The maker of a $240,000, 6%, 90-day note receiv-able failed to pay the note on the due date of November 30. What accounts should be debited and credited by the payee to record the dishon-ored note receivable

Q: EXO Company accepted a P400,000 face value, six-month, 9% note dated May 15 from a customer. After…

A: Interest accrued =  face value of note x rate of interest x no. of months/12 = P400,000 x 9% x 2/12…

Q: Haru Company sold accounts receivable without recourse for P10, 600,000. Mild company received P10,…

A: Factoring of Accounts Receivable :              Accounts receivable are the money owe by the debtors…

Q: Timmons Company had a January 1 credit balance in its Allowance for Doubtful Accounts of $7,000 for…

A: Allowance for bad and doubtful debt is a contra-asset account used by a business to write off bad…

Q: On May 17, Bruno Olive Co. accepted a $6,500, 8%, 90-day note from a customer. On June 11, the note…

A: A note is a contract in written form in which one party promise to pay a certain sum of money to…

Q: A cheque in the amount of $455 was returned by the bank marked "NSF". A bank service fee of $15 was…

A: As per relevant accounting principles, in case of cheque returned due to non-sufficient funds in the…

Q: The maker of a $240,000, 6%, 90-day note receivable failed to pay the note on the due date of…

A: Dishonored note: Note receivable refers to a written promise by the debtor for the amounts to be…

Q: Gideon Company uses the allowance method of accounting for uncollectible accounts. On May 3, Gideon…

A: Note: Under the direct write-off method, bad debts expense are recorded when the company is sure…

Q: On June 8, Smith Technologies issued a $75,000, 6%, 140-day note payable to Johnson Company.  What…

A: The due date is the maturity date of the note. On the due date, the borrower is supposed to repay…

Q: Calculate the allowance for uncollectible accounts for East Bay, Inc., the total balance in accounts…

A: As per ageing of accounts receivables, allowance for doubtful accounts is calculated by multipying…

Q: Dexter Company uses the direct write-off method. March 11 Dexter determines that it cannot collect…

A: Introduction: Journal entry is used to record a business transaction in the accounting records of a…

Q: Aardvark, Ic., began 20X1 with the following receivables-related account balances: Accounts…

A: Financial statement: It is a statement that consists of a cash flow statement, Income statement, and…

Q: We sold ABC company merchandise on account for $24,000 They were unable to pay it so we changed it…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Recording Note Transactions The following information is extracted from TaraCorporation’s accounting…

A: A note is a type of debt instrument that is generally used by companies in exchange for cash. Notes…

Q: Asap Dexter Company uses the direct write-off method.     March 11 Dexter determines that it…

A: Introduction: In a corporation's accounting records, a journal entry is used to record a business…

Q: Easter Supply sells a variety of merchandise to retail stores on account, but it insists that any…

A:

Q: A business issued a 90-day, 8% note for $34,000 to a creditor on account. Illustrate the effects on…

A: Given that, term of the Note = 90 days rate of the note = 8% Amount of the Note = $34000   interest…

Q: On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of…

A: Allowance for doubtful accounts is considered as a contra asset account. This account is used to…

Q: 9/19 - A customer was issued a note: 60-day, 5%, $22,500 11/18 - The note issued on 9/19 was not…

A: The journal Entry for above transaction are as follows:

Q: A $14,400, 60-day, 12% note recorded on November 21 is not paid by the maker at maturity. The…

A: Introduction:- A $14,400, 60-day, 12% note recorded on November 21 is not paid by the maker at…

Q: On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts…

A: Accounts receivables:- Accounts receivables defines that balance which is due to firm on the goods…

Q: On December 31, Jarden Co.'s Allowance for Doubtful Accounts has an unadjusted credit balance of…

A: Allowance for doubtful debts is the method of reporting the doubtful accounts in the books. These…

Q: The following interest-bearing promissory note was discounted at a bank by the payee before…

A: Here, Face Value is $350 Interest Rate is 12.5% Date of Note is June 8 Term of Note is 135 days Date…

Q: The Dalik slalemenl mdic Daik SalemenL anu trie owing reconciling items: totaled $30.060.…

A: A bank reconciliation statement is a summary of banking and business transactions that reconciles a…

Q: A $14,400, 30-day, 12% note recorded on November 21 is not paid by the maker at maturity. The…

A: Notes receivable: Notes receivable refers to a written promise for the amounts to be received within…

Q: Aug. 1: Received amount owed on June 2 note plus interest at the maturity date. Description Debit…

A: Journal Entry The purpose of preparing the journal entry to enter the required transaction into…

Q: RO 6,000, 2-month, non-interest-bearing note payable was discounted by a bank at 9%. The amount of…

A: The question is related to discounting by bank. In the given case RO 6000 , 2-month,…

Q: On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit bala…

A: A person's or corporation's net income is the amount generated after deducting costs, allowances,…

Q: Answer Question 4

A: a. Prepare a bank reconciliation of Graser company at December 31, 2019 as shown below:

Q: Journal Entry: 9/19 - Issued a 60-day, 5%, $22,500 note to a customer 11/18 - The note issued on…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: 1. A $9,600, 60-day, 12% note recorded on November 21 is not paid by the maker at maturity. The…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: A $9,600, 60-day, 12% note recorded on November 21 is not paid by the maker at maturity. The journal…

A: Note receivable refers to a negotiable instrument. It represents the claim amount due on the…

Q: On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts…

A: Bad debt expense = Credit Sales x Estimated Uncollectlble (%)

Q: What accounts should be debited and credited by the payee to record the dishonored note receivable?

A: Hi student Since there are multiple questions, we will answer only first question.

Q: calculate the missing information.

A: A promissory note is a type of instrument issued between two parties in a written form for some…

Q: On December 31, it is estimated that 8% of the outstanding accounts receivable may prove…

A: "Since you have asked multiple question we will solve the first three sub part question for you.  If…

Q: A 60-day, 5% note for $10,800, dated April 15, is received from a customer on account. The face…

A: Introduction:- A 60-day, 5% note for $10,800 Dated April 15 It is received from a customer on…

Q: Aug. 1: Received amount owed on June note plus interest at the maturity date. Description Debit…

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

Q: A business issued a 90day,8% note for 67000$ to creditor on account. Illustrat the effects on the…

A: a) When the Note payable is issued to creditor for the amount payable to him, the balance in the…