On October 12, 2015, Golf Co. received from one of its customers, Ping Co., a $25,500, 7% 90 day note receivable in granting a time extension on Ping's past due account receivable. Golf Co. has a December 31 end. Ping Co. honoured the note at maturity. Prepare the entries for the issuance of the note, the end of year interest adjustment and the collection of the note at maturity. Date Oct 12, 2015 Dec 31, 2015 Jan 10, 2016 Particular Note Receivable Accounts Receivable (Ping Co.) Interest Receivable (Income) Interest Income Cash Note Receivable (Principal) Interest Receivable (Income) Dr. 25,500 445.00 25,945.00 Cr. 25,500 445.00 25,500.00 445.00

On October 12, 2015, Golf Co. received from one of its customers, Ping Co., a $25,500, 7% 90 day note receivable in granting a time extension on Ping's past due account receivable. Golf Co. has a December 31 end. Ping Co. honoured the note at maturity. Prepare the entries for the issuance of the note, the end of year interest adjustment and the collection of the note at maturity. Date Oct 12, 2015 Dec 31, 2015 Jan 10, 2016 Particular Note Receivable Accounts Receivable (Ping Co.) Interest Receivable (Income) Interest Income Cash Note Receivable (Principal) Interest Receivable (Income) Dr. 25,500 445.00 25,945.00 Cr. 25,500 445.00 25,500.00 445.00

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter7: Receivables And Investments

Section: Chapter Questions

Problem 7.8E

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