College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Textbook Question
Chapter 17, Problem 10SPA
NOTES RECEIVABLE ENTRIES J. K. Pratt Co. had the following transactions: 20-1
REQUIRED
Record the transactions in a general journal.
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20-Business incurred travelling cost of OMR 50. Which of the following specialized journals will record this transaction?
a.
Purchase journal
b.
Cash receipt journal
c.
Cash payment journal
d.
Sales journal
Schedule of Accounts Receivable
From the accounts receivable ledger shown, prepare a schedule of accounts receivable for Pheng
Co. as of August 31, 20--.
ACCOUNTS RECEIVABLE LEDGER
B & G Distributors
NAME
2628 Burlington Avenue, Chicago, IL 60604-
ADDRESS
1329
DATE
BALANCE
ITEM
POST. REF.
DEBIT
CREDIT
20--
Aug.
J1
1,300.00
1,300.00
8
J1
110.00
1,190.00
M. Chang
NAME
ADDRESS 1422 SW Pacific, Chicago, IL 60603-8596
DATE
ITEM
POST. REF.
DEBIT
CREDIT
BALANCE
20--
Aug.
5
J1
2,180.00
2,180.00
11
J2
2,180.00
0.00
B. J. Hinschliff & Co.
NAME
133 College Blvd., Des Plaines, IL 60611-
ADDRESS
4431
DATE
POST. REF.
ITEM
DEBIT
CREDIT
BALANCE
20--
Aug. 15
J2
1,050.00
1,050.00
21
J3
392.00
1,442.00
NAME
Sally M. Pitts
ADDRESS 213 East 29th Place, Chicago, IL 60601-6287
DATE
ITEM
POST. REF.
DEBIT
CREDIT
BALANCE
20--
Aug.
21
J3
807.00
807.00
NAME
Trendsetters, Inc.
ADDRESS 29 Industrial Way, Chicago, IL 60600-5918
DATE
ITEM
POST. REF.
DEBIT
CREDIT
BALANCE
20--
Aug.
28
J4
1,039.00
1,039.00
Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles.
PAGE 10
JOURNAL
ACCOUNTING EQUATION
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
ASSETS
LIABILITIES
EQUITY
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21…
Chapter 17 Solutions
College Accounting, Chapters 1-27
Ch. 17 - The maturity value of a note includes both...Ch. 17 - Prob. 2TFCh. 17 - The difference between the maturity value of a...Ch. 17 - Prob. 4TFCh. 17 - When a dishonored note is collected, interest is...Ch. 17 - Principal plus interest equals ______ of a note....Ch. 17 - Prob. 2MCCh. 17 - Prob. 3MCCh. 17 - Prob. 4MCCh. 17 - Accrued interest payable is reported as a ______...
Ch. 17 - Prob. 1CECh. 17 - Prob. 2CECh. 17 - Prob. 3CECh. 17 - Prob. 1RQCh. 17 - Prob. 2RQCh. 17 - Prob. 3RQCh. 17 - Prob. 4RQCh. 17 - Prob. 5RQCh. 17 - Prob. 6RQCh. 17 - Prob. 7RQCh. 17 - Prob. 8RQCh. 17 - Prob. 9RQCh. 17 - On which notes receivable and notes payable is it...Ch. 17 - Prob. 11RQCh. 17 - When a business borrows money from a bank on a...Ch. 17 - What kind of account is Discount on Notes Payable,...Ch. 17 - Prob. 14RQCh. 17 - Prob. 15RQCh. 17 - TERM OF A NOTE Calculate total time in days for...Ch. 17 - Prob. 2SEACh. 17 - DETERMINING DUE DATE Determine the due date for...Ch. 17 - JOURNAL ENTRIES (NOTE RECEIVED, RENEWED, AND...Ch. 17 - Prob. 5SEACh. 17 - JOURNAL ENTRIES (ACCRUED INTEREST RECEIVABLE) At...Ch. 17 - JOURNAL ENTRIES (NOTE ISSUED, RENEWED, AND PAID)...Ch. 17 - JOURNAL ENTRIES (NOTE ISSUED FOR BANK LOAN)...Ch. 17 - JOURNAL ENTRIES (ACCRUED INTEREST PAYABLE) At the...Ch. 17 - NOTES RECEIVABLE ENTRIES J. K. Pratt Co. had the...Ch. 17 - NOTES RECEIVABLE DISCOUNTING Marienau Suppliers...Ch. 17 - ACCRUED INTEREST RECEIVABLE The following is a...Ch. 17 - NOTES PAYABLE ENTRIES Milo Radio Shop had the...Ch. 17 - ACCRUED INTEREST PAYABLE The following is a list...Ch. 17 - TERM OF A NOTE Calculate total time