Journal Entries for Accounts and Notes Receivable Pittsburgh, Inc , began business on January 1 Certain transactions for the year follow Jun 8 Received a $32,000, 60 day, eight percent note on account from J Albert Aug 7 Received payment from J Albert on her note (principal plus interest) Sep 1 Received an $38,000, 120 day, nine percent note from R T Matthews Company on account Dec 16 Received a $30,800, 45 day, ten percent note from D Leroy on account Dec 30 R T Matthews Company failed to pay its note Dec 31 Wrote off R T Matthews account as uncollectible Pittsburgh, Inc uses the allowance method of providing for credit losses Dec 31 Recorded expected credit losses for the year by an adjusting entry Accounts written off during this first year have created a debit balance in the Allowance for Doubtful Accounts of $47,200 An analysis of aged receivables indicates that the desired balance of the allowance account should be $42,000 Dec 31 Made the appropriate adjusting entries for interest Date Description Debit Credit Jun 8 AnswerAccounts Receivable R T Matthews CompanyAccounts Receivable D LeroyAccounts Receivable J AlbertAllowance for Doubtful AccountsBad Debts ExpenseCashInterest IncomeInterest ReceivableNotes Receivable R T MatthewsNotes Receivable D LeroyNotes Receivable J Albert $Answer $Answer AnswerAccounts Receivable R T Matthews CompanyAccounts Receivable D LeroyAccounts Receivable J AlbertAllowance for Doubtful AccountsBad Debts ExpenseCashInterest IncomeInterest ReceivableNotes Receivable R T MatthewsNotes Receivable D LeroyNotes Receivable J Albert Answer Answer Received a, 60 day, 8 percent note on account Aug 7 AnswerAccounts Receivable R T Matthews CompanyAccounts Receivable D LeroyAccounts Receivable J AlbertAllowance for Doubtful AccountsBad Debts ExpenseCashInterest IncomeInterest ReceivableNotes Receivable R T MatthewsNotes Receivable D LeroyNotes Receivable J Albert $Answer $Answer AnswerAccounts Receivable R T Matthews CompanyAccounts Receivable D LeroyAccounts Receivable J AlbertAllowance for Doubtful AccountsBad Debts ExpenseCashInterest IncomeInterest ReceivableNotes Receivable R T MatthewsNotes Receivable D LeroyNotes Receivable J Albert Answer Answer Notes Receivable J Albert Answer Answer To record receipt of principal plus interest from J Albert Sep 1 AnswerAccounts Receivable R T Matthews CompanyAccounts Receivable D LeroyAccounts Receivable J AlbertAllowance for Doubtful AccountsBad Debts ExpenseCashInterest IncomeInterest ReceivableNotes Receivable R T MatthewsNotes Receivable D LeroyNotes Receivable J Albert $Answer $Answer AnswerAccounts Receivable R T Matthews CompanyAccounts Receivable D LeroyAccounts Receivable J AlbertAllowance for Doubtful AccountsBad Debts ExpenseCashInterest IncomeInterest ReceivableNotes Receivable R T MatthewsNotes Receivable D LeroyNotes Receivable J Albert Answer Answer Received a 120 day, 9 percent note on account Dec 16 AnswerAccounts Receivable R T Matthews CompanyAccounts Receivable D LeroyAccounts Receivable J AlbertAllowance for Doubtful AccountsBad Debts ExpenseCashInterest IncomeInterest ReceivableNotes Receivable R T MatthewsNotes Receivable D LeroyNotes Receivable J Albert $Answer $Answer AnswerAccounts Receivable R T Matthews CompanyAccounts Receivable D LeroyAccounts Receivable J AlbertAllowance for Doubtful AccountsBad Debts ExpenseCashInterest IncomeInterest ReceivableNotes Receivable R T MatthewsNotes Receivable D LeroyNotes Receivable J Albert Answer Answer Received a 45 day, 10 percent note on account Dec 30 AnswerAccounts Receivable R T Matthews CompanyAccounts Receivable D LeroyAccounts Receivable J AlbertAllowance for Doubtful AccountsBad Debts ExpenseCashInterest IncomeInterest ReceivableNotes Receivable R T MatthewsNotes Receivable D LeroyNotes Receivable J Albert $Answer $Answer AnswerAccounts Receivable R T Matthews CompanyAccounts Receivable D LeroyAccounts Receivable J AlbertAllowance for Doubtful AccountsBad Debts ExpenseCashInterest IncomeInterest ReceivableNotes Receivable R T MatthewsNotes Receivable D LeroyNotes Receivable J Albert Answer Answer Notes Receivable R T Matthews Answer Answer To record dishonoring of R T Matthews note Dec 31 AnswerAccounts Receivable R T Matthews CompanyAccounts Receivable D LeroyAccounts Receivable J AlbertAllowance for Doubtful AccountsBad Debts ExpenseCashInterest IncomeInterest ReceivableNotes Receivable R T MatthewsNotes Receivable D LeroyNotes Receivable J Albert $Answer $Answer AnswerAccounts Receivable R T Matthews CompanyAccounts Receivable D LeroyAccounts Receivable J AlbertAllowance for Doubtful AccountsBad Debts ExpenseCashInterest IncomeInterest ReceivableNotes Receivable R T MatthewsNotes Receivable D LeroyNotes Receivable J Albert Answer Answer To write off R T Matthews account Dec 31 AnswerAccounts Receivable R T Matthews CompanyAccounts Receivable D LeroyAccounts Receivable J AlbertAllowance for Doubtful AccountsBad Debts ExpenseCashInterest IncomeInterest ReceivableNotes Receivable R T MatthewsNotes Receivable D LeroyNotes Receivable J Albert $Answer $Answer AnswerAccounts Receivable R T Matthews CompanyAccounts Receivable D LeroyAccounts Receivable J AlbertAllowance for Doubtful AccountsBad Debts ExpenseCashInterest IncomeInterest ReceivableNotes Receivable R T MatthewsNotes Receivable D LeroyNotes Receivable J Albert Answer Answer To record allowance for uncollectible accounts Dec 31 AnswerAccounts Receivable R T Matthews CompanyAccounts Receivable D LeroyAccounts Receivable J AlbertAllowance for Doubtful AccountsBad Debts ExpenseCashInterest IncomeInterest ReceivableNotes Receivable R T MatthewsNotes Receivable D LeroyNotes Receivable J Albert $Answer $Answer AnswerAccounts Receivable R T Matthews CompanyAccounts Receivable D LeroyAccounts Receivable J AlbertAllowance for Doubtful AccountsBad Debts ExpenseCashInterest IncomeInterest ReceivableNotes Receivable R T MatthewsNotes Receivable D LeroyNotes Receivable J Albert Answer Answer To accrue interest income on December 16 note

