What should I do next? JOURNALDateParticularsDebit Amt ($)Credit Amt ($)2014NoteDec 139,500receivables. DrТo aсcount9,500receivables(Notereceivablesreceived againstaccountreceivables)Accrued interest.38Dec 31DrTo interest38revenue(Interest for 18days due onnote receivable)Calculation of outstanding interest = 9500 * 8% * 18/360 = $38 Prepare journal entries for the following selected transactions of Danica Company for 2014.Exercise 9-10Notes receivable2014transactionsDec. 13 Accepted a $9,500, 45-day, 8% note dated December 13 in granting Miranda Lee a time exten- C2sion on her past-due account receivable.31 Prepared an adjusting entry to record the accrued interest on the Lee note.Check Dec.31, Cr.Interest Revenue $38Refer to the information in Exercise 9-10 and prepare the journal entries for the following selected trans-actions of Danica Company for 2015.Exercise 9-11Notes receivabletransactions P32015Jan. 27 Received Lee's payment for principal and interest on the note dated December 13.Mar. 3 Accepted a $5,000, 10%, 90-day note dated March 3 in granting a time extension on the past-Check Jan. 27, Dr. Cash$9,595due account receivable of Tomas Company.17 Accepted a $2,000, 30-day, 9% note dated March 17 in granting H. Cheng a time extension onhis past-due account receivable.Apr. 16 Cheng dishonors his note when presented for payment.May 1 Wrote off the Cheng account against the Allowance for Doubtful Accounts.June 1 Received the Tomas payment for principal and interest on the note dated March 3.June 1, Dr. Cash$5,125

The journal entries are prepared to keep the record of day to day transactions of the business.

Answered: Refer to the information in Exercise…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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For each notes receivable determine the interest revenue to be reported on the income statement for the year ended December 31. Use 360 days in your computations. date Face Rate% Term aug. 8. 45000. %7. 45days Oct. 7 62000 5 60 jan 6 28000 4 120 nov 12 43000 6 60
Greener Pastures Corporation borrowed $1,000,000 on November 1, 2015. The note carried a9 percent interest rate with the principal and interest payable on June 1, 2016. Show the accountingequation effects and prepare the journal entries for ( a ) the note issued on November 1 and ( b ) theinterest accrual on December 31.
A credit sale of $1800 is made on July 15, terms 4/10, net/30, on which a return of $100 is granted on July 18. What amount is received as payment in full on July 24? a.) $1632 b.) $1800 c.) $1728 d.) $1775
Compute the maturity date and interest for the following notes.( use 360 days for calculation) Dates of notes Terms Principal Interest Rate a. April 17 45 days 48,000 3% b. August 11 2 months 72,000. 7% Maturity date. Interest a. ? $? b. ? $?
Determine the due date and amount of interest due at maturity on the following notes Origination Face amount Tern of Note Interest rate Maturity Interest Date a Mar 15 8,000 60days 9%
On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…
The following is the PT ABC Balance Sheet PT ABCTrial balance31 December 200X Debit (Rp) Credit (Rp) Long Term Notes Payable 155.750.000 Interest expense 13.470.000 Adjustment Data: 1.There is an installment of Rp 9,000,000 for long-term notes due next year Required: Make an adjusting entry to the account in question!
Determine due date and interest on notes Determine the due date and the amount of interest due at maturity on the following notes: Date of note A. January 10* B . March 19 C. June 5 D. September 8 E. November 20 * February 2016 has 28 days Face amount A.$40,000 B. 18,000 C. 90,000 D. 36,000 E. $27,000 Interest rate A. 5% B. 8% C. 7% D. 3% E. 4% Term of note A. 90 days B. 180 days C. 30 days D. 90 days E. 60 days Assume 360 days in a year one commuting the interest. Note Due date. Interest (A) __________ $ (B) ___________ $ (C) ___________ $ (D) ____________ $ (E) ___________ $
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Required: Assume credit sales for 2019 were $312,000 and that on December 31, 10% of credit sales are estimated to be uncollectible. Using the percentage of sales method:Determine the amount to be charged to the uncollectible expense account.Prepare the Allowance for uncollectible account. Prepare the balance sheet extract to show the net realizable value of the Accounts Receivable as at December 31 Journal Entries Date Particulars Debit($) Credit($) 10.1.20 Accounts Receivable 11000 To sales 11000 15.5.20 Allowance for uncollectible accounts(2500+400) 2900 To accounts receivable 2900 4.8.20 Cash(70% of 11000) 7700 Allowance for uncollectible accounts(30% of $11000) 3300 To Accounts Receivable 1100 26.10.20 Accounts Receivable(30% of $400) 120 To allowance for uncollectible accounts 120 26.10.20 Cash 120 To accounts receivable 120…
At the end of 2010, the business calculates 2.750 TL of present value for the notes receivables with maturity value of 3.250 TL. Which entry is made on Dec 31, 2010? a. 2.750 debit to 122-D on N/R and credit to 647-D. Int. Rev b. 500 debit to 122-D on N/R and credit to 647- D. Int. Rev c. 2.750 debit to 657- D. Int. Ex and credit to 122-D on N/R d. 500 debit to 657-D. Int. Ex and credit to 122-D on N/R

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