What accounts should be debited and credited by the payee to record the dishonored 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: The maker of a $240,000, 6%, 90-day note receiv-able 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: Gambit Stores accepts from Leonard a $6500, 90 days, 7% note dated May 10 in settlement of Leonard'…

A: Accounts Receivables is the amount due from the customers on account of credit sales made.

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: BTS 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: 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: On January 16, Gee Company accepted a P600,000, 10%, 90-day note from a customer. On February 15,…

A: Comment- Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…

Q: A 60-day, 5% note for $10,200, dated April 15, is received from a customer on account. The face…

A: The face value of the note is $10200

Q: Shown below are selected transactions of Gulf Corp. during the month of December 2011. Dec. 1…

A: General journal entries  Date Particulars Dr.$ Cr.$ 1…

Q: On November 30, accounts receivable in the amount of P900,000 were assigned to Turon Finance Co. by…

A: Accounts Receivable (AR) are the profits or revenues that a business expects to receive from…

Q: Al Ahlya Company wrote a RO2,500, three-months, 8% promissory note dated August 1, to remove credit…

A: When a business makes credit sales to its customers, then amount due from customer is known as…

Q: Night Corp. receives a $4,000, 3-month, 8% note from Day Corp. in settlement of a past due account…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Yummy sold $656,000 of consumer electronics during July under a one-year warranty. The cost to…

A: Contingent liability may or may not arise on the occurrence of future events. Warranty liability is…

Q: S9-10 Accounting for a note receivable On June 6, Lakeland Bank & Trust lent $80,000 to Stephan Stow…

A: A note receivable is the amount that the issuer of the note will receive at a future date as…

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

A:

Q: April 1 Hoover Company received a 7%, 6-month s50,000 note dated April 1 from a customem whose…

A: Case-1 :Hoover Company received a 7% , 6Month $50000 note dated April 1 from customer whose account…

Q: June 23 Received a $48,000, 90-day, 8% note dated June 23 from Radon Express Co. on account. Sept.…

A: Note Receivable :- It is a written promise to receive money in the future date.  This amount…

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: On January 16, K Corp, accepted a P600,000, 9%, 90 day note from a customer. On February 10, the…

A: Step 1 Discount of trade bills is short-term financing granted by the Bank. The Bank purchases trade…

Q: Note Receivable Maggiano Supply Company received a 120-day, 6% note for $420,000, dated June 12,…

A: Meaning :  1. Note Receivable:  Note receivable record the value of promissory note that a business…

Q: 15. On September 15, the company received a P180,000 6% 180-day note. This was discounted to the…

A:

Q: On December 15, the accounts receivable balance was $50,000 and the balance in the allowance for…

A: Net realizable value of accounts receivable = Accounts receivable balance - balance in the allowance…

Q: 10. On November 1, 20x1, Sunny Friday Co. discounted P1,000,000, 6-month, 12% note, received from a…

A: Note receivable is a financial instrument which is made by the borrower to the lender to a pay…

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: 33. On August 1, 2011, Hampton Construction received a 9 percent, six-month note receivable from…

A: Answer: Assuming that Dusty Roads pays the note plus accrued interest in full. Entry for Collection…

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: 6. On December 31, 2010, Chelsea Co. provides a service for its customer Villas Boas Co. inexchange…

A: First step is to compute the amount of notes receivable to be recorded in the beginning of the…

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: Whispering Supply Co. has the following transactions related to notes receivable during the last 2…

A: .Journal entries are recorded to record financial transactions in the books of accounts. These…

Q: Prefix Supply Company received 120-day, 8% note for $450,000, dated April 9, from a customer on…

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

Q: Lundquist Company received a 60-day, 9% note for $28,000, dated July 23, from a customer on…

A: Note receivable: Note receivable refers to a written promise received by the creditor from the…

Q: On November 16, Bell borrowed $10,000 from Graham and gave a 90-day, 12% note. On December 31, the…

A: As of the end of accounting period, the company that has lent money needs to record interest on a…

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: On May 20, 2021, Gordon Company discounted with recourse a P75,000, 90-day, 8% note that was…

A: Maturity value of the note = Face value of note + interest = P75,000 + (P75,000*8%*90/360) = P75,000…

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

A: Accounts receivable has debit balance because it is our assets so if we want to discharge it we have…

Q: ShadyTree Company issued a note receivable to a customer. The face value of the note was $12,000 at…

A: The question is based on the concept of Financial Accounting.

Q: Shown below are selected transactions of Gulf Corp. during the month of December 2011. Dec. 1…

A: Adjusted balance in the Unrealized Holding Gain (or Loss) on Investments account at December : In…

Q: On December 31, 2010, Chelsea Co. provides a service for its customer Villas Boas Co. inexchange for…

A: First step is to compute the amount of liability of Note payable to be recorded o Dec31, 2010.This…