HORNGREN'S FINANCIAL & MANGERIAL ACCOUNT
7th Edition
ISBN: 9780136505273
Author: MILLER-NOBLES
Publisher: PEARSON
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Chapter 8, Problem 8.23E
To determine
Introduction: Journal entries explain how transactions affect accounts and balances and serve as a simple record of all transactions made by a company. Transactions in a business journal are frequently entered using the double-entry method.
To Prepare: The
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Carla Vista Distributors has the following transactions related to notes receivable during the last month of the year.
Dec. 1
Loaned $11,520 cash to J. Cash on a 1-year, 5% note.
16
Sold goods to W. Jennings, receiving a $9,600, 60-day, 6% note.
31
Accrued interest revenue on all notes receivable.
Journalize the transactions for Carla Vista Distributors. (Credit account titles are automatically indented when the amount is entered. Do
not indent manually. Record journal entries in the order presented in the problem. Use 360 days for calculation. List all debit entries before credit
entries.)
Date
Account Titles and Explanation
Debit
Credit
Journalizing note receivable transactions including a dishonored note
On September 30, 2018, Team Bank loaned $94,000 to Kendall Warner on a one-year, 6% note. Team’s fiscal year ends on December 31.
Requirements
Journalize all entries for Team Bank related to the note for 2018 and 2019.
Which party has a
a. note receivable?
b. note payable?
c. interest revenue?
d. interest expense?
3. Suppose that Kendall Warner defaulted on the note. What entry would Team record for the dishonored note?
Computing Accrued Interest Compute the interest accrued on each of the following notes
receivable held by Northland, Inc., on December 31: (Use 360 days for interest calculation.
Round to the nearest dollar.)
Date of
Note
Maker
Maple November 21
Wyman December 13
Nahn December 19
Maple: $
Wyman:
Nahn:
Principal
$25,000
21,000
28,000
Interest
Rate
3%
4%
5%
Term.
120 days
90 days
60 days
Chapter 8 Solutions
HORNGREN'S FINANCIAL & MANGERIAL ACCOUNT
Ch. 8 - Prob. 1QCCh. 8 - Which of the following is a limitation of the...Ch. 8 - The entry to record a write-off of an...Ch. 8 - Brickman Corporation uses the allowance method to...Ch. 8 - Brickmans ending balance of Accounts Receivable is...Ch. 8 - Prob. 6QCCh. 8 - Prob. 7QCCh. 8 - Prob. 8QCCh. 8 - Prob. 9QCCh. 8 - Prob. 10QC
Ch. 8 - What is the difference between accounts receivable...Ch. 8 - Prob. 2RQCh. 8 - Prob. 3RQCh. 8 - When dealing with receivables, give an example of...Ch. 8 - What type of account must the sum of all...Ch. 8 - Prob. 6RQCh. 8 - What occurs when a business factors its...Ch. 8 - What occurs when a business pledges its...Ch. 8 - Prob. 9RQCh. 8 - Prob. 10RQCh. 8 - Prob. 11RQCh. 8 - Prob. 12RQCh. 8 - When using the allowance method, how are accounts...Ch. 8 - Prob. 14RQCh. 8 - Prob. 15RQCh. 8 - How does the percent- of-sales method compute bad...Ch. 8 - How do the percent-of-receivables and aging-of-...Ch. 8 - What is the difference between the...Ch. 8 - Prob. 19RQCh. 8 - Prob. 20RQCh. 8 - Prob. 21RQCh. 8 - Prob. 22RQCh. 8 - Prob. 23RQCh. 8 - Prob. 24RQCh. 8 - Prob. 8.1SECh. 8 - Prob. 8.2SECh. 8 - Prob. 8.3SECh. 8 - Prob. 8.4SECh. 8 - Prob. 8.5SECh. 8 - Prob. 8.6SECh. 8 - Prob. 8.7SECh. 8 - Prob. 8.8SECh. 8 - Prob. 8.9SECh. 8 - Prob. 8.10SECh. 8 - Prob. 8.11SECh. 8 - Prob. 8.12SECh. 8 - Prob. 8.13SECh. 8 - Defining common receivables terms Match the terms...Ch. 8 - Prob. 8.15ECh. 8 - Prob. 8.16ECh. 8 - Prob. 8.17ECh. 8 - Prob. 8.18ECh. 8 - Prob. 8.19ECh. 8 - Prob. 8.20ECh. 8 - Prob. 8.21ECh. 8 - Prob. 8.22ECh. 8 - Prob. 8.23ECh. 8 - Prob. 8.24ECh. 8 - Prob. 8.25ECh. 8 - Prob. 8.26ECh. 8 - Prob. 8.27ECh. 8 - Prob. 8.28ECh. 8 - Prob. 8.29APCh. 8 - Prob. 8.30APCh. 8 - Prob. 8.31APCh. 8 - Prob. 8.32APCh. 8 - Prob. 8.33APCh. 8 - Prob. 8.34APCh. 8 - Prob. 8.35APCh. 8 - Prob. 8.36BPCh. 8 - Prob. 8.37BPCh. 8 - Prob. 8.38BPCh. 8 - Prob. 8.39BPCh. 8 - Prob. 8.40BPCh. 8 - Prob. 8.41BPCh. 8 - Prob. 8.42BPCh. 8 - Prob. 8.43CPCh. 8 - Prob. 8.44PSCh. 8 - Prob. 8.1CTDCCh. 8 - Prob. 8.2CTDCCh. 8 - Prob. 8.1CTFC
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