A2 On June 3, 20X1, Alaska State Company received a $6,600, 45-day, 12 percent note from Samuel Adams, a customerwhose account was past due. Alaska discounted the note on June 18, 20X1 at Georgia State Bank and Trust. SamuelAdams dishonored the note receivable discounted by Alaska State. Assume the bank deducted the maturity value of thedishonored note plus a $40 service charge from Alaska State's bank account on the due date of the note.Required:Prepare the entries in general journal form that Alaska State Company would make. (Use 360 days a year.)No1DateJuly 18, 20X1Answer is not complete.General JournalNotes receivable-DiscountedAccounts receivable/Samuel AdamsCashDebit6,600Credit

The promissory note is a legal document issued by the borrower to raise money. The note requires…

On June 3, 20X1, Alaska State Company received a $6,600, 45-day, 12 percent note from Samuel Adams, a customer whose account was past due. Alaska discounted the note on June 18, 20X1 at Georgia State Bank and Trust. Samuel Adams dishonored the note receivable discounted by Alaska State. Assume the bank deducted the maturity value of dishonored note plus a $40 service charge from Alaska State's bank account on the due date of the note. Required: Prepare the entries in general journal form that Alaska State Company would make. (Use 360 days a year.) No 1 Date July 18, 20X1 Answer is not complete. General Journal Notes receivable-Discounted Accounts receivable/Samuel Adams Cash Debit 6,600 Credit

On June 3, 20X1, Alaska State Company received a $6,600, 45-day, 12 percent note from Samuel Adams, a customer whose account was past due. Alaska discounted the note on June 18, 20X1 at Georgia State Bank and Trust. Samuel Adams dishonored the note receivable discounted by Alaska State. Assume the bank deducted the maturity value of dishonored note plus a $40 service charge from Alaska State's bank account on the due date of the note. Required: Prepare the entries in general journal form that Alaska State Company would make. (Use 360 days a year.) No 1 Date July 18, 20X1 Answer is not complete. General Journal Notes receivable-Discounted Accounts receivable/Samuel Adams Cash Debit 6,600 Credit

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 14RE: On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank....

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