Question

Prepare general journal entries to record the following transactions of Dexton Company

2001

Jan 10: Accepted a $ 3000, 60 day, 12% note dated this day in granting a time extension on the past due account of David Huerta

March 14: David Huerta dishonored his note when presented for payment

March 19: Accepted a $ 2100, 90 day, 10% note dated this day in granting a time extension on the past due account of Rose Jones

March 28: Discounted the Rose Jones note at the Bank at 16%

June 20: Since notice protesting the rose Jones note had not been received, assumed the note had been paid

June 27: Accepted $ 700 in cash and a $ 1300, 60 day , 12% note dated this day in granting a time extension on the past due account of Jake Thomas

July 24: Discounted the Jake Thomas note at the Bank at 14%.

August 29: Received notice protesting the Jake Thomas note. paid the Bank maturity of the note plus a $ 20 protest fee

Sept 4: Accepted a $ 1500, 60-day, 11% note dated this day in granting a time extension on the past due account of Ginnie Bauer

Oct 13: Discounted the Ginnie Bauer note at the bank at 14%

Nov 6: Received notice protesting the Ginnie Bauer note. Paid the Bank the maturity value of the note plus a $20 protest fee

Dec 6: Received payment from Ginnie Bauer of the maturity value of her dishounoured note; the protest fee and interest at 11% on both for 30days beyond maturity

Dec 28: decided the accounts of David Huerta and Jake Thomas were uncollectible and wrote them off against allowance for doubtful accounts.