The following selected transactions were completed by Fasteners Inc. Co., a supplier of buttons and zippers for clothing: 20Y3 Nov. 21. Received from McKenna Outer Wear Co., on account, a $42,000, 60-day, 10% note dated November 21 in settlement of a past due account. Dec. 31. Recorded an adjusting entry for accrued interest on the note of November 21. 20Y4 Jan. 20. Received payment of note and interest from McKenna Outer Wear Co. Journalize the entries to record the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. Assume a 360-day year when calculating interest. Round answers to the nearest dollar amount.
The following selected transactions were completed by Fasteners Inc. Co., a supplier of buttons and zippers for clothing: 20Y3 Nov. 21. Received from McKenna Outer Wear Co., on account, a $42,000, 60-day, 10% note dated November 21 in settlement of a past due account. Dec. 31. Recorded an adjusting entry for accrued interest on the note of November 21. 20Y4 Jan. 20. Received payment of note and interest from McKenna Outer Wear Co. Journalize the entries to record the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. Assume a 360-day year when calculating interest. Round answers to the nearest dollar amount.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 13P: Notes Receivable Transactions The following notes receivable transactions occurred for Harris...
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Entries for Notes Receivable, Including Year-End Entries
The following selected transactions were completed by Fasteners Inc. Co., a supplier of buttons and zippers for clothing:
20Y3 | ||
Nov. 21. | Received from McKenna Outer Wear Co., on account, a $42,000, 60-day, 10% note dated November 21 in settlement of a past due account. | |
Dec. 31. | Recorded an |
|
20Y4 | ||
Jan. 20. | Received payment of note and interest from McKenna Outer Wear Co. |
20Y3, Nov. 21 | fill in the blank 2 | ||
fill in the blank 4 | |||
Dec. 31 | fill in the blank 6 | ||
fill in the blank 8 | |||
20Y4, Jan. 20 | fill in the blank 10 | fill in the blank 11 | |
fill in the blank 13 | fill in the blank 14 | ||
fill in the blank 16 | fill in the blank 17 | ||
fill in the blank 19 | fill in the blank 20 |
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