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Please help with the following. I'm getting May 01 wrong for the entry journal and 1 wrong for Apr 16. Thank you in advance for
Please help with the following. I'm getting May 01 wrong for the entry journal and 1 wrong for Apr 16. Thank you in advance for your help.
Following are selected transactions Dulcinea Company for 2012 and 2013. 2012 Dec. 13 Accepted a $9,500, 45-day, 8% 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. 2013 Jan. 27 Received Lee's payment for principal and Interest on the note dated December 13. Mar. 3 Accepted a $5,000, 10%, 90-day note dated March 3 in granting a time extension on the past-due account receivable of Tomas Company 17 Accepted a $2,000, 30-day, 9% note dated March 17 in granting Hiroshi Cheng a time extension on his past-due account receivable. Apr. 16 Cheng dishonors his note when presented for payment. May 1 Wrote off the Cheng account against the Allowance for Doubtful Accounts. June 1 Received the Tomas payment for principal and interest on the note dated March 3 First, complete the table below to calculate the interest amounts. (Do not round your Intermediate calculations. Use 360 days a year.) Use those calculated values to prepare your journal entries. Answer is not complete. No Date General Journal Debit Credit 1 Jan 27, 2013 Cash 9,595 Interest receivable 38 Interest revenue Noles receivable M Lee 57 9,500 2 mar. 03, 2013 5,000 Notes receivable-Tomas Co Accounts receivable-Tomas Co 5,000 3 > mar 17, 2013 2.000 Notes receivable H. Cheng Accounts receivable-H. Cheng 2.000 4 Apr. 16, 2013 S Accounts receivable-H. Cheng Interest revenue Notes receivable-H. Cheng 2.000 x 15 2,000 5 May 01, 2013 IS 5.125 Allowance for doubtful accounts Accounts receivable-H. Cheng 5,125 X 6 Jun. 1, 2013 5,125 Cash Notes receivable-Tomas Co Interest revenue 5,000 125 Step by Step Solution
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