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I just want to make sure is correct.Specially the last journal entry Acct 1A Chapter 9 Exercise YOU MUST SUBMIT ONE FILE IN CANVAS WITH
I just want to make sure is correct.Specially the last journal entry
Acct 1A Chapter 9 Exercise YOU MUST SUBMIT ONE FILE IN CANVAS WITH A FILE EXTENSION OF DOC, XLS, OR PDF. YOU CAN'T SUBMIT A LINK TO A GOOGLE DOC, SHEET, ETC. IF YOU DID YOUR WORK IN A GOOGLE DOC/SHEET, SAVE IT TO A WORD DOC, EXCEL SHEET, OR PDF AND UPLOAD IT INTO CANVAS. Journalize the following selected transactions of Nile Company. Nile Company's fiscal year end is 12/31. Date Transaction Description 8/1/2011 Accepted a 4-month, 8% note in settlement of a past due customer account with a $6,000 balance. 10/1/20Y1 Accepted a promissory note from a Nile Company executive in exchange for providing the executive with $9,000 to be used for relocation costs. The note carries interest at 6% and is due in 7-months. 12/1/20Y1 The 4-month note is dishonored, and the note and interest are transferred to the customer's account. 12/31/20Y1 Accrued interest on the 7-month note. 5/1/20Y2 Received full payment of the 7-month note from the Nile Company executive. Date Accounts Debit Credit 08/01/20Y1 Notes Receivable $6,000 Accounts Receivable $6,000 Accepted a 4-month, 8% note in settlement of a past due customer account with a $6,000 balance. 10/01/20Y1 Notes Receivable $9,000 Cash $9,000 Accepted a promissory note from a Nile Company executive in exchange for providing the executive with $9,000 to be used for relocation costs. The note carries interest at 6% and is due in 7-months. 12/01/20Y1 Accounts Receivable $6,160 Interest Revenue $160 Notes Receivable S600 The 4-month note is dishonored, and the note and interest are transferred to the customer's account. 12/31/20Y1 Interest Receivable $231 Interest Revenue S231 12/31/20Y1 Interest Receivable $231 Interest Revenue S231 Accrued interest on the 7-month note. 05/01/20Y2 Cash $9,540 Interest Revenue S309 Interest Receivable $231 Notes Receivable $9,000 Received full payment of the 7-month note from the Nile Company executiveStep by Step Solution
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