is the recording of a transaction in journal items. The journal entry comprise of several recordings, each of which is either a debit or a credit. The total of the debits must equal the total of the credits.

To calculate:

Journal Entries are as follows:

DATE PARTICULARS DR AMOUNT CR AMOUNT
Year 1 Notes Receivable A/c DrTo Accounts Receivable A/c $10,800 $10,800
Dec 16
Dec 31 Interest Receivable A/c DrTo Interest Revenue A/c $36 $36
Feb 14 Cash A/c DrTo Interest Revenue A/cTo Interest Receivable A/cTo Notes receivable A/c $10944 $1083610800
Mar 2 Notes Receivable A/c DrTo Accounts Receivable A/c $6100 $6100
Mar 17 Notes Receivable A/c DrTo Accounts Receivable A/c $2400 $2400
Year 2 Accounts Receivable A/c Dr.To Interest Revenue A/c To Notes Receivable A/c $2414 $142400
Apr 16
May 31 Accounts Receivable A/c Dr.To Interest Revenue A/c To Notes Receivable A/c $6222 $1226100
Aug 7 Notes Receivable A/c DrTo Accounts Receivable A/c $7440 $7440
Sep 3 Notes Receivable A/c DrTo Accounts Receivable A/c $2100 $2100
Nov 2 Cash A/c Dr.To Interest Revenue A/cTo Notes Receivable A/c $2135 $35$2100
Nov 5 Cash A/c Dr.To Interest Revenue A/cTo Notes Receivable A/c 7626 1867440
Dec 1 Allowance for Doubtful A/cTo Accounts Receivable 2414 2414

To determine

Introduction:

General Ledger Assignment GL 9-1, based on problem 9-5A, focuses on transactions related to accounts and notes receivable and highlights the impact each transaction has on interest revenue.

To calculate:

IfOhlm pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this pledge of receivables.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 9, Problem 1GLP

To determine

General Ledger Assignment GL 9-1, based on problem 9-5A, focuses on transactions related to accounts and notes receivable and highlights the impact each transaction has on interest revenue.

Prepare journal entries to record each of the given transactions and events:

Introduction:

A journal entry, is the recording of a transaction in journal items. The journal entry comprise of several recordings, each of which is either a debit or a credit. The total of the debits must equal the total of the credits.

To calculate:

Journal Entries are as follows:

DATE PARTICULARS DR AMOUNT CR AMOUNT
Year 1 Notes Receivable A/c DrTo Accounts Receivable A/c $10,800 $10,800
Dec 16
Dec 31 Interest Receivable A/c DrTo Interest Revenue A/c $36 $36
Feb 14 Cash A/c DrTo Interest Revenue A/cTo Interest Receivable A/cTo Notes receivable A/c $10944 $1083610800
Mar 2 Notes Receivable A/c DrTo Accounts Receivable A/c $6100 $6100
Mar 17 Notes Receivable A/c DrTo Accounts Receivable A/c $2400 $2400
Year 2 Accounts Receivable A/c Dr.To Interest Revenue A/c To Notes Receivable A/c $2414 $142400
Apr 16
May 31 Accounts Receivable A/c Dr.To Interest Revenue A/c To Notes Receivable A/c $6222 $1226100
Aug 7 Notes Receivable A/c DrTo Accounts Receivable A/c $7440 $7440
Sep 3 Notes Receivable A/c DrTo Accounts Receivable A/c $2100 $2100
Nov 2 Cash A/c Dr.To Interest Revenue A/cTo Notes Receivable A/c $2135 $35$2100
Nov 5 Cash A/c Dr.To Interest Revenue A/cTo Notes Receivable A/c 7626 1867440
Dec 1 Allowance for Doubtful A/cTo Accounts Receivable 2414 2414

To determine

Introduction:

General Ledger Assignment GL 9-1, based on problem 9-5A, focuses on transactions related to accounts and notes receivable and highlights the impact each transaction has on interest revenue.

To calculate:

IfOhlm pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this pledge of receivables.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 9, Problem 1GLP

To determine

General Ledger Assignment GL 9-1, based on problem 9-5A, focuses on transactions related to accounts and notes receivable and highlights the impact each transaction has on interest revenue.