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 20, 2024

Journal Entries for Accounts and Notes Receivable Pittsburgh, Inc., began business on January 1. Certain transactions for the year follow: Jun.8 Received a $32,000, 60

Journal Entries for Accounts and Notes Receivable Pittsburgh, Inc., began business on January 1. Certain transactions for the year follow:

Jun.8	Received a $32,000, 60 day, eight percent note on account from J. Albert.
Aug.7	Received payment from J. Albert on her note (principal plus interest).
Sep.1	Received an $38,000, 120 day, nine percent note from R.T. Matthews Company on account.
Dec.16	Received a $30,800, 45 day, ten percent note from D. Leroy on account.
Dec.30	R.T. Matthews Company failed to pay its note.
Dec.31	Wrote off R.T. Matthews account as uncollectible. Pittsburgh, Inc. uses the allowance method
	of providing for credit losses.
Dec.31	Recorded expected credit losses for the year by an adjusting entry. Accounts written off
	during this first year have created a debit balance in the Allowance for Doubtful Accounts of
	$47,200. An analysis of aged receivables indicates that the desired balance of the
	allowance account should be $42,000.
Dec.31	Made the appropriate adjusting entries for interest.

Date	Description	Debit	Credit
Jun.8	AnswerAccounts Receivable - R.T. Matthews CompanyAccounts Receivable-D. LeroyAccounts Receivable-J. AlbertAllowance for Doubtful AccountsBad Debts ExpenseCashInterest IncomeInterest ReceivableNotes Receivable-R.T. MatthewsNotes Receivable-D. LeroyNotes Receivable-J. Albert	$Answer	$Answer
	AnswerAccounts Receivable - R.T. Matthews CompanyAccounts Receivable-D. LeroyAccounts Receivable-J. AlbertAllowance for Doubtful AccountsBad Debts ExpenseCashInterest IncomeInterest ReceivableNotes Receivable-R.T. MatthewsNotes Receivable-D. LeroyNotes Receivable-J. Albert	Answer	Answer
	Received a, 60-day, 8 percent note on account.
Aug.7	AnswerAccounts Receivable - R.T. Matthews CompanyAccounts Receivable-D. LeroyAccounts Receivable-J. AlbertAllowance for Doubtful AccountsBad Debts ExpenseCashInterest IncomeInterest ReceivableNotes Receivable-R.T. MatthewsNotes Receivable-D. LeroyNotes Receivable-J. Albert	$Answer	$Answer
	AnswerAccounts Receivable - R.T. Matthews CompanyAccounts Receivable-D. LeroyAccounts Receivable-J. AlbertAllowance for Doubtful AccountsBad Debts ExpenseCashInterest IncomeInterest ReceivableNotes Receivable-R.T. MatthewsNotes Receivable-D. LeroyNotes Receivable-J. Albert	Answer	Answer
	Notes Receivable-J. Albert	Answer	Answer
	To record receipt of principal plus interest from J. Albert.
Sep.1	AnswerAccounts Receivable - R.T. Matthews CompanyAccounts Receivable-D. LeroyAccounts Receivable-J. AlbertAllowance for Doubtful AccountsBad Debts ExpenseCashInterest IncomeInterest ReceivableNotes Receivable-R.T. MatthewsNotes Receivable-D. LeroyNotes Receivable-J. Albert	$Answer	$Answer
	AnswerAccounts Receivable - R.T. Matthews CompanyAccounts Receivable-D. LeroyAccounts Receivable-J. AlbertAllowance for Doubtful AccountsBad Debts ExpenseCashInterest IncomeInterest ReceivableNotes Receivable-R.T. MatthewsNotes Receivable-D. LeroyNotes Receivable-J. Albert	Answer	Answer
	Received a 120-day, 9 percent note on account.
