5. Nike has the following transactions related to notes receivable during the last two months of 2008: 1-Nov Loaned $18,000 cash to Under Armour on a one-year, 10% note 11-Dec Sold goods to Dwayne Johnson receiving a $6,750, ninety-day, 8% note 16-Dec Received a S4,000, 6-month, 9% note in exchange for Bob Shabo's outstanding accounts receivable 31-Dec Accrued interest revenue on all notes receivable (= record all interest expense and interest payables that have occurred to this day Instructions: (a) Journalize the transactions for Nike (b) Record the collection of the Under Armour note at its maturity in 2009

5. Nike has the following transactions related to notes receivable during the last two months of 2008: 1-Nov Loaned $18,000 cash to Under Armour on a one-year, 10% note 11-Dec Sold goods to Dwayne Johnson receiving a $6,750, ninety-day, 8% note 16-Dec Received a S4,000, 6-month, 9% note in exchange for Bob Shabo's outstanding accounts receivable 31-Dec Accrued interest revenue on all notes receivable (= record all interest expense and interest payables that have occurred to this day Instructions: (a) Journalize the transactions for Nike (b) Record the collection of the Under Armour note at its maturity in 2009

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Presley Supply Co. has the following transaction related to notes receivable during the last 2 months of 2020. Nov. 1 Loaned $30,000 cash to Logan Ransey on a 1-year, 10% note. Dec. 11 Sold goods to be Joe Noland, Inc., receiving a $9,000, 90-day, 8% note. 16 Received a $4,000, 6-month, 9% note in exchange for Jane Brock's outstanding accounts receivable. 31 Accrued interest revenue on all notes receivable. (a) Your Answer Correct Answer (Used) Your answer is partially correct. Journalize the above transactions for Presley Supply Co. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round interest to the nearest dollar.) (b) Date Account Titles and Explanation Nov. 1 Notes Receivable Cash Dec. 11 Notes Receivable Sales Revenue 16 Notes Receivable Accounts Receivable 31 Interest Receivable Interest Revenue eTextbook and Media Solution List of Accounts Debit 30000 9000 4000 667 Credit 30000 9000 4000 667 Attempts: 3 of 3 used Record the…
Accounting for a note receivable On June 6, Lakeland Bank & Trust lent $80,000 to Stephan Stow on a 30-day, 9% note. Requirements Journalize for Lakeland the lending of the money on June 6. Journalize the collection of the principal and interest at maturity. Specify the date. Round to the nearest dollar.