Horngren's Financial & Managerial Accounting Plus Mylab Accounting With Pearson Etext -- Access Card Package (5th Edition) (miller-nobles Et Al., The Horngren Accounting Series)
5th Edition
ISBN: 9780134077345
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Chapter 8, Problem 8.32AP
Accounting for notes receivable, dishonored notes, and accrued interest revenue
Consider the following transactions for Jo Jo Music.
| 2016 | |
| Dec. 6 | Received a $9,000, 90-day, 12% note in settlement of an overdue |
| 31 | Made an |
| 31 | Made a closing entry for interest revenue. |
| 2017 | |
| Mar. 6 | Collected the maturity value of the Concord Sounds note. |
| Jun. 30 | Loaned $11,000 cash to Main Street Music, receiving a six-month, 12% note. |
| Oct. 2 | Received a $9,000, 60-day, 12% note for a sale to Salem Sounds. Ignore Cost of Goods Sold. |
| Dec. 1 | Salem Sounds dishonored its note at maturity. |
| 1 | Wrote off the receivable associated with Salem Sounds. (Use the allowance method.) |
| 30 | Collected the maturity value of the Main Street Music note. |
Journalize all transactions for Jo Jo Music. Round all amounts to the nearest dollar. (For notes stated in days, use a 360-day year.)
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Accounting for notes receivable and accruing interest
Carley Realty loaned money and received the following notes during 2018.
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April 1 $6000 7% 1 year
Sept 30 $12000 6% 6 month
Sept 19 $18000 8% 90 days
Requirements
Determine the maturity date and maturity value of each note.
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Accounting for notes receivable and accruing interest
Carley Realty loaned money and received the following notes during 2018.
Determine the maturity date and maturity value of each note.
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(Basic Note and Accounts Receivable Transactions)Part 1: On July 1, 2017, Wallace Company, a calendar-year company, sold special-order merchandise on credit and received inreturn an interest-bearing note receivable from the customer. Wallace Company will receive interest at the prevailing rate for anote of this type. Both the principal and interest are due in one lump sum on June 30, 2018.
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Chapter 8 Solutions
Horngren's Financial & Managerial Accounting Plus Mylab Accounting With Pearson Etext -- Access Card Package (5th Edition) (miller-nobles Et Al., The Horngren Accounting Series)
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...
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