Dec.16	AnswerAccounts Receivable - R.T. Matthews CompanyAccounts Receivable-D. LeroyAccounts Receivable-J. AlbertAllowance for Doubtful AccountsBad Debts ExpenseCashInterest IncomeInterest ReceivableNotes Receivable-R.T. MatthewsNotes Receivable-D. LeroyNotes Receivable-J. Albert	$Answer	$Answer
	AnswerAccounts Receivable - R.T. Matthews CompanyAccounts Receivable-D. LeroyAccounts Receivable-J. AlbertAllowance for Doubtful AccountsBad Debts ExpenseCashInterest IncomeInterest ReceivableNotes Receivable-R.T. MatthewsNotes Receivable-D. LeroyNotes Receivable-J. Albert	Answer	Answer
	Received a 45-day, 10 percent note on account.
Dec.30	AnswerAccounts Receivable - R.T. Matthews CompanyAccounts Receivable-D. LeroyAccounts Receivable-J. AlbertAllowance for Doubtful AccountsBad Debts ExpenseCashInterest IncomeInterest ReceivableNotes Receivable-R.T. MatthewsNotes Receivable-D. LeroyNotes Receivable-J. Albert	$Answer	$Answer
	AnswerAccounts Receivable - R.T. Matthews CompanyAccounts Receivable-D. LeroyAccounts Receivable-J. AlbertAllowance for Doubtful AccountsBad Debts ExpenseCashInterest IncomeInterest ReceivableNotes Receivable-R.T. MatthewsNotes Receivable-D. LeroyNotes Receivable-J. Albert	Answer	Answer
	Notes Receivable-R.T. Matthews	Answer	Answer
	To record dishonoring of R.T. Matthews note.
Dec.31	AnswerAccounts Receivable - R.T. Matthews CompanyAccounts Receivable-D. LeroyAccounts Receivable-J. AlbertAllowance for Doubtful AccountsBad Debts ExpenseCashInterest IncomeInterest ReceivableNotes Receivable-R.T. MatthewsNotes Receivable-D. LeroyNotes Receivable-J. Albert	$Answer	$Answer
	AnswerAccounts Receivable - R.T. Matthews CompanyAccounts Receivable-D. LeroyAccounts Receivable-J. AlbertAllowance for Doubtful AccountsBad Debts ExpenseCashInterest IncomeInterest ReceivableNotes Receivable-R.T. MatthewsNotes Receivable-D. LeroyNotes Receivable-J. Albert	Answer	Answer
	To write off R.T. Matthews account.
Dec.31	AnswerAccounts Receivable - R.T. Matthews CompanyAccounts Receivable-D. LeroyAccounts Receivable-J. AlbertAllowance for Doubtful AccountsBad Debts ExpenseCashInterest IncomeInterest ReceivableNotes Receivable-R.T. MatthewsNotes Receivable-D. LeroyNotes Receivable-J. Albert	$Answer	$Answer
	AnswerAccounts Receivable - R.T. Matthews CompanyAccounts Receivable-D. LeroyAccounts Receivable-J. AlbertAllowance for Doubtful AccountsBad Debts ExpenseCashInterest IncomeInterest ReceivableNotes Receivable-R.T. MatthewsNotes Receivable-D. LeroyNotes Receivable-J. Albert	Answer	Answer
	To record allowance for uncollectible accounts.
Dec.31	AnswerAccounts Receivable - R.T. Matthews CompanyAccounts Receivable-D. LeroyAccounts Receivable-J. AlbertAllowance for Doubtful AccountsBad Debts ExpenseCashInterest IncomeInterest ReceivableNotes Receivable-R.T. MatthewsNotes Receivable-D. LeroyNotes Receivable-J. Albert	$Answer	$Answer
	AnswerAccounts Receivable - R.T. Matthews CompanyAccounts Receivable-D. LeroyAccounts Receivable-J. AlbertAllowance for Doubtful AccountsBad Debts ExpenseCashInterest IncomeInterest ReceivableNotes Receivable-R.T. MatthewsNotes Receivable-D. LeroyNotes Receivable-J. Albert	Answer	Answer
	To accrue interest income on December 16 note.