Question
Pina Supply Co. has the following transactions related to notes receivable during the last 2 months of 2022. Nov. 1 Loaned $22,800 cash to Soozie
Pina Supply Co. has the following transactions related to notes receivable during the last 2 months of 2022.
Nov. 1 | Loaned $22,800 cash to Soozie Takham on a 1-year, 10% note. | |
Dec. 11 | Sold goods to Joe Trater, Inc., receiving a $10,350, 90-day, 8% note. | |
Dec. 16 | Received a $6,840, 6-month, 9% note in exchange for Boba Fetts outstanding accounts receivable. | |
Dec. 31 | Accrued interest revenue on all notes receivable. |
Journalize the above transactions for Pina Supply Co. Omit cost of goods sold entries. (Round interest revenue to 0 decimal place, e.g. 591. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Use 360 days for calculation.)
Date | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
2022 | |||
choose a transaction date Nov. 1Dec. 11Dec. 16Dec. 31 | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount | |
choose a transaction date Nov. 1Dec. 11Dec. 16Dec. 31 | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount | |
choose a transaction date Nov. 1Dec. 11Dec. 16Dec. 31 | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount | |
choose a transaction date Nov. 1Dec. 11Dec. 16Dec. 31 | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount |
Record the collection of the Takham note at its maturity in 2023. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.)
Date | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
2023 | |||
choose a transaction date Nov. 1Dec. 11Dec. 16Dec. 31 | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount | |
enter an account title | enter a debit amount | enter a credit amount | |
enter an account title | enter a debit amount | enter a credit amount |
Assume Takham dishonors its note at its maturity in 2023; Pina expects to eventually collect the note. Record the dishonor of the Takham note. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.)
Date | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
2023 | |||
choose a transaction date Nov. 1Dec. 11Dec. 16Dec. 31 | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount | |
enter an account title | enter a debit amount | enter a credit amount | |
enter an account title | enter a debit amount | enter a credit amount |
Assume Takham dishonors its note at its maturity in 2023; Pina does not expect to collect the note. Record the dishonor of the Takham note. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.)
Date | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
2023 | |||
choose a transaction date Nov. 1Dec. 11Dec. 16Dec. 31 | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount | |
enter an account title | enter a debit amount | enter a credit amount |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started