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Entries for Notes Receivable Valley Designs issued a 90-day, 12% note for $78,000, dated April 17, to Bork Furniture Company on account. Assume 360 days in a year when computing the interest. a. Determine the due date of the note. July 16 b. Determine the maturity value of the note. 67,980 x Feedback Check My W c1. Journalize the entry to record the receipt of the note by Bork Furniture. If an amount box does not require an entry, leave it blank Notes Receivable 78,000 Accounts Receivable-Valley Designs 78.000 Food Chexin c. Journalize the entry to record the receipt of payment of the note at maturity. If an amount box does not require an entry, leave it blank Cash 80,340 Notes Receivable 7. Interest Revenue 2.140 Check Devine Nevt LOOR Entries for Notes Receivable, including Year-End Entries The following selected transactions were completed by Interlocking Devices com a supplier of Zippers for clothing: 2017 Dec. 7 Received from Unitarian Clothing and Bags Co, on account, a $42,000, 60-day, 8% note doted December 7. Dec. 31 Recorded an adjusting entry for accrued interest on the note of December 7 Dec. 31. Recorded the closing entry for interest revenue. 2018 Feb. 5 Received payment of note and interest from Unitarian Clothing & Bags Co. Joumalize the entries to record the transactions. Assume 360 days in a year. If an amount box does not require an entry, leave it blank. Assume February has 28 days in 2018 If required, round the interest to the nearest cent. 2017, Dec. Notes Receivable v Accounts Receivable-Unitarian Clothing and Bags Co. v 42.000 . 47.000 Dec. 31 2247 07 Interest Receivable Interest Revenue . 224 Dec. 31 Interest Revenue 224 0 Retained Earnings 6 2018, Feb. 5 Cash 97,440 X Notes Receivable . 96,000 X LON 2018 Feb. 5. Received payment of note and interest from Unitarian Clothing & Bags Co. Journalize the entries to record the transactions, Assume 360 days in a year. If an amount box does not require an entry leave it blank. Assume February has 28 days 2018 If required, round the interest to the nearest cent 2017, Dec. 7 Notes Receivable Accounts Receivable-Unitarian Clothing and Bags Co. 41, 10 42,000 Dec. 31 Interest Receivable Interest Revenue 224 7 224 Dec 31 224 Interest at Revenue Retained Earnings al 224 2018, Feb. 5 Cash v. 97.440 X . 96.000X Notes Receivable Interest Receivable Interest Revenue OX 164 X Feat DA WA Instructions The following transactions were completed by Irvine Company during the current fiscal year ended December 31: Fob. 8 May 27 Aug. 13 Oct. 31 Received 45% of the $18,700 balance owed by DeCoy Co., a bankrupt business, and wrote of the remainder as uncollectible Roinstated the account of Seth Nelson, which had been written off in the preceding year as uncollectible. Journaized the receipt of $7.270 cash in full payment of Seth's account Wrote off the $6,360 balance owed by Kat Tracks Co, which has no assets. Reinstated the account of Crawford Co., which had been written off in the preceding year as uncollectible. Journalized the receipt of $3,975 cash in full payment of the account Wroto of the following accounts as uncollectible (compound entry): Newbauer Co., $7,265; Bonneville Co. 65,595; Crow Distributors. $9,305; Fiber Optics, $1,150. Based on an analysis of the $1,759,500 of accounts receivable, it was estimated that $35,190 will be uncollectible. Journalized the adjusting entry Dec. 31 Dec. 31 1. Record the January 1 credit balance of $25,685 in a T-account for Allowance for Doubtful Accounts 2. A. Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles. B. Post each entry that affects the following selected T-accounts and determine the new balances: Allowance for Doubtful Accounts and Bad Debt Expense 3. Determine the expected net rolirable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry). 