Link Back to Chapter 4 (Closing Entries). Record the following selected transactions in the general journal of

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Link Back to Chapter 4 (Closing Entries). Record the following selected transactions in the general journal of Recognition Systems. Explanations are not required. 20x2 Dec. 21 31 31 20X3 Jan. 20 Sept. 14 30 Nov. 29 Dec. 14 Received a $2.800. 30-day, 10% note on account from Lindsey Fitzhugh. Made an adjusting entry to accrue interest on the Fitzhugh note. Made a closing entry for interest revenue. Collected the maturity value of the Fitzhugh note. Loaned $4.000 cash to Bullseye Investors, receiving a three-month, 13% note. Received a $1.675, 60-day, 16% note from Chuck Powers on his past-due account receivable. Chuck Powers dishonored his note at maturity; wrote off the note as uncol- lectible, debiting Allowance for Uncollectible Accounts. Collected the maturity value of the Bullseye Investors note.

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Accounting

ISBN: 9780130906991

5th Edition

Authors: Charles T. Horngren, Walter T. Harrison, Linda S. Bamber, Betsy Willis, Becky Jones

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