Following are transactions of The Barnett Company:2023Dec. 16 Accepted a $22,900, 60-day, 5% note dated this day in granting Carmel Karuthers a timeextension on her past-due account.Made an adjusting entry to record the accrued interest on the Karuthers note.Closed the Interest income account.Dec. 31Dec. 312024Feb. 14Mar. 2Mar. 17May 31Received Karuthers' payment for the principal and interest on the note dated December 16.Accepted an $8,800, 4%, 90-day note dated this day in granting a time extension on the past-dueaccount of ATW Company.Accepted a $4,000, 30-day, 4.5% note dated this day in granting Leroy Johnson a time extension onpast-due account.Received ATW's payment for the principal and interest on the note dated March 2.Prepare journal entries to record The Barnett Company's transactions. (Assume 365 days in a year. Round your answers to 2 decimalplaces.)View transaction list

It is the act of recording financial transactions in the books maintained for accounting…

Following are transactions of The Barnett Company: 2023 Dec. 16 Dec. 31 Dec. 31 Accepted a $22,900, 60-day, 5% note dated this day in granting Carmel Karuthers a time extension on her past-due account. Made an adjusting entry to record the accrued interest on the Karuthers note. Closed the Interest income account. 2024 Feb. 14 Received Karuthers' payment for the principal and interest on the note dated December 16. Mar. 2 Accepted an $8,800, 4%, 90-day note dated this day in granting a time extension on the past-due account of ATW Company. Mar. 17 Accepted a $4,000, 30-day, 4.5% note dated this day in granting Leroy Johnson a time extension on his past-due account. May 31 Received ATW's payment for the principal and interest on the note dated March 2. Prepare journal entries to record The Barnett Company's transactions. (Assume 365 days in a year. Round your answers to 2 decimal places.)

Following are transactions of The Barnett Company: 2023 Dec. 16 Dec. 31 Dec. 31 Accepted a $22,900, 60-day, 5% note dated this day in granting Carmel Karuthers a time extension on her past-due account. Made an adjusting entry to record the accrued interest on the Karuthers note. Closed the Interest income account. 2024 Feb. 14 Received Karuthers' payment for the principal and interest on the note dated December 16. Mar. 2 Accepted an $8,800, 4%, 90-day note dated this day in granting a time extension on the past-due account of ATW Company. Mar. 17 Accepted a $4,000, 30-day, 4.5% note dated this day in granting Leroy Johnson a time extension on his past-due account. May 31 Received ATW's payment for the principal and interest on the note dated March 2. Prepare journal entries to record The Barnett Company's transactions. (Assume 365 days in a year. Round your answers to 2 decimal places.)

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

ChapterD: Notes Payable And Notes Receivable

Section: Chapter Questions

Problem 5P

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