FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
Bartleby Related Questions Icon

Related questions

Question

A2

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 the
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
expand button
Transcribed Image Text: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 the 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
Expert Solution
Check Mark
Knowledge Booster
Background pattern image
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education