Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Following are transactions of Leduc Company: 54 2020 Dec.11 Accepted a $24,000, 6%, 60-day note dated th time extension on his past-due account. 31 Made

image text in transcribed

Following are transactions of Leduc Company: 54 2020 Dec.11 Accepted a $24,000, 6%, 60-day note dated th time extension on his past-due account. 31 Made an adjusting entry to record the accrue note. 31 Closed the Interest income account. 2018 Jan. 10 Discounted the Fred Calhoun note at the bank Feb. 10 The Fred Calhoun note was dishonoured. Paid t the note plus a $30 fee. Mar. 5 Accepted a $13,500, 5.5%, 60-day note dated th extension on the past-due account of Donna Ree 29 Discounted the Donna Reed note at the bank at May 7 The Donna Reed note had been received by the b June 9 Accepted a $15,750, 60-day, 5% note dated this extension on the past-due account of Jack Mille Aug. 8 Received payment of the maturity value of the 11 Accepted an $17,000, 60-day, 5% note dated this a time extension on his past-due account. 31 Discounted the Roger Addison note at the bank a Oct. 12 The Roger Addison note was dishonoured. Paid the the note plus a $30 fee. Nov. 19 Received payment from Roger Addison of the matur note, the fee, and interest on both for 40 days Dec.23 Wrote off the Fred Calhoun account against Allowa Required: Prepare General Journal entries to record the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account fiatal Following are transactions of Leduc Company: 54 2020 Dec.11 Accepted a $24,000, 6%, 60-day note dated th time extension on his past-due account. 31 Made an adjusting entry to record the accrue note. 31 Closed the Interest income account. 2018 Jan. 10 Discounted the Fred Calhoun note at the bank Feb. 10 The Fred Calhoun note was dishonoured. Paid t the note plus a $30 fee. Mar. 5 Accepted a $13,500, 5.5%, 60-day note dated th extension on the past-due account of Donna Ree 29 Discounted the Donna Reed note at the bank at May 7 The Donna Reed note had been received by the b June 9 Accepted a $15,750, 60-day, 5% note dated this extension on the past-due account of Jack Mille Aug. 8 Received payment of the maturity value of the 11 Accepted an $17,000, 60-day, 5% note dated this a time extension on his past-due account. 31 Discounted the Roger Addison note at the bank a Oct. 12 The Roger Addison note was dishonoured. Paid the the note plus a $30 fee. Nov. 19 Received payment from Roger Addison of the matur note, the fee, and interest on both for 40 days Dec.23 Wrote off the Fred Calhoun account against Allowa Required: Prepare General Journal entries to record the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account fiatal

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

Accounting For The Environment

Authors: Rob Gray, Jan Bebbington

2nd Edition

0761971378, 978-0761971375

More Books

Students also viewed these Accounting questions

Question

=+b) What is the standard deviation of the sample range?

Answered: 1 week ago