14A-1. Journalize the following entries for (1) the buyer and (2) the seller. Reet (The forms you need are on pages 448-457 of the Study Guide and Working Papers Lee Company sold $7,000 of merchandise on account to Rover Compa Lee Company received a 90-day, $5,000, 8% note for a time extension to red Group A Problems entries for the buyer first. Grip 20X9 143-1 June 11 Oct. 9 July 11 a past due account of Rover Company. Collected the Rover Company note on the maturity date. Oct. 9 Assume Rover Company defaulted on its July 11 note and record the dis. honored note. Oct. 15 Rover Company paid the note receivable that was dishonored on October 9 (no additional interest is charged). 14B-2. On June 2, 20X4, Apples Company received a $40,000, 90-day, 11% note from Fletcher Company dated June 2. On July 16, 20X4, Apples discounted RECEIVABLE AND NOTES PAYABLE T-2 the note at Run Bank at a discount rate of 12%. 1. Calculate the following: a. Maturity value of the note b. Number of days the bank will hold the note until maturity dars c. Bank discount d. Proceeds 2. Journalize the entry to record the proceeds. ronord in the general iournal the follow- 14B-4. Record the following entries into the gene 20XX May 12 Finan account past due. Readir June 15 G Allowance method. Mark Castle paid Rochester the note in full. 10 2 account now past due. Received $13,000, 90-day, 9% note from Mark Castle in payment of Wrote off the Hal Balmer account as uncollectible for $900 using the Gave Reech Company a $20,000, 30-day, 8% note as a time extension Hal Balmer paid Rochester amount previously written on June 15. Received a $6,000, 60-day, 11% note dated December 3 crom Beverly Aug. Nov. Discounted its own $10,000, 90-day note at Tree Bank 1%. Dec. 2 Fields in payment of account past due. Paid principal and interest due on note issued to Reech Company from November 2 note. Dec. 16 Received a $2,000, 60-day, 11% note from Larry Company in payment i account past due. Dec. 28 Discounted the Beverly Fields note to Realty Bank at 12%. Dec. 31 Recorded adjusting entries as appropriate. Nov. 18 Dec. 2 . San Se Ho for Dec. 2 tom As (Se an broup B Problems the forms you need are on pages 448-457 of the Study Guide and Working Papers.) MB-I. Journalize the following entries for (1) the buyer and (2) the seller. 20X9 10 July 10 Aug. Check Figure Nov. 8 Interest Expense and Interest Income $135 Nov. Lee Company sold $8,000 of merchandise on account to Connors Company. Lee Company received a 90-day, $6,000,9% note for a time extension of past due account of Rover Company. Collected the Rover Company note on the maturity date. Assuming Rover Company defaulted on November 8, record the dishon- ored note. Rover Company paid the note receivable that was dishonored on November 8 (no additional interest is charged). 8 Nov. 8 Nov. 16