4. Assuming that instead of basing the provision for uncollectible accounts on an analysis of receivables, the adjusting entry on December 31 had been based on an estimated expense of 4 of 1% of the net sales of $17,710,000 for the year, determine the following: A. Bad debt expense for the year. B. Balance in the allowance account after the adjustment of December 31 C. Expected net realizable value of the accounts receivable as of December 31, eBook Show MO HOW Chart of Accounts CHART OF ACCOUNTS Irvine Company General Ledger ASSETS REVENUE 110 Cash 410 Sales 610 Interest Revenue 111 Petty Cash 121 Accounts Receivable-DeCoy Co. 122 Accounts Receivable-Seth Nelsen 123 Accounts Receivable-Kat Tracks Co. 124 Accounts Receivable-Crawford Co. 125 Accounts Receivable-Newbauer Co. 126 Accounts Receivable-Bonneville Co. 127 Accounts Receivable-Crow Distributors 128 Accounts Receivable-Fiber Optics 129 Allowance for Doubtful Accounts EXPENSES 510 Cost of Goods Sold 520 Sales Salaries Expense 521 Advertising Expense 522 Depreciation Expense-Store Equipment 523 Delivery Expense 524 Repairs Expense 529 Selling Expenses 530 Office Salaries Expense 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Office Supplies Expense 535 Store Supplies Expense 536 Credit Card Expense 131 Interest Receivable 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land eBook Show Me How 128 Accounts Receivable-Fiber Optics 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 524 Repairs Expense 529 Selling Expenses 530 Office Salaries Expense 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Office Supplies Expense 535 Store Supplies Expense 536 Credit Card Expense 537 Cash Short and Over 538 Bad Debt Expense 539 Miscellaneous Expense 710 Interest Expense 181 Land 191 Store Equipment 192 Accumulated Depreciation Store Equipment 193 Office Equipment 194 Accumulated Depreciation Office Equipment LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends T-Accounts 1. Record the January 1 credit balance of $25,685 in a T-account for Allowance for Doubtful Accounts 2. B. Post each entry that affects the following selected T-accounts and determine the new balances: Allowance for Doubtful Accounts and Bad Debt Exponse Feb. 8 25,685 Aug. 13 7,270 Allowance for Doubtful Accounts 10,285 Jan 1 Balance 6,360 May 27 0X Oct. 31 Dec. 31 Adjusting Entry 3,030 Dec. 31 Adj. Balance Dec. 31 3,975 38.220 Dec. 31 Unadjusted Balance 35,190 Bad Debt Expense Dec. 31 Adjusting Entry 38,220 Points 17/18 Feedback JOURNAL Score: 223/249 ACCOUNTING EQUATION DESCRIPTION POST. REF. DENT CREDIT LIABILITIES EQUITY DATE Feb. 1 ASSETS 1 1 Cash 8,415.00 1 10,285.00 + 3 1 18,700.00 4 7.270.00 7,270.00 + 7,270.00 1 7 7.270.00 6360.00 6,360.00 10 3,975.00 1 Allowance for Doubtful Accounts Accounts Receivable-DeCty Co May 27 accounts receivable Allowance for Doubtful Accounts May 27 Cash accounts receivable-Seth nelson Aug 15 Allowance for Doubtful Accounts accounts receivable Oct. 51 Accounts Receivable-Crawford Co. Allowance for Doubtful Accounts Oct. 31 Cash Accounts Receivable-Crawford Co Dec. 31 Allowance for Doubtful Accounts Accounts Receivable-Newbauer Co. Accounts Receivable Bonneville Co. Accounts Receivable-Crow Distributors accounts receivable-fibre optics Dec 31 bad debts expense 11 3,975.00 ! 3,975.00 1 11 3,975.00 1 14 23,315.00 + 15 7,265.00 ! 16 5,595.00 + 17 9,305.00 11 1.150,00 1) 38,220.00 20 Allowance for Doubtful Accounts 38,220.00 Final Questions Shaded colle have feedback 3. Determine the expected net realisatie vaker of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry) Points 0/1 Feedback 4. Assuming that instead of basing the provision for uncollectible accounts on an analysis of receivables, the adjusting entry on December 31 had been based on an estimated expense of of 15 of the net sales of $17,710,000 for the year, determine the following A. Bad debt expense for the years Paints: 0/1 8. Balance in the allowance account after the adjustment of December 31 $ 35,190 X Points 071 C Expected not realzabie value of the accounts receivable as of December 31.6 Points: 011 Fedback