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GLO701 - Based on Problem 7-5A LO C2, C3, P4 The following selected transactions are from Turner Company. Year 1 Dec. 16 Accepted a $22,800, 60-day, 10% note in granting Than Nguyen a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Nguyen note. Year 2 Feb. 14 Received Nguyen's payment of principal and interest on the note dated December 16. Accepted a $8,000, 10%, 90-day note in granting a time extension on the past-due account receivable from Lee Co. Mar. 17 Accepted a $15,600, 30-day, 78 note in granting Spencer Lauer a time extension on her past-due account receivable. Apr. 16 Lauer dishonored her note. May Aug. 31 Lee Co. dishonored its note. Accepted a $22,000, 90-day, 6% note in granting a time extension on the past-due account receivable of Perez Co. 7 Sep. 3. Accepted a $12,600, 60-day, 10% note in granting Kay Wright a time extension on his past-due account receivable. Received payment of principal plus interest from Wright for the September 3 note. Received payment of principal plus interest from Perez for the August 7 note. Wrote off the Lauer account against the Allowance for Doubtful Accounts. Nov. Nov. Dec. General General Schedule of Calculation of Requirement Trial Balance Receivables Interest Journal Ledger Enter the principal amount, interest rate, and number of days of interest to be recorded for each note. Verify that total interest revenue agrees with the trial balance. Dates: Jan 01 to: Dec 31 Turner Co. Calculation of interest revenue

GLO701 - Based on Problem 7-5A LO C2, C3, P4 The following selected transactions are from Turner Company. Year 1 Dec. 16 Accepted a $22,800, 60-day, 10% note in granting Than Nguyen a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Nguyen note. Year 2 Feb. 14 Received Nguyen's payment of principal and interest on the note dated December 16. Accepted a $8,000, 10%, 90-day note in granting a time extension on the past-due account receivable from Lee Co. Mar. 17 Accepted a $15,600, 30-day, 78 note in granting Spencer Lauer a time extension on her past-due account receivable. Apr. 16 Lauer dishonored her note. May Aug. 31 Lee Co. dishonored its note. Accepted a $22,000, 90-day, 6% note in granting a time extension on the past-due account receivable of Perez Co. 7 Sep. 3. Accepted a $12,600, 60-day, 10% note in granting Kay Wright a time extension on his past-due account receivable. Received payment of principal plus interest from Wright for the September 3 note. Received payment of principal plus interest from Perez for the August 7 note. Wrote off the Lauer account against the Allowance for Doubtful Accounts. Nov. Nov. Dec. General General Schedule of Calculation of Requirement Trial Balance Receivables Interest Journal Ledger Enter the principal amount, interest rate, and number of days of interest to be recorded for each note. Verify that total interest revenue agrees with the trial balance. Dates: Jan 01 to: Dec 31 Turner Co. Calculation of interest revenue

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter9: Long-term Liabilities
Section: Chapter Questions
Problem 83E
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Help GLO701 - Based on Problem 7-5A LO C2, C3, P4 The following selected transactions are from Turner Company. Year 1 Dec. 16 Accepted a $22,800, 60-day, 10% note in granting Than Nguyen a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Nguyen note. Year 2 Feb. 14 Received Nguyen's payment of principal and interest on the note dated December 16. Accepted a $8,000, 10%, 90-day note in granting a time extension on the past-due account receivable from Lee Mar. Co. Accepted a $15,600, 30-day, 7% note in granting Spencer Lauer a time extension on her past-due account receivable. Lauer dishonored her note. Lee Co. dishonored its note. 17 Apr. 16 May 31 7 Accepted a $22,000, 90-day, 6% note in granting a time extension on the past-due account receivable of Perez Co. Accepted a $12,600, 60-day, 10% note in granting Kay Wright a time extension on his past-due account receivable. Aug. Sep. Received payment of principal plus interest from Wright for the September 3 note. Received payment of principal plus interest from Perez for the August 7 note. Wrote off the Lauer account against the Allowance for Doubtful Accounts. Nov. Nov. Dec. 1 General General Schedule of Calculation of Requirement Trial Balance Journal Ledger Receivables Interest Enter the principal amount, interest rate, and number of days of interest to be recorded for each note. Verify that total interest revenue agrees with the trial balance. Dates: Jan 01 to: Dec 31 Turner Co. Calculation of interest revenue ... < Prev 5 of 5 Next
Transcribed Image Text:Help GLO701 - Based on Problem 7-5A LO C2, C3, P4 The following selected transactions are from Turner Company. Year 1 Dec. 16 Accepted a $22,800, 60-day, 10% note in granting Than Nguyen a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Nguyen note. Year 2 Feb. 14 Received Nguyen's payment of principal and interest on the note dated December 16. Accepted a $8,000, 10%, 90-day note in granting a time extension on the past-due account receivable from Lee Mar. Co. Accepted a $15,600, 30-day, 7% note in granting Spencer Lauer a time extension on her past-due account receivable. Lauer dishonored her note. Lee Co. dishonored its note. 17 Apr. 16 May 31 7 Accepted a $22,000, 90-day, 6% note in granting a time extension on the past-due account receivable of Perez Co. Accepted a $12,600, 60-day, 10% note in granting Kay Wright a time extension on his past-due account receivable. Aug. Sep. Received payment of principal plus interest from Wright for the September 3 note. Received payment of principal plus interest from Perez for the August 7 note. Wrote off the Lauer account against the Allowance for Doubtful Accounts. Nov. Nov. Dec. 1 General General Schedule of Calculation of Requirement Trial Balance Journal Ledger Receivables Interest Enter the principal amount, interest rate, and number of days of interest to be recorded for each note. Verify that total interest revenue agrees with the trial balance. Dates: Jan 01 to: Dec 31 Turner Co. Calculation of interest revenue ... < Prev 5 of 5 Next
repruary 14 - Nguyen note: Principal Interest rate Number of days' interest to be recorded in Year 2 Number of days' interest to be recorded in Year 2 Principal Interest rate Number of days' interest to be recorded in Year 2 Number of days' interest to be recorded in Year 2 Number of days' interest to be recorded in Year 2 Total interest revenue - Year 2 24
Transcribed Image Text:repruary 14 - Nguyen note: Principal Interest rate Number of days' interest to be recorded in Year 2 Number of days' interest to be recorded in Year 2 Principal Interest rate Number of days' interest to be recorded in Year 2 Number of days' interest to be recorded in Year 2 Number of days' interest to be recorded in Year 2 Total interest revenue - Year 2 24
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