Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Pina Supply Co. has the following transactions related to notes receivable during the last 2 months of 2022. Nov. 1 Loaned $16,400 cash to Soozie

Pina Supply Co. has the following transactions related to notes receivable during the last 2 months of 2022.

Nov. 1 Loaned $16,400 cash to Soozie Takham on a 1-year, 10% note.
Dec. 11 Sold goods to Joe Trater, Inc., receiving a $7,425, 90-day, 8% note.
Dec. 16 Received a $4,920, 6-month, 9% note in exchange for Boba Fetts outstanding accounts receivable.
Dec. 31 Accrued interest revenue on all notes receivable.

Assume Takham dishonors its note at its maturity in 2023; Swifty 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.)

image text in transcribed

Please fill in the blanks in the above image.

Assume Takham dishonors its note at its maturity in 2023; Swifty 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.)

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_2

Step: 3

blur-text-image_3

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

Process Safety Management Risk Management Planning Auditing Handbook A Checklist Approach

Authors: David Einolf, Luverna Menghini

1st Edition

086587686X, 978-0865876866

More Books

Students also viewed these Accounting questions

Question

Find vo in the circuit in figure. R3 ww R2 R4 R1 vo

Answered: 1 week ago