Answered step by step
Verified Expert Solution
Question
1 Approved Answer
2016 Dec. 16 Accepted a $20, 400, 60-day, 126 note dated this day in granting Rita Griffin a time extension on his past-due account receivable.
2016 Dec. 16 Accepted a $20, 400, 60-day, 126 note dated this day in granting Rita Griffin a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Griffin note. 17 2017 Feb. 14 Received Griffin's payment of principal and interest on the note dated December 16. Mar. 2 Accepted a $9,000, 60, 90-day note dated this day in granting a time extension on the past-due account receivable from Wright Co. Accepted a $7,200, 30-day, 10% note dated this day in granting Wang Lee a time extension on her past-due account receivable. Apr. 16 Lee dishonored her note when presented for payment. May 31 Wright Co. refused to pay the note that was due to Garcia Co. on May 31. Prepare the journal entry to charge the dishonored note plus accrued interest to Wright Co.'s accounts receivable. July 16 Received payment from Wright Co. for the maturity value of its dishonored note plus interest for 46 days beyond maturity at 68. Aug. 7 Accepted a $22,000, 90-day, 10% note dated this day in granting a time extension on the past-due account receivable of Collins Co. Sep. 3 Accepted a $11,400, 60-day, 108 note dated this day in granting Maria Gonzalez a time extension on his past-due account receivable. Nov. 2 Received payment of principal plus interest from Gonzalez for the September 3 note. Nov. 5 Received payment of principal plus interest from Collins for the August 7 note. Dec. 1 Wrote off the Lee account against the Allowance for Doubtful Accounts. Requirement General Journal General Ledger Trial Balance Schedule of Receivables Calculation of Interest Prepare the journal entries related to notes receivable and accounts receivable. Hint: Use the ensure the accuracy of your entries. View transaction list Journal entry worksheet 2 3 4 5 6 7 8 ..... 11 Feb. 14 Received Griffin's payment of principal and interest on the $20,400, 60-day, 12% note dated December 16. The Garcia Company does not prepare reversing entries. Verify the amount of interest using the "CALCULATION OF INTEREST tab. Note: Enter debits before credits
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started