Horngren's Accounting, The Financial Chapters (11th Edition) - Standalone Book

11th Edition

ISBN: 9780133866889

Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura

Publisher: PEARSON

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Textbook Question

Chapter 9, Problem P9.32APGA

Accounting for notes receivable, dishonored notes, and accrued interest revenue Consider the following transactions for Jo Jo Music.

2016

Dec. 6 Received a $9,000, 90-day, 12% note in settlement of an overdue accounts receivable from Concord Sounds.

31 Made an adjusting entry to accrue interest on the Concord Sounds note.

31 Made a closing entry for interest revenue.

2017

Mar. 6 Collected the maturity value of the Concord Sounds note.

Jun. 30 Loaned $11,000 cash to Main Street Music, receiving a six-month, 12% note.

Oct. 2 Received a $9,000, 60-day, 12% note for a sale to Salem Sounds. Ignore Cost of Goods Sold.

Dec. 1 Salem Sounds dishonored its note at maturity.

1 Wrote off the receivable associated with Salem Sounds. (Use the allowance method.)

30 Collected the maturity value of the Main Street Music note.

Journalize all transactions for Jo Jo Music. Round all amounts to the nearest dollar. (For notes stated in days, use a 360-day year.)

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Chapter 9, Problem P9.31APGA

Chapter 9, Problem P9.33APGA

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Chapter 9 Solutions

Horngren's Accounting, The Financial Chapters (11th Edition) - Standalone Book

Ch. 9 - 1. With good internal controls, the person who...Ch. 9 - Prob. 2QC Ch. 9 - Which of the following is a limitation of the...Ch. 9 - 3. The entry to record a write-off of an...Ch. 9 - Brickman Company uses the allowance method to...Ch. 9 - Brickman’s ending balance of accounts Receivable...Ch. 9 - At December 31 year-end, Crain Company has an...Ch. 9 - Using the data in the preceding question, what...Ch. 9 - At year-end, Schultz Company has cash of $11,600,...Ch. 9 - Using the data in the preceding question, assume...

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