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GL0701 (Algo) - Based on Problem 7-5A LO C2, C3, P4 The following selected transactions are from Nguyen Company. Year 1 December 16 Accepted a $16,800, 60-day, 12 % note in granting Sarah Walker a time extension on his past-due account receivable. December 31 Made an adjusting entry to record the accrued interest on the Walker note. Year 2 February 14 Received Walker's payment of principal and interest on the note dated December 16. March 2 Accepted a $10,000, 6%, 90-day note in March 17 Accepted a $19,800, 30-day, 8% note in April 16 Stone dishonored her note. 31 Perez Company dishonored its note. August 7 Accepted a $22,000, 90-day, 8% note in granting a time extension on the past-due account receivable of Allen Company September 3 Accepted a $5,400, 60-day, 10 % note in granting Melanie Duerr a time extension on his past-due account receivable. November 2 Received payment of principal plus interest from Duerr for the September 3 note. November 5 Received payment of principal plus interest from Allen for the August 7 note. December 1 Wrote off the Stone account against the Allowance for Doubtful Accounts. Requirement General Journal granting a time extension on the past-due account receivable from Perez Company granting Leslie Stone a time extension on her past-due account receivable. General Ledger Trial Balance Schedule of Calculation of Receivables Interest Prepare the journal entries related to notes receivable and accounts receivable. Hint: Use the "Calculation of Interest" tab to ensure the accuracy of your entries.

GL0701 (Algo) - Based on Problem 7-5A LO C2, C3, P4 The following selected transactions are from Nguyen Company. Year 1 December 16 Accepted a $16,800, 60-day, 12 % note in granting Sarah Walker a time extension on his past-due account receivable. December 31 Made an adjusting entry to record the accrued interest on the Walker note. Year 2 February 14 Received Walker's payment of principal and interest on the note dated December 16. March 2 Accepted a $10,000, 6%, 90-day note in March 17 Accepted a $19,800, 30-day, 8% note in April 16 Stone dishonored her note. 31 Perez Company dishonored its note. August 7 Accepted a $22,000, 90-day, 8% note in granting a time extension on the past-due account receivable of Allen Company September 3 Accepted a $5,400, 60-day, 10 % note in granting Melanie Duerr a time extension on his past-due account receivable. November 2 Received payment of principal plus interest from Duerr for the September 3 note. November 5 Received payment of principal plus interest from Allen for the August 7 note. December 1 Wrote off the Stone account against the Allowance for Doubtful Accounts. Requirement General Journal granting a time extension on the past-due account receivable from Perez Company granting Leslie Stone a time extension on her past-due account receivable. General Ledger Trial Balance Schedule of Calculation of Receivables Interest Prepare the journal entries related to notes receivable and accounts receivable. Hint: Use the "Calculation of Interest" tab to ensure the accuracy of your entries.

FINANCIAL ACCOUNTING
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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View transaction list Journal entry worksheet 1 2 6 7 8 9 10 February 14 Received Walker's payment of principal and interest on the $16,800, 60-day, 12% note dated December 16. The Nguyen Company does not prepare reversing entries. Verify the amount of interest using the "CALCULATION OF INTEREST" tab. 3 Note: Enter debits before credits. Date February 14 4 5 General Journal Debit Credit >
Transcribed Image Text:View transaction list Journal entry worksheet 1 2 6 7 8 9 10 February 14 Received Walker's payment of principal and interest on the $16,800, 60-day, 12% note dated December 16. The Nguyen Company does not prepare reversing entries. Verify the amount of interest using the "CALCULATION OF INTEREST" tab. 3 Note: Enter debits before credits. Date February 14 4 5 General Journal Debit Credit >
GL0701 (Algo) - Based on Problem 7-5A LO C2, C3, P4 The following selected transactions are from Nguyen Company. Year 1 December 16 Accepted a $16,800, 60-day, 12% note in granting Sarah Walker a time extension on his past-due account receivable. December 31 Made an adjusting entry to record the accrued interest on the Walker note. Year 2 February 14 Received Walker's payment of principal and interest on the note dated December 16. March 2 Accepted a $10,000, 6%, 90-day note in March 17 Accepted a $19,800, 30-day, 8% note in April 16 Stone dishonored her note. 31 Perez Company dishonored its note. August 7 Accepted a $22,000, 90-day, 8% note in granting a time extension on the past-due account receivable of Allen Company September 3 Accepted a $5,400, 60-day, 10 % note in granting Melanie Duerr a time extension on his past-due account receivable. November 2 Received payment of principal plus interest from Duerr for the September 3 note. November 5 Received payment of principal plus interest from Allen for the August 7 note. December 1 Wrote off the Stone account against the Allowance for Doubtful Accounts. Requirement General Journal General Ledger granting a time extension on the past-due account receivable from Perez Company granting Leslie Stone a time extension on her past-due account receivable. Trial Balance Schedule of Calculation of Receivables Interest Prepare the journal entries related to notes receivable and accounts receivable. Hint: Use the "Calculation of Interest" tab to ensure the accuracy of your entries.
Transcribed Image Text:GL0701 (Algo) - Based on Problem 7-5A LO C2, C3, P4 The following selected transactions are from Nguyen Company. Year 1 December 16 Accepted a $16,800, 60-day, 12% note in granting Sarah Walker a time extension on his past-due account receivable. December 31 Made an adjusting entry to record the accrued interest on the Walker note. Year 2 February 14 Received Walker's payment of principal and interest on the note dated December 16. March 2 Accepted a $10,000, 6%, 90-day note in March 17 Accepted a $19,800, 30-day, 8% note in April 16 Stone dishonored her note. 31 Perez Company dishonored its note. August 7 Accepted a $22,000, 90-day, 8% note in granting a time extension on the past-due account receivable of Allen Company September 3 Accepted a $5,400, 60-day, 10 % note in granting Melanie Duerr a time extension on his past-due account receivable. November 2 Received payment of principal plus interest from Duerr for the September 3 note. November 5 Received payment of principal plus interest from Allen for the August 7 note. December 1 Wrote off the Stone account against the Allowance for Doubtful Accounts. Requirement General Journal General Ledger granting a time extension on the past-due account receivable from Perez Company granting Leslie Stone a time extension on her past-due account receivable. Trial Balance Schedule of Calculation of Receivables Interest Prepare the journal entries related to notes receivable and accounts receivable. Hint: Use the "Calculation of Interest" tab to ensure the accuracy of your entries.
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