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cant seem to figure out these journal entries Part 3: Complete the journal entries for each of the following transaction. a. Use the drop down
cant seem to figure out these journal entries
Part 3: Complete the journal entries for each of the following transaction. a. Use the drop down menus to find the appropriate accounts for the yellow boxes. b. Provide the correct values for each debit and credit possible, use a formula to calculate your answer. DR CA Ba. On July 1, 2021, a company lent $40,000 cash to a dient by issuing a 5, 8-month note. The terms of the note require payment of all interest and principal when the note matures b. At the end of July the company estimates that 1.5% of the month's receivables, which total $45,000, will be collectible 3 In August, the company receives information indicating that $500 owed on account should be written off 3d. At the end of the year (on Dec 31, 20211, the company accrues interest on the note issued on July 1 for its financial statements. Assume no interest had previously been accrued on the note. Be. At the end of the year, the company is surprised to receive a $125 cash payment on an account they had previously written off. How would they record this? 3 Asuming that no additional interest accruals made after Dec 31st, 2021 (see 3b, abovel, what journal entries would be necessary to record the receipt of payments for the note at its maturity? Interest Principal Step by Step Solution
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