FIN + MANAG ACCT 180 DAY CUST CONN ACC
9th Edition
ISBN: 9781266114090
Author: Wild
Publisher: INTER MCG
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Chapter 7, Problem 17QS
To determine
Concept Introduction:
Dishonoring of Note: When a promissory note is not paid by a debtor in the stated amount of time due to which the creditor must write off the income as
To prepare: The
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Provide the general journal entries of the following transactions
of The Pet Whiskers Company.
Received a $10,000, 8%, 3-month note, dated July 1,
from Peter in payment of his open account.
July 1
Oct. 1
Received notification from Peter that he was unable
to honor his note at this time. It is expected that
Frank will pay at a later date.
Received full payment from Peter for his noTe
receivable previously dishonored.
Nov. 15
Notes Receivable-Dishonoring a Note
Prepare journal entries to record the following selected transactions of Wilson
Company.
Mar. 21 Accepted a $9,500, 180-day, 8% note dated March 21 from Jackson in
granting a time extension on his past-due account receivable.
Sept. 17 Jackson dishonors his note when it is presented for payment.
Dec. 31 After exhausting all legal means of collection, Wilson Company writes
off Jackson's account against the Allowance for Doubtful Accounts.
Prepare journal entries to record these transactions:
Mar. 21 Accepted a $6,200, six-month, 4% note dated today from Bradley Brooks in granting a time
extension on his past-due account.
Sept. 21 Brooks dishonoured his note when presented for payment.
Dec. 31 After exhausting all legal means of collection, wrote off Brooks's account against the
Allowance for Doubtful Accounts.
View transaction list
Journal entry worksheet
Chapter 7 Solutions
FIN + MANAG ACCT 180 DAY CUST CONN ACC
Ch. 7 - Prob. 1QSCh. 7 - Prob. 2QSCh. 7 - Prob. 3QSCh. 7 - QS 7-4 Distinguishing between allowance method and...Ch. 7 - Prob. 5QSCh. 7 - Prob. 6QSCh. 7 - Prob. 7QSCh. 7 - Prob. 8QSCh. 7 - Prob. 9QSCh. 7 - Prob. 10QS
Ch. 7 - Prob. 11QSCh. 7 - Prob. 12QSCh. 7 - Prob. 13QSCh. 7 - Prob. 14QSCh. 7 - Prob. 15QSCh. 7 - Prob. 16QSCh. 7 - Prob. 17QSCh. 7 - Prob. 18QSCh. 7 - Prob. 19QSCh. 7 - Prob. 20QSCh. 7 - Prob. 21QSCh. 7 - Prob. 1ECh. 7 - Prob. 2ECh. 7 - Prob. 3ECh. 7 - Prob. 4ECh. 7 - Prob. 5ECh. 7 - Prob. 6ECh. 7 - Prob. 7ECh. 7 - Prob. 8ECh. 7 - Prob. 9ECh. 7 - Prob. 10ECh. 7 - Prob. 11ECh. 7 - Prob. 12ECh. 7 - Prob. 13ECh. 7 - Prob. 14ECh. 7 - Prob. 15ECh. 7 - Prob. 16ECh. 7 - Prob. 17ECh. 7 - Prob. 18ECh. 7 - Prob. 19ECh. 7 - Prob. 20ECh. 7 - Prob. 21ECh. 7 - Prob. 22ECh. 7 - Prob. 23ECh. 7 - Prob. 1PSACh. 7 - Prob. 2PSACh. 7 - Prob. 3PSACh. 7 - Prob. 4PSACh. 7 - Prob. 5PSACh. 7 - Prob. 1PSBCh. 7 - Prob. 2PSBCh. 7 - Prob. 3PSBCh. 7 - Prob. 4PSBCh. 7 - Prob. 5PSBCh. 7 - Prob. 7SPCh. 7 - Prob. 1.1AACh. 7 - Prob. 1.2AACh. 7 - Prob. 1.3AACh. 7 - Prob. 1.4AACh. 7 - Prob. 2.1AACh. 7 - Prob. 2.2AACh. 7 - Prob. 3.1AACh. 7 - Prob. 3.2AACh. 7 - Prob. 1DQCh. 7 - Prob. 2DQCh. 7 - Prob. 3DQCh. 7 - Prob. 4DQCh. 7 - Prob. 5DQCh. 7 - Prob. 6DQCh. 7 - Anton Blair is the manager of a medium-size...Ch. 7 - Prob. 2BTNCh. 7 - Prob. 3BTNCh. 7 - Prob. 4BTNCh. 7 - Prob. 5BTN
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