Prepare journal entries to record these transactions: (Round your answers to 2 decimal places.) Oct. 31 Accepted a $18,000, six-month, 6.0% note dated today from Leann Grimes in granting a time extension on her past due account. Dec. 31 Adjusted the books for the interest due on the Grimes note. Apr. 30 Grimes honoured her note when presented for payment. 1 Record entry for note accepted for $18,000, for 6 months at 6.00% dated today from Leann Grimes in granting a time extension on her past due account. 2 Record adjusting entry for the interest due on the Grimes note. 3 Record the note honored, when presented for payment.

Prepare journal entries to record these transactions: (Round your answers to 2 decimal places.) Oct. 31 Accepted a $18,000, six-month, 6.0% note dated today from Leann Grimes in granting a time extension on her past due account. Dec. 31 Adjusted the books for the interest due on the Grimes note. Apr. 30 Grimes honoured her note when presented for payment. 1 Record entry for note accepted for $18,000, for 6 months at 6.00% dated today from Leann Grimes in granting a time extension on her past due account. 2 Record adjusting entry for the interest due on the Grimes note. 3 Record the note honored, when presented for payment.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 14EA: Arvan Patel is a customer of Banks Hardware Store. For Mr. Patels latest purchase on January 1,...

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Arvan Patel is a customer of Banks Hardware Store. For Mr. Patels latest purchase on January 1, 2018, Banks Hardware issues a note with a principal amount of $480,000, 13% annual interest rate, and a 24-month maturity date on December 31, 2019. Record the journal entries for Banks Hardware Store for the following transactions. A. Note issuance B. Subsequent interest entry on December 31, 2018 C. Honored note entry at maturity on December 31, 2019.
Prepare journal entries to record these transactions (round the answer to two decimal places): Oct. 31 Accepted a $20,000, six-month, 5% note dated today from Client X in granting a time extension on her past- due account receivable. Dec. 31 Adjusted the books for the interest due on Client X’s note. Apr. 30 Client X honored the note and paid it in full.
Prepare journal entries to record these transactions. (Round your answers to 2 decimal places.) Oct. 31 Accepted a $15,80e, six-month, 4.5% note dated today from Leann Grimes in granting a time extension on her past-due account. Dec. 31 Adjusted the books for the interest due on the Grimes note. Apr. 30 Grimes honoured her note when presented for payment. View transaction list Journal entry worksheet 2 3 > Record entry for note accepted for $15,000, for 6 months at 4.5% dated today from Leann Grimes in granting a time extension on her past-due account. Note: Enter debits before credits. Date General Journal Debit Credit Oct 31 Record entry Clear entry View general journal
Following are transactions for Vitalo Company. November 1 Accepted a $5,000, 180-day, 5% note from Kelly White in granting a tine extension on her past-due account receivable. December 31 Adjusted the year-end accounts for the accrued interest earned on the White note.. April 30 white honored her note when presented for payment. Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your Journal entries. Note: Do not round intermediate calculations. Use 360 days a year.
Prepare journal entries for the following transactions of Danica Company. Dec. 13 Accepted a $9,500, 45-day, 8% note in granting Miranda Lee a time extension on her past-due account receivable. 31 Prepared an adjusting entry to record the accrued interest on the Lee note.
Prepare journal entries to record transactions for Vitalo Company. Nov. 1 Accepted a $6,000, 180-day, 8% note from Kelly White in granting a time extension on her past-due account receivable. Dec. 31 Adjusted the year-end accounts for the accrued interest earned on the White note. Apr. 30 White honored her note when presented for payment.
Following are transactions of Danica Company 13 Accepted a $9,500, 45-day, 81 note in granting Miranda Lee a extension on her past-due account receivable. Prepared an adjusting entry to record accrued interest the Lee note. Complete the table to calculate the Interest amounts at Dexember 31^ \st and use the calculated value to prepare your journal entries. (Do not round your intermediate calculations. Use 360 days a year.)
Following are transactions for Veilstone Jewelers. November 1 Accepted a $15,000, 180-day, 5% note from Vitalo in granting a time extension on her past-due account receivable. December 31 Adjusted the year-end accounts for the accrued interest earned on the White note. April 30 Vitalo honored her note when presented for payment. Calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your journal entries. Note: Do not round intermediate calculations. Use 360 days a year. Complete this question by entering your answers in the tabs below. General Journal Use those calculated values to prepare your journal entries. View transaction list Journal entry worksheet 1 2 3 4 Accepted a $15,000, 180-day, 5% note from Vitalo in granting a time extension on her past-due account receivable.
Following are transactions for Vitalo Company. November 1 Accepted a $10,000, 180-day, 7% note from Kelly White in granting a time extension on her past-due account receivable. December 31 Adjusted the year-end accounts for the accrued interest earned on the White note. April 30 White honored her note when presented for payment. Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your journal entries. (Do not round intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below. General Journal Interest Amounts Complete the table to calculate the interest amounts at December 31st and April 30th Total Through Maturity November 1 Through December 31 January 1 Through April 30 Principal Rate (%) Time Total interest Amounts General Journal > ere to search 68°F 40 4. ort se delete
Following are transactions for Vitalo Company. November 1 Accepted a $5,000, 180-day, 7% note from Kelly White in granting a time extension on her past-due account. receivable. December 31 Adjusted the year-end accounts for the accrued interest earned on the White note. April 30 White honored her note when presented for payment. Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your journal entries. (Do not round intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below. Interest Amounts General Journal Complete the table to calculate the interest amounts at December 31st and April 30th. November 1 Through December 31 January 1 Through April 30 Principal Rate (%) Time Total interest Total Through Maturity
Following are transactions for Vitalo Company. 1 Accepted a $12,000, 180-day, 6% note from Kelly White in granting a time extension on her past-due account receivable. Nov. Dec. 31 Adjusted the year-end accounts for the accrued interest earned on the White note. Apr. 30 White honored her note when presented for payment. th and April 30 and use those calculated values to prepare your Complete the table to calculate the interest amounts at December 31st journal entries. (Do not round intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below. Interest General Amounts Journal Complete the table to calculate the interest amounts at December 31st and April 30th. November 1 January 1 Total Through Through Through Maturity December 31 April 30 Principal Rate (%) Time Total interest
Following are transactions for Vitalo Company. November 1 Accepted a $7,000, 180-day, 7% note from Kelly White in granting a time extension on her past-due account receivable. December 31 Adjusted the year-end accounts for the accrued interest earned on the White note. April 30 White honored her note when presented for payment. Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your journal entries. (Do not round intermediate calculations. Use 365 days a year.) Complete this question by entering your answers in the tabs below. Interest Amounts General Journal Complete the table to calculate the interest amounts at December 31st and April 30th.