Prepare journal entries to record each of the given transactions and events:

Introduction:

A journal entry, is the recording of a transaction in journal items. The journal entry comprise of several recordings, each of which is either a debit or a credit. The total of the debits must equal the total of the credits.

To calculate:

Journal Entries are as follows:

DATE PARTICULARS DR AMOUNT CR AMOUNT
Year 1 Notes Receivable A/c DrTo Accounts Receivable A/c $10,800 $10,800
Dec 16
Dec 31 Interest Receivable A/c DrTo Interest Revenue A/c $36 $36
Feb 14 Cash A/c DrTo Interest Revenue A/cTo Interest Receivable A/cTo Notes receivable A/c $10944 $1083610800
Mar 2 Notes Receivable A/c DrTo Accounts Receivable A/c $6100 $6100
Mar 17 Notes Receivable A/c DrTo Accounts Receivable A/c $2400 $2400
Year 2 Accounts Receivable A/c Dr.To Interest Revenue A/c To Notes Receivable A/c $2414 $142400
Apr 16
May 31 Accounts Receivable A/c Dr.To Interest Revenue A/c To Notes Receivable A/c $6222 $1226100
Aug 7 Notes Receivable A/c DrTo Accounts Receivable A/c $7440 $7440
Sep 3 Notes Receivable A/c DrTo Accounts Receivable A/c $2100 $2100
Nov 2 Cash A/c Dr.To Interest Revenue A/cTo Notes Receivable A/c $2135 $35$2100
Nov 5 Cash A/c Dr.To Interest Revenue A/cTo Notes Receivable A/c 7626 1867440
Dec 1 Allowance for Doubtful A/cTo Accounts Receivable 2414 2414

To determine

Introduction:

General Ledger Assignment GL 9-1, based on problem 9-5A, focuses on transactions related to accounts and notes receivable and highlights the impact each transaction has on interest revenue.

To calculate:

IfOhlm pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this pledge of receivables.

Answer 6

Chapter 9, Problem 1GLP

To determine

General Ledger Assignment GL 9-1, based on problem 9-5A, focuses on transactions related to accounts and notes receivable and highlights the impact each transaction has on interest revenue.

Prepare journal entries to record each of the given transactions and events:

Introduction:

A journal entry, is the recording of a transaction in journal items. The journal entry comprise of several recordings, each of which is either a debit or a credit. The total of the debits must equal the total of the credits.

To calculate:

Journal Entries are as follows:

DATE PARTICULARS DR AMOUNT CR AMOUNT
Year 1 Notes Receivable A/c DrTo Accounts Receivable A/c $10,800 $10,800
Dec 16
Dec 31 Interest Receivable A/c DrTo Interest Revenue A/c $36 $36
Feb 14 Cash A/c DrTo Interest Revenue A/cTo Interest Receivable A/cTo Notes receivable A/c $10944 $1083610800
Mar 2 Notes Receivable A/c DrTo Accounts Receivable A/c $6100 $6100
Mar 17 Notes Receivable A/c DrTo Accounts Receivable A/c $2400 $2400
Year 2 Accounts Receivable A/c Dr.To Interest Revenue A/c To Notes Receivable A/c $2414 $142400
Apr 16
May 31 Accounts Receivable A/c Dr.To Interest Revenue A/c To Notes Receivable A/c $6222 $1226100
Aug 7 Notes Receivable A/c DrTo Accounts Receivable A/c $7440 $7440
Sep 3 Notes Receivable A/c DrTo Accounts Receivable A/c $2100 $2100
Nov 2 Cash A/c Dr.To Interest Revenue A/cTo Notes Receivable A/c $2135 $35$2100
Nov 5 Cash A/c Dr.To Interest Revenue A/cTo Notes Receivable A/c 7626 1867440
Dec 1 Allowance for Doubtful A/cTo Accounts Receivable 2414 2414

Answer 7

Chapter 9, Problem 1GLP

To determine

General Ledger Assignment GL 9-1, based on problem 9-5A, focuses on transactions related to accounts and notes receivable and highlights the impact each transaction has on interest revenue.

Prepare journal entries to record each of the given transactions and events:

Introduction:

A journal entry, is the recording of a transaction in journal items. The journal entry comprise of several recordings, each of which is either a debit or a credit. The total of the debits must equal the total of the credits.

