HORNGREN'S FINANCIAL & MANAGERIAL ACCO
16th Edition
ISBN: 9781323425084
Author: MILLER-NOBLES
Publisher: PEARSON C
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Textbook Question
Chapter 8, Problem 8.10SE
Accounting for a note receivable
On June 6, Southside Bank & Trust lent $90,000 to Samantha Michael on a 60-day, 6% note.
Requirements
1. Journalize for Southside the lending of the money on June 6.
2. Journalize the collection of the principal and interest at maturity. Specify the date.
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Chapter 8 Solutions
HORNGREN'S FINANCIAL & MANAGERIAL ACCO
Ch. 8 - Prob. 1QCCh. 8 - When recording credit card or debit card sales...Ch. 8 - Which of the following is a limitation of the...Ch. 8 - The entry to record a write-off of an...Ch. 8 - Brickman Corporation uses the allowance method to...Ch. 8 - Brickmans ending balance of Accounts Receivable is...Ch. 8 - At December 31 year-end, Crain Corporation has an...Ch. 8 - Using the data in the preceding question, what...Ch. 8 - At year-end, Schultz, Inc. has cash of 11,600,...Ch. 8 - Using the data in the preceding question, assume...
Ch. 8 - What is the difference between accounts receivable...Ch. 8 - Prob. 2RQCh. 8 - Prob. 3RQCh. 8 - When dealing with receivables, give an example of...Ch. 8 - What type of account must the sum of all...Ch. 8 - Prob. 6RQCh. 8 - What are two common methods used when accepting...Ch. 8 - What occurs when a business factors its...Ch. 8 - What occurs when a business pledges its...Ch. 8 - Prob. 10RQCh. 8 - Prob. 11RQCh. 8 - Prob. 12RQCh. 8 - Prob. 13RQCh. 8 - When using the allowance method, how are accounts...Ch. 8 - Prob. 15RQCh. 8 - Prob. 16RQCh. 8 - How does the percent- of-sales method compute bad...Ch. 8 - How do the percent-of-receivables and aging-of-...Ch. 8 - What is the difference between the...Ch. 8 - Prob. 20RQCh. 8 - Prob. 21RQCh. 8 - Prob. 22RQCh. 8 - Prob. 23RQCh. 8 - Prob. 24RQCh. 8 - Prob. 8.1SECh. 8 - Prob. 8.2SECh. 8 - Applying the direct write-off method to account...Ch. 8 - Collecting a receivable previously written...Ch. 8 - Prob. 8.5SECh. 8 - Applying the allowance method (percent-of-sales)...Ch. 8 - Applying the allowance method...Ch. 8 - Prob. 8.8SECh. 8 - Prob. 8.9SECh. 8 - Accounting for a note receivable On June 6,...Ch. 8 - Prob. 8.11SECh. 8 - Recording a dishonored note receivable Midway...Ch. 8 - Prob. 8.13SECh. 8 - Defining common receivables terms Match the terms...Ch. 8 - Prob. 8.15ECh. 8 - Journalizing transactions using the direct...Ch. 8 - Use the following information to answer Exercises...Ch. 8 - Use the following information to answer Exercises...Ch. 8 - Accounting for uncollectible accounts using the...Ch. 8 - Journalizing transactions using the direct...Ch. 8 - Journalizing credit card sales, note receivable...Ch. 8 - Journalizing note receivable transactions...Ch. 8 - Journalizing note receivable transactions The...Ch. 8 - Journalizing note receivable transactions Like New...Ch. 8 - Evaluating ratio data Chippewa Carpets reported...Ch. 8 - Prob. 8.26ECh. 8 - Prob. 8.27APCh. 8 - Accounting for uncollectible accounts using the...Ch. 8 - Accounting for uncollectible accounts using the...Ch. 8 - Accounting for uncollectible accounts...Ch. 8 - Accounting for notes receivable and accruing...Ch. 8 - Accounting for notes receivable, dishonored notes,...Ch. 8 - Using ratio data to evaluate a companys financial...Ch. 8 - Prob. 8.34BPCh. 8 - Prob. 8.35BPCh. 8 - Accounting for uncollectible accounts using the...Ch. 8 - Accounting for uncollectible accounts...Ch. 8 - Accounting for notes receivable and accruing...Ch. 8 - Accounting for notes receivable, dishonored notes,...Ch. 8 - Prob. 8.40BPCh. 8 - Prob. 8.41CPCh. 8 - Prob. 8.42PSCh. 8 - Prob. 8.1CTDCCh. 8 - Paulines Pottery has always used the direct...Ch. 8 - Prob. 8.1CTFCCh. 8 - Use Starbucks Corporations Fiscal 2013 Annual...
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- A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest Expensearrow_forwardOn 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.arrow_forwardJOURNAL ENTRIES (NOTE ISSUED FOR BANK LOAN) Prepare general journal entries for the following transactions: Sept. 15 Borrowed 7,000 cash from the bank, giving a 60-day non- interest- bearing note. The note is discounted 8 % by the bank. Nov. 14 Paid the 7,000 note, recognizing the discount as interest expense.arrow_forward
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