Instructions: Please show work and detailed explanations on how you got your answer.  1. Journalize the above transactions for Bramble Supply Co. Omit cost of goods sold entries. (Round interest revenue to 0 demcial places, e.g. 591. List all debit entries before credit entries. Record journal entries in the order presented in the probelm. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Use 360 days for calculation. 2. Record the collection of the Takham notes at its maturity in 2023.   3. Assume Takham dishonors its note at its maturity in 2023. Bramble expects to eventually collect the note. Record the dishonr of the Takham note.   3. Assume Takham dishonors its note at its maturity in 2023; Bramble does not expect to collect the note. Record the dishonor of the Takham note.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Instructions: Please show work and detailed explanations on how you got your answer. 

1. Journalize the above transactions for Bramble Supply Co. Omit cost of goods sold entries. (Round interest revenue to 0 demcial places, e.g. 591. List all debit entries before credit entries. Record journal entries in the order presented in the probelm. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Use 360 days for calculation.

2. Record the collection of the Takham notes at its maturity in 2023.

 

3. Assume Takham dishonors its note at its maturity in 2023. Bramble expects to eventually collect the note. Record the dishonr of the Takham note.

 

3. Assume Takham dishonors its note at its maturity in 2023; Bramble does not expect to collect the note. Record the dishonor of the Takham note.

 

Bramble Supply Co. has the following transactions related to notes receivable during the last 2 months of 2022.
Nov. 1
Loaned $20,800 cash to Soozie Takham on a 1-year, 10% note.
Dec. 11
Sold goods to Joe Trater, Inc., receiving a $9,450, 90-day, 8% note.
Dec. 16
Received a $6,240, 6-month, 9% note in exchange for Boba Fett's outstanding accounts receivable.
Accrued interest revenue on all notes receivable.
Dec. 31
Transcribed Image Text:Bramble Supply Co. has the following transactions related to notes receivable during the last 2 months of 2022. Nov. 1 Loaned $20,800 cash to Soozie Takham on a 1-year, 10% note. Dec. 11 Sold goods to Joe Trater, Inc., receiving a $9,450, 90-day, 8% note. Dec. 16 Received a $6,240, 6-month, 9% note in exchange for Boba Fett's outstanding accounts receivable. Accrued interest revenue on all notes receivable. Dec. 31
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