To calculate:

Journal Entries are as follows:

DATE PARTICULARS DR AMOUNT CR AMOUNT
Year 1 Notes Receivable A/c DrTo Accounts Receivable A/c $10,800 $10,800
Dec 16
Dec 31 Interest Receivable A/c DrTo Interest Revenue A/c $36 $36
Feb 14 Cash A/c DrTo Interest Revenue A/cTo Interest Receivable A/cTo Notes receivable A/c $10944 $1083610800
Mar 2 Notes Receivable A/c DrTo Accounts Receivable A/c $6100 $6100
Mar 17 Notes Receivable A/c DrTo Accounts Receivable A/c $2400 $2400
Year 2 Accounts Receivable A/c Dr.To Interest Revenue A/c To Notes Receivable A/c $2414 $142400
Apr 16
May 31 Accounts Receivable A/c Dr.To Interest Revenue A/c To Notes Receivable A/c $6222 $1226100
Aug 7 Notes Receivable A/c DrTo Accounts Receivable A/c $7440 $7440
Sep 3 Notes Receivable A/c DrTo Accounts Receivable A/c $2100 $2100
Nov 2 Cash A/c Dr.To Interest Revenue A/cTo Notes Receivable A/c $2135 $35$2100
Nov 5 Cash A/c Dr.To Interest Revenue A/cTo Notes Receivable A/c 7626 1867440
Dec 1 Allowance for Doubtful A/cTo Accounts Receivable 2414 2414

Answer 8

To determine

Introduction:

General Ledger Assignment GL 9-1, based on problem 9-5A, focuses on transactions related to accounts and notes receivable and highlights the impact each transaction has on interest revenue.

To calculate:

IfOhlm pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this pledge of receivables.

Answer 9

To determine

Introduction:

General Ledger Assignment GL 9-1, based on problem 9-5A, focuses on transactions related to accounts and notes receivable and highlights the impact each transaction has on interest revenue.

To calculate:

IfOhlm pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this pledge of receivables.

Answer 10

Expert Solution & Answer

Answer 11

Expert Solution & Answer

Answer 12

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 13

Ch. 9 - Credit card sales Prepare journal entries for the...Ch. 9 - Direct write-off method P1 Solstice Company...Ch. 9 - Recovering a bad debt P1 Solstice Company...Ch. 9 - Distinguishing between allowance method and direct...Ch. 9 - Prob. 5QS Ch. 9 - Allowance method for bad debts P2 Gomez Corp. uses...Ch. 9 - Reporting allowance for doubtful accounts P2 On...Ch. 9 - Prob. 8QS Ch. 9 - Prob. 9QS Ch. 9 - Aging of receivables method P3 ^ Net Zero...

DATE	PARTICULARS	DR AMOUNT	CR AMOUNT
Year 1	Notes Receivable A/c DrTo Accounts Receivable A/c	$10,800	$10,800
Dec 16
Dec 31	Interest Receivable A/c DrTo Interest Revenue A/c	$36	$36
Feb 14	Cash A/c DrTo Interest Revenue A/cTo Interest Receivable A/cTo Notes receivable A/c	$10944	$1083610800
Mar 2	Notes Receivable A/c DrTo Accounts Receivable A/c	$6100	$6100
Mar 17	Notes Receivable A/c DrTo Accounts Receivable A/c	$2400	$2400
Year 2	Accounts Receivable A/c Dr.To Interest Revenue A/c To Notes Receivable A/c	$2414	$142400
Apr 16
May 31	Accounts Receivable A/c Dr.To Interest Revenue A/c To Notes Receivable A/c	$6222	$1226100
Aug 7	Notes Receivable A/c DrTo Accounts Receivable A/c	$7440	$7440
Sep 3	Notes Receivable A/c DrTo Accounts Receivable A/c	$2100	$2100
Nov 2	Cash A/c Dr.To Interest Revenue A/cTo Notes Receivable A/c	$2135	$35$2100
Nov 5	Cash A/c Dr.To Interest Revenue A/cTo Notes Receivable A/c	7626	1867440
Dec 1	Allowance for Doubtful A/cTo Accounts Receivable	2414	2414

Concept explainers

Videos

Want to see the full answer?

Chapter 9 Solutions