in days for...Ch. 17 - CALCULATING INTEREST Using 360 days as the...Ch. 17 - DETERMINING DUE DATE Determine the due date for...Ch. 17 - JOURNAL ENTRIES (NOTE RECEIVED, RENEWED, AND...Ch. 17 - JOURNAL ENTRIES (NOTE RECEIVED, DISCOUNTED,...Ch. 17 - JOURNAL ENTRIES (ACCRUED INTEREST RECEIVABLE) At...Ch. 17 - JOURNAL ENTRIES (NOTE ISSUED, RENEWED, AND PAID)...Ch. 17 - JOURNAL ENTRIES (NOTE ISSUED FOR BANK LOAN)...Ch. 17 - JOURNAL ENTRIES (ACCRUED INTEREST PAYABLE) At the...Ch. 17 - NOTES RECEIVABLE ENTRIES M. L. DiMaurizio had the...Ch. 17 - NOTES RECEIVABLE DISCOUNTING Madison Graphics had...Ch. 17 - ACCRUED INTEREST RECEIVABLE The following is a...Ch. 17 - Prob. 13SPBCh. 17 - ACCRUED INTEREST PAYABLE The following is a list...Ch. 17 - Prob. 1MYWCh. 17 - Rochelle needed to borrow 3,000 for three months...Ch. 17 - Eddie Edwards and Phil Bell own and operate The...Ch. 17 - Prob. 1CP
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- NOTES RECEIVABLE ENTRIES M. L. DiMaurizio had the following notes receivable transactions: REQUIRED Record the transactions in a general journal.arrow_forwardEntries for notes receivable The series of five transactions, (a) through (e), recorded in the following T accounts were related to a sale to a customer on account and the receipt of the amount owed. Briefly describe each transaction.arrow_forwardNotes receivable entries The following data relate to notes receivable and interest for CGH Cable Co., a cable manufacturer and supplier. (All notes are dated as of the day they are received.) Instructions Journalize the entries to record the transactions.arrow_forward
- DIRECT WRITE-OFF METHOD Lee and Chen Distributors uses the direct write-off method in accounting for uncollectible accounts. REQUIRED Record these transactions in general journal form.arrow_forwardSCHEDULE OF ACCOUNTS RECEIVABLE Based on the information provided in Problem 10-11A, prepare a schedule of accounts receivable for Sourk Distributors as of March 31, 20--. Verify that the accounts receivable account balance in the general ledger agrees with the schedule of accounts receivable total.arrow_forwardDIRECT WRITE-OFF METHOD Williams Hendricks Distributors uses the direct write-off method in accounting for uncollectible accounts. REQUIRED Record these transactions in general journal form.arrow_forward
- Indicate the journal in which each of the following transactions should be recorded. Assume a three-column purchases journal.arrow_forwardNOTES RECEIVABLE DISCOUNTING Marienau Suppliers had the following transactions: REQUIRED Record the transactions in a general journal.arrow_forwardPost the following entry to the general ledger and subsidiary ledger.arrow_forward
- Answer the balance column of the general ledgarrow_forwardJOURNALIZING SALES RETURNS AND ALLOWANCES Enter the following transactions starting on page 60 of a general journal and post them to the appropriate general ledger and accounts receivable ledger accounts. Use account numbers as shown in the chapter. Beginning balance in Accounts Receivable is 3,900. Beginning balances in selected customer accounts are Adams, 850; Greene, 428; and Phillips, 1,018.arrow_forwardNOTES RECEIVABLE DISCOUNTING Madison Graphics had the following notes receivable transactions: REQUIRED Record the transactions in a general journal.arrow_forward
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