Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

30.00 points Following are selected transactions Deshawn Company for 2014 and 2015. 2014 Dec. 13 Accepted a $10,000, 45-day, 8% note dated December 13 in

image text in transcribed
image text in transcribed
30.00 points Following are selected transactions Deshawn Company for 2014 and 2015. 2014 Dec. 13 Accepted a $10,000, 45-day, 8% note dated December 13 in granting Latisha Clark a time extension on her past-due account receivable. 31 Prepared an adjusting entry to record the accrued interest on the Clark note. 2015 Jan. 27 Received Clark's payment for principal and interest on the note dated December 13. Mar. 3 Accepted a $4,000, 10%, 90-day note dated March 3 in granting a time extension on the pastdue account receivable of Shandi Company. Accepted a $2,000 his past-due account receivable. 17 30-day, 9% note dated March 17 in granting Juan Torres a time extension on Apr. 16 Torres dishonors his note when presented for payment May 1 Wrote off the Torres account against the Allowance for Doubtful Accounts. June 1 Received the Shandi payment for principal and interest on the note dated March 3. Prepare journal entries for the above transactions for 2015. (Use a 360-day year for interest calculation. Omit the "$" sign in your response.) General Journal ate 2015 Jan. 27 (Click to select) (Click to select) (Click to select) (Click to select) Mar. 3 (Click to select) (Click to select) F3 2 3 4 6

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions