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pls answer will leave thumbs up if correct and please fix these Entries for Notes Receivable, Including Year-End Entries The following selected transactions were completed
pls answer will leave thumbs up if correct
and please fix these
Entries for Notes Receivable, Including Year-End Entries The following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing: 2017 Dec. 7. Dec. 31. Received from Unitarian Clothing and Bags Co., on account, a $96,000, 60-day, 6% note dated December 7. Recorded an adjusting entry for accrued interest on the note of December 7. Recorded the closing entry for interest revenue. Dec. 31. 20Y8 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 in 2018 If required, round the interest to the nearest cent. 2017, Dec. 7 Dec. 31 Dec. 31 20Y8, Feb. 5 11 Illi Direct Write-Off Method Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables. Mar. 17: Received $1,990 from William Pruitt and wrote off the remainder owed of $4,180 as uncollectible. If an amount box does not require an entry, leave it blank. Cash Mar. 17 1,990 X Bad Debt Expense 4,180 LIO Accounts Receivable-William Pruitt 6,170 Feedback Check My Work Remember that under the direct write-off method, Bad Debt Expense is not recorded until the customer's account is determined to be worthless. July 29: Reinstated the account of William Pruitt and received $4,180 cash in full payment. July 29 Accounts Receivable-William Pruitt Bad Debt Expense II II 01 00 July 29 Cash Accounts Receivable-William Pruitt Feedback Note Receivable Cube Ice Company received a 120-day, 8% note for $84,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. August 7 b. Determine the maturity value of the note. 2,240 X Feedback Check My Work The due date is the date the note is to be paid. Assume a 360 day year. The maturity value is the amount that must be paid at the due date of the note. c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Aug. 7Step by Step Solution
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