i. ii. iii. iv. February 1. Signed a 60-day, 10% note, $5,000.00. R80. April 2. Paid cash for the maturity value of the Feb. 1 note: principal, $5,000.00, p interest, $83.33. C215. April 20. Received cash for the maturity value of Notes Receivable No. 34: princip $500.00, plus interest, $45.00. R78. June 1. Signed a 90-day, 18% note to True North Toilets Corp. for an extension o time on this account payable, $2,500.00. M44.

i. ii. iii. iv. February 1. Signed a 60-day, 10% note, $5,000.00. R80. April 2. Paid cash for the maturity value of the Feb. 1 note: principal, $5,000.00, p interest, $83.33. C215. April 20. Received cash for the maturity value of Notes Receivable No. 34: princip $500.00, plus interest, $45.00. R78. June 1. Signed a 90-day, 18% note to True North Toilets Corp. for an extension o time on this account payable, $2,500.00. M44.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 14RE: On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank....

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On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank. The note has a face value of 15,000 and a maturity value (principal plus interest) of 15,400. The discount is calculated to be 385, and the accrued interest income is 100. The recourse liability is estimated to be 1,000. Prepare the journal entry of Phillips to record the sale of the note receivable.
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