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Springfield Corporation adjusts its books monthly. On September 30,2021, notes receivable include the following: Interest is due at maturity for the RES and Dragon notes.
Springfield Corporation adjusts its books monthly. On September 30,2021, notes receivable include the following: Interest is due at maturity for the RES and Dragon notes. Interest is due on the first day of the month for the Ihara and MGH notes. At September 30 , the balance in the Allowance for Doubtful Notes account is nil. In October, the following selected transactions were completed. Oct. 1 Received the interest due from Ihara. 31 Received notice that Dragon was unable to pay its note as scheduled. It expects to be able to pay in the future. 31 The RES note matured and was received in full. 31 Accrued interest on the Ihara and MGH notes. 3: the remaining notes for collectibility. Estimated that $18,400 of notes may not be collectible in the future because of significant labour issues currently being experienced by Ihara. Record the October transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when 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. Round answers to the nearest whole dollar, e.g. 5,275.) Interest Receivable \begin{tabular}{|} \hline 52.50 \\ \hline \end{tabular} Notes Receivable 4500 (To record dishonoured note; eventual collection expected