May 1 Received principal plus interest on the Chamber note. (No interest has been accrued in 2021.) E.14 (LO 3) Vandver gerais Apr. Accepted Goodwin Company's 12-month, 6% note in settlement of a $30,000 account receivable Loaned $25,000 cash to Thomas Slocombe on a 9-month, 10% note. Accrued interest on all notes receivable 1, 2020 July 1, 2020 Dec. 31, 2020 Received principal plus interest on the Goodwin note. Apr. 1, 2021 Thomas Slocombe dishonored its note; Vandiver expects it will eventually collect. Apr. 1, 2021 Instructions Prepare journal entries to record the transactions. Vandiver prepares adjusting entries once a year December 31. E8.15 (LO 3) On May 2, McLain Company lends $9,000 to Chang, Inc., issuing a 6-month, 7% note. the maturity date, November 2, Chang indicates that it cannot pay. Instructions a. Prepare the entry to record the issuance of the note. b. Prepare the entry to record the dishonor of the note, assuming that McLain Company expec collection will occur ollected $10,000 on Celaw credit card sales 1s Added finance charges of 1.5% to Colaw credit cari account balances. Instructions Journalize the transactions for Colaw Stores. during the laj Elburn Supply Co. has the following transactions related to notes receivable Jouraice entries for notes e. months of 2020. The company does not make entries to accrue interest exceps orivabfe irunsactions E8.12 (LO at December 31 Nov. 1 ' Dec. 11 Laaned SO.000 cash to Manny Lopez on a 12 modi, 10% nose. Sold goods to Ralph Kremer, Inc. receiving a ss,750, 90-day, 8% note. 16 Received a $4,000 180 day, 9% nose in exchange for Joe Ferretti's outstanding accounts receivable 31 Accrued interest revenue on all notes receivable 392 moldon Instructions a. Journalize the transactions for Elburn Supply Co. b. Record the collection of the Lopez note at its maturity in 2021. :8.13 (LO 3) Record the following transactions for Redeker Co in the general journal. Journalize estries for notes recehable, 2020 May 1 Received a S9,000. I 2-month, 6% note in exchange for Mark Chamber's outstanding accounts receivable. Dec. 31 Accrued interest on the Chamber note. Dec. 31 Closed the interest revenue account 2021 May 1 Received principal plus interest on the Chamber note. (No interest has been accrued in 2021.) .14 (LO 3) Vandiver Company had the following select transactions. Prepare entries for notes 1, 2020 pr. Accepted Goodwin Company's 12-month, 6% note in settlement of a S30.000 account receivable. ily 1. 2020 ec. 31, 2020 Loaned S25,000 cash to Thornas Slocombe on a 9-month, 10% note, Accrued interest on all notes receivable. r 1,2021 Received principal plus interest on the Goodwin note. r. 1, 2021Thomas Slocombe dishonored its note:; Vandiver expects it will eventually collect tructions are journal entries to record the transactions. Vandiver prepares adjusting entries once a year on ember 31. (LO 3) On May 2. McLain Company lends S9,000 to Chang, Inc., issuing a 6 month, 7% note. At aturity date, November 2, Chang indicates that it cannot pay Journalize entries for dishonor of notes receivable. uctions repare the entry to record the issuance of the note. epare the entry to record the dishonor of the note, assuming that McLain Company expects llection will occur pare the entry to record the dishonor of the note, assuming that McLain Company does not ect collection in the future. o 4) Eileen Corp. had the following balances in receivable accounts at October 31, 2020 (in s): Allowance for Doubtful Accounts $52, Accounts Receivable $2,910, Other Receivables d Notes Receivable $1,353. Prepare a balance sheet presentation of receivables ons e balance sheet presentation of Eileen Corp.'s receivables in good form
