FUND.ACCT.PRIN.
25th Edition
ISBN: 9781260247985
Author: Wild
Publisher: RENT MCG
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Chapter 9, Problem 18E
To determine
Concept Introduction: Notes receivable are promissory notes, a written promise to pay a specific amount of money. The replacement of
The
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Students have asked these similar questions
Year 1
General Journal tab - Prepare the Year 2 journal entries related to the notes and accounts receivable of Clark Co. Calculation of interest tab - Use the interest formula (P x R x T) to verify the amount of interest recorded in your entries. Verify that total interest revenue agrees with the trial balance.
Dec.
16
Accepted a $14,400, 60-day, 8% note in granting Hao Lee a time extension on his past-due account receivable.
31
Made an adjusting entry to record the accrued interest on the Lee note.
Year 2
Feb.
14
Received Lee’s payment of principal and interest on the note dated December 16.
Mar.
2
Accepted a $9,000, 8%, 90-day note in granting a time extension on the past-due account receivable from Taylor Co.
17
Accepted a $4,200, 30-day, 10% note in granting Susan Allen a time extension on her past-due account receivable.
Apr.
16
Allen dishonored her note.
May
31
Taylor Co. dishonored its note.
Aug.
7…
December 13 Accepted a $16,000, 45-day, 6% note in granting Miranda Lee a time extension on her past-due
account receivable.
December 31 Prepared an adjusting entry to record the accrued interest on the Lee note.
Exercise 7-18 (Algo) Notes recelvable transactions LO C2
Complete the table to calculate the interest amounts at December 31St and use the calculated value to prepare your journal entr
(Do not round your intermediate calculations. Use 360 days a year.)
Complete this question by entering your answers in the tabs below.
Irterest
General
Amounts
Journal
Complete the table to calculate the interest amounts at December 31st.
Total Through
Maturity
Interest
Recognized
December 31
Principal
Rate (%)
Time
Total interest
O Receivables
Notes receivable: Basic journal entry
On June 5, Watson Company received a $5,400, 30-day, 10% note from Baker in payment of its account.
On July 5, Baker paid its note in full, including interest.
Required:
Prepare the journal entries for Watson Company on June 5 and July 5.
Note: To simplify the arithmetic in the problem, use 360 days for the number of days in a year.
Date
Account Title
Debit
Credit
4x
5
k
Chapter 9 Solutions
FUND.ACCT.PRIN.
Ch. 9 - Credit card sales Prepare journal entries for the...Ch. 9 - Direct write-off method P1 Solstice Company...Ch. 9 - Recovering a bad debt P1 Solstice Company...Ch. 9 - Distinguishing between allowance method and direct...Ch. 9 - Prob. 5QSCh. 9 - Allowance method for bad debts P2 Gomez Corp. uses...Ch. 9 - Reporting allowance for doubtful accounts P2 On...Ch. 9 - Prob. 8QSCh. 9 - Prob. 9QSCh. 9 - Aging of receivables method P3 ^ Net Zero...
Ch. 9 - Prob. 11QSCh. 9 - Prob. 12QSCh. 9 - Prob. 13QSCh. 9 - Prob. 14QSCh. 9 - Prob. 15QSCh. 9 - Prob. 16QSCh. 9 - Prob. 17QSCh. 9 - Prob. 18QSCh. 9 - Prob. 19QSCh. 9 - Prob. 20QSCh. 9 - Prob. 21QSCh. 9 - Exercise 9-1
Accounts receivable subsidiary...Ch. 9 - Prob. 2ECh. 9 - Exercise 9-3
Sales on store credit card
C1
Z-Mart...Ch. 9 - Exercise 9-4
Direct write-off method
Dexter...Ch. 9 - Exercise 9-5 Writing off receivables P2
On January...Ch. 9 - Exercise 9-6 Percent of sales method; write-off...Ch. 9 - Exercise 9-7 Percent of accounts receivable...Ch. 9 - Exercise 9-8 Aging of receivables method P3
Daley...Ch. 9 - Exercise 9-9 Percent of receivables method...Ch. 9 - Exercise 9-10 Aging of receivables schedule...Ch. 9 - Exercise 9-10
Estimating bad debts
P3
At December...Ch. 9 - Exercise 9-11
Notes receivable...Ch. 9 - Exercise 9-12
Notes receivable transactions...Ch. 9 - Exercise 9-14 Honoring a note P4
Prepare journal...Ch. 9 - Exercise 9-15 Dishonoring a note P4
Prepare...Ch. 9 - Exercise 9-16 Selling and pledging accounts...Ch. 9 - Exercise 9-17 Accounts receivable turnover A1 Q...Ch. 9 - Prob. 18ECh. 9 - Prob. 19ECh. 9 - Prob. 20ECh. 9 - Prob. 21ECh. 9 - Prob. 22ECh. 9 - Prob. 23ECh. 9 - Problem 9-1A Sales on account and credit card...Ch. 9 - Problem 9-2A Estimating and reporting bad debts P2...Ch. 9 - Problem 9-3A Aging accounts receivable and...Ch. 9 - Problem 9-4A Accounts receivable transactions and...Ch. 9 - Problem 9-5A Analyzing and journalizing notes...Ch. 9 - Problem 9-1B Sales on account and credit card...Ch. 9 - Problem 9-2B Estimating and reporting bad debts P2...Ch. 9 - Problem 9-3B Aging accounts receivable and...Ch. 9 - Problem 9-4B Accounts receivable transactions and...Ch. 9 - Prob. 5PSBCh. 9 - SP 9 Santana Rey: owner of Business Solutions,...Ch. 9 - Prob. 1GLPCh. 9 - Prob. 1AACh. 9 - Prob. 2AACh. 9 - Prob. 3AACh. 9 - Prob. 1DQCh. 9 - Why does the direct write-off method of accounting...Ch. 9 - Prob. 3DQCh. 9 - Why might a business prefer a note receivable to...Ch. 9 - Prob. 5DQCh. 9 - Prob. 6DQCh. 9 - Anton Blair is the manager of a medium-size...Ch. 9 - Prob. 2BTNCh. 9 - Prob. 3BTNCh. 9 - Prob. 4BTNCh. 9 - Prob. 5BTN
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