Bundle: Financial Accounting: Tools for Business Decision Making 8e Binder Ready Version + WileyPLUS Registration Code
8th Edition
ISBN: 9781119221647
Author: Paul D. Kimmel
Publisher: Wiley (WileyPLUS Products)
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Question
Chapter 8, Problem 8.10E
To determine
Accounts receivable:
Accounts receivable refers to the amounts to be received within a short period from customers upon the sale of goods and services on account. In other words, accounts receivable are amounts customers owe to the business. Accounts receivable is an asset of a business.
Note receivable:
Note receivable refers to a written promise for the amounts to be received within a stipulated period of time. This written promise is issued by a debtor or borrower to lender or creditor. Notes receivable is an asset of a business.
To journalize: The transactions of Company SM.
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Oriole Co. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to accrue interest except at December 31.
Nov.
1
Loaned $54,600 cash to C. Bohr on a 12-month, 7% note.
Dec.
11
Sold goods to K. R. Pine, Inc., receiving a $1,800, 90-day, 7% note.
16
Received a $14,400, 180-day, 6% note to settle an open account from A. Murdock.
31
Accrued interest revenue on all notes receivable.
Journalize the transactions for Oriole Co. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Use 360 days for calculation.)
Date
Account Titles and Explanation
Debit
Credit
Choose a transaction date Nov. 1Dec. 11Dec. 16Dec. 31
Enter an account title
Enter a debit amount
Enter a credit…
Crane Co. has the following transactions related to notes receivable during the last 2 months of the year. The company does not
make entries to accrue interest except at December 31.
Nov.
1
Loaned $52,800 cash to C. Bohr on a 12-month, 8% note.
Dec. 11
Sold goods to K. R. Pine, Inc., receiving a $3,600, 90-day, 9% note.
16
Received a $7,200, 180-day, 9% note to settle an open account from A. Murdock.
31
Accrued interest revenue on all notes receivable.
Journalize the transactions for Crane Co. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when
amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Use 360 days for calculation.)
Date
Account Titles and Explanation
Debit
Credit
>
>
Moses Supply Co. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to accrue interest except at December 31.
Nov.
1
Loaned $60,000 cash to C. Bohr on a 12-month, 7% note.
Dec.
11
Sold goods to K. R. Pine, Inc., receiving a $3,600, 90-day, 8% note.
16
Received a $12,000, 180-day, 9% note to settle an open account from A. Murdock.
31
Accrued interest revenue on all notes receivable.
- Journalize the transactions for Moses Supply Co. (Omit cost of goods sold entries.)
Chapter 8 Solutions
Bundle: Financial Accounting: Tools for Business Decision Making 8e Binder Ready Version + WileyPLUS Registration Code
Ch. 8 - What is the difference between an account...Ch. 8 - What are some common types of receivables other...Ch. 8 - What are the essential features of the allowance...Ch. 8 - Prob. 4QCh. 8 - Prob. 5QCh. 8 - Prob. 6QCh. 8 - Prob. 7QCh. 8 - Tawnya Dobbs, the vice president of sales for...Ch. 8 - Prob. 9QCh. 8 - Prob. 10Q
Ch. 8 - Prob. 11QCh. 8 - Prob. 12QCh. 8 - How may the maturity date of a promissory note be...Ch. 8 - Prob. 14QCh. 8 - Prob. 15QCh. 8 - General Motors Company has accounts receivable and...Ch. 8 - Prob. 17QCh. 8 - Prob. 18QCh. 8 - Prob. 19QCh. 8 - Prob. 20QCh. 8 - Prob. 21QCh. 8 - Prob. 22QCh. 8 - Prob. 23QCh. 8 - Prob. 24QCh. 8 - Presented below are three receivables...Ch. 8 - Prob. 8.2BECh. 8 - Prob. 8.3BECh. 8 - Prob. 8.4BECh. 8 - Byrd Co. uses the percentage-of-receivables basis...Ch. 8 - Prob. 8.6BECh. 8 - Compute interest and find the maturity date for...Ch. 8 - Prob. 8.8BECh. 8 - Prob. 8.9BECh. 8 - Prob. 8.10BECh. 8 - Prob. 8.11BECh. 8 - Prob. 8.12BECh. 8 - Prob. 8.1DIECh. 8 - Prob. 8.2ADIECh. 8 - Prob. 8.2BDIECh. 8 - Prob. 8.3DIECh. 8 - Prob. 8.4DIECh. 8 - Prob. 8.1ECh. 8 - Prob. 8.2ECh. 8 - Prob. 8.3ECh. 8 - Prob. 8.4ECh. 8 - Prob. 8.5ECh. 8 - Prob. 8.6ECh. 8 - Prob. 8.7ECh. 8 - Prob. 8.8ECh. 8 - Prob. 8.9ECh. 8 - Prob. 8.10ECh. 8 - Prob. 8.11ECh. 8 - Prob. 8.12ECh. 8 - Prob. 8.13ECh. 8 - Prob. 8.14ECh. 8 - Prob. 8.15ECh. 8 - Prob. 8.16ECh. 8 - Prob. 8.17ECh. 8 - Prob. 8.1APCh. 8 - Prob. 8.2APCh. 8 - Prob. 8.3APCh. 8 - Prob. 8.4APCh. 8 - Prob. 8.5APCh. 8 - Prob. 8.6APCh. 8 - Prob. 8.7APCh. 8 - Prob. 8.8APCh. 8 - Prob. 8.9APCh. 8 - Prob. 8.1CACRCh. 8 - Prob. 8.1EYCTCh. 8 - Prob. 8.2EYCTCh. 8 - Prob. 8.3EYCTCh. 8 - Prob. 8.4EYCTCh. 8 - Prob. 8.7EYCTCh. 8 - Prob. 8.8EYCTCh. 8 - Prob. 8.9EYCTCh. 8 - Prob. 8.1IFRS
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