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a? On December 31, 2020, Tobita Company had the following balances reported on its balance sheet: $16,800 Notes Receivable Interest Receivable $92.50 The following information
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On December 31, 2020, Tobita Company had the following balances reported on its balance sheet: $16,800 Notes Receivable Interest Receivable $92.50 The following information is available for the notes receivable reported on December 31, 2020. Interest Rate Issue Date Customer Term Interest Accrued Note Principal $5,100 5,100 1 E. Tessier 5.00% Nov. 1, 2020 3 months $42.50 2 R. Wolde 4.00% Nov. 30, 2020 5 months 17.00 3 D. Deng 6,600 6.00% Dec. 1, 2020 1 year 33.00 Total $16,800 Total $92.50 All notes require that the interest be paid on the maturity date of the note. All amounts owing on the notes were paid on time. Tobita prepares annual adjusting entries on December 31, the company's year end. Additional transactions of 2021 Mar 1 Oct. 30 Received a $11,100, twelve-month, 5.00% note from T. Lalonde in settlement of an accounts receivable Interest is due at maturity Received a $5,100, three-month, 4.00% note from J. Han in settlement of an accounts receivable. Interest is due at maturity Provided a $10,000 loan to Morgan Industriesin exchange for a two-year, 6.00% note with interest due at maturity, Interest on the note is payable each year on November 30, Dec. 1 (a) Prepare all required journal entries related to the notes receivables during 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Round answers to 2 decimal places, e.g. 52.50.) Date Account Titles and Explanation Debit Credit . . . . . + Step by Step Solution
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