Groro Co. Bills a client $62,000 for services provided and agrees to accept the following 3 items as full payment $10,000 cash, equipment worth $80,000 and to assume responsibility for a $28,000 note payable related to the equipment. question: record the transaction in journal entry form. date general journal debit credit
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Groro Co. Bills a client $62,000 for services provided and agrees to accept the following 3 items as full payment $10,000 cash, equipment worth $80,000 and to assume responsibility for a $28,000 note payable related to the equipment.
question: record the transaction in
date | general journal | debit | credit |
general journals are either cash,equipment revenue, supplies, accounts payable, note payable, common stock or revenue
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- What will be the journal entry to record the issue of note of $30,000 to a creditor who has agreed to pay the amount on the specified terms as per the note agreement? а. Ref. Debit(in S) Credit(in S) 30,000 Date Description |Notes Payable Cash |To record the issue of note against the amount due) $ 30,000 b. Date Description Ref. Debit(in $) | Credit(in S) |Notes Payable Accounts Payable |To record the issue of note against the amount due) 30,000 $ 30,000 с. |Ref. Debit(in S) Credit(in S)_ 30,000 Date Description |Accounts Payable Notes Payable |To record the issue of note against the amount due) 30,000 d. |Ref. Debit(in $) Credit(in $) 30,000 Description Date Accounts Payable Cash |(To record the issue of note against the amount due) 30,000Given the following transaction of entrepreneur ark, what journal entries would you make as its accountant, to book the followig transaction? a June 23. Received a 52,000, 90 day, 8% note date 23 from BEDA express account sept 11 the note is dishonoed by BEDA Oct 2 Received the amount due on the dishonored note plus interest for 30 days at 10% on the total amount charged to BEDA express on september 21Lincraft Corp. reports a current ratio of 3-to-1 in its 20X2 financial statements. The statement of financial position shows current assets of $3,140,500 and current liabilities of $1,064,100. Lincraft has accounts receivable of $1,299,300. The company transfers $1,002,000 of these accounts receivable to a financial institution. There are $35,200 of bad debts associated with these accounts receivable, an amount that is already in the allowance for doubtful accounts. Proceeds of $898,250 are received from the transfer. The transfer is on a non-notification basis, which means that the customers pay Lincraft and Lincraft then remit the cash to the financial institution. The customers pay $946,000 to Lincraft on schedule, $35,200 is written off to the allowance at the appropriate time, and the cash remittance is forwarded to the financial institution. Required: 1. Record all journal entries for the sequence of events assuming: a. The transfer is recorded as a sale/derecognition. (If no…
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