Journal Entries for Accounts and Notes Receivable Pittsburgh, Inc., began business an January 1. Certain transactions for the year foll ow Herrived a $15,000, 610 day, oipht prrcent noate an arcount fram J. Alhert Jun.A Augieceived payment fromJ. Albert on his note pnincipal plus interest). Herived a $36000, 120 day, sruen perrant note from R.I. Matthows Company on ancount. Srp.1 ler 16 eraived a $78 800, 4 day, ten pement note from ). Lefioy on account. ler20 .. Matthews Campany failed ta pay its notr 1ler A1 Wrnte nff H. I. Manhewa' account ae uncollrctibla. Firtsburgh, Inc., uses the allowanse methed of providing for credit ioeses. Rerorded rxpemed credit losses for the yoar by an adjusting entry. Accounts written off during this first yoar havr created a dehit halance in the allowanoe for doubdful necounts of $45,200. An analysis afaged rencivables indicates that the drsired balance of the lec31 allomance account should he $41,00 Dec.31 Made the appropriate adjust ng entres tor interest Required Record the foregoing transactions and adjustments in general journal form. (Round all Interest Income calcu lations to the nearest dollar.) General Journal pescription Date Debit Credit Jum8 Notes ecevable-J. Albert 15400 Accounts Receivable-I. Albert 10 lieceivea a0 dlay, 8 percent note on account. 15.20 Cash 0 v Aug.7 15.000 x Intereincome Noces Receivebie-l Albert Tu retrd reteipl of principal plus inlenest fhorm |. lberL Notes Receivalble-R.T. Matthews 200 x Srp.1 Acoun Reeivable - R.T. Mallh Herrived a 12D hy, perrent note pn acraunt Netes Reeivable-D. Leray Accounts Rencivable D.Ieray 0 Dec.16 0 x Reeived a 45-day, 10 perce riute onn accounL. Journal Entries for Accounts and Notes Receivable Pittsburgh, Inc., began business an January 1. Certain transactions for the year foll ow Herrived a $15,000, 610 day, oipht prrcent noate an arcount fram J. Alhert Jun.A Augieceived payment fromJ. Albert on his note pnincipal plus interest). Herived a $36000, 120 day, sruen perrant note from R.I. Matthows Company on ancount. Srp.1 ler 16 eraived a $78 800, 4 day, ten pement note from ). Lefioy on account. ler20 .. Matthews Campany failed ta pay its notr 1ler A1 Wrnte nff H. I. Manhewa' account ae uncollrctibla. Firtsburgh, Inc., uses the allowanse methed of providing for credit ioeses. Rerorded rxpemed credit losses for the yoar by an adjusting entry. Accounts written off during this first yoar havr created a dehit halance in the allowanoe for doubdful necounts of $45,200. An analysis afaged rencivables indicates that the drsired balance of the lec31 allomance account should he $41,00 Dec.31 Made the appropriate adjust ng entres tor interest Required Record the foregoing transactions and adjustments in general journal form. (Round all Interest Income calcu lations to the nearest dollar.) General Journal pescription Date Debit Credit Jum8 Notes ecevable-J. Albert 15400 Accounts Receivable-I. Albert 10 lieceivea a0 dlay, 8 percent note on account. 15.20 Cash 0 v Aug.7 15.000 x Intereincome Noces Receivebie-l Albert Tu retrd reteipl of principal plus inlenest fhorm |. lberL Notes Receivalble-R.T. Matthews 200 x Srp.1 Acoun Reeivable - R.T. Mallh Herrived a 12D hy, perrent note pn acraunt Netes Reeivable-D. Leray Accounts Rencivable D.Ieray 0 Dec.16 0 x Reeived a 45-day, 10 perce riute onn accounL
