Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Other general entries- Mar 3 Accepted a $18,000, 6%, 90-day note dated March 3 in granting a time extension on the past-due account receivable of

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedOther general entries- Mar 3 Accepted a $18,000, 6%, 90-day note dated March 3 in granting a time extension on the past-due account receivable of Tomas Company.

Mar 17 Accepted a $16,000, 30-day, 10% note dated March 17 in granting H. Cheng a time extension on his past-due account receivable.

Apr 16 H. Cheng dishonored his note when presented for payment.

May 1 Wrote off the H. Cheng account against the Allowance for Doubtful Accounts.

Jun 1 Received the Tomas payment for principal and interest on the note dated March 3.

2017 Dec. 13 Accepted a $24,680, 45-day, 6% note dated December 13 in granting Miranda Lee a time extension on her past-due account receivable. 31 Prepared an adjusting entry to record the accrued interest on the Lee note. 2018 Jan. 27 Received Lee's payment for principal and interest on the note dated December 13. Mar. 3 Accepted a $18,880,6%, 90-day note dated March 3 in granting a time extension on the past-due account receivable of Tomas Company. 17 Accepted a $16,880, 30-day, 10% note dated March 17 in granting H. Cheng a time extension on his past-due account receivable. Apr. 16 H. Cheng dishonored his note when presented for payment. May 1 Wrote off the H. Cheng account against the Allowance for Doubtful Accounts. June 1 Received the Tomas payment for principal and interest on the note dated March 3. Complete the table to calculate the Interest amounts and use those calculated values to prepare your journal entries. (Do not round Intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below. M Lee Note Tomas Co Note H Cheng Note General Journal Complete the table to calculate the interest amounts. Total Through Amount Derrued at December 31 $ 24.000 Interest Recognized January 27 $ 24,000 $ 24.000 Principal Rate(%) Time Total interest KM Lee Note Tomas Co Note > Complete this question by entering your answers in the tabs below. M Lee Note Tomas Co Note H Cheng Note General Journal Complete the table to calculate the interest amounts. Total Through Maturity Principal Rate (9) Time Total interest Complete this question by entering your answers in the tabs below. M Lee Note Tomas Co Note Cheng Note General Journal Complete the table to calculate the interest amounts. Total Through Maturity Principal Rate (96) Time Total interest Journal entry worksheet Received Lee's payment for principal and interest on the note dated December 13. Assume no reversing entries were prepared. Note: Enter debits before credits General Journal Debit Credit Date Jan 27, 2018 Record entry Clear entry View general Journal

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Public Sector Accounting And Budgeting For Non-Specialists

Authors: G. Jan Van Helden, Ron Hodges

1st Edition

1137376988, 9781137376985

More Books

Students also viewed these Accounting questions

Question

What training is required for the position?

Answered: 1 week ago

Question

Explain internal recruitment methods.

Answered: 1 week ago

Question

Summarize job analysis for team members.

Answered: 1 week ago

Question

Describe the recruitment process.

Answered: 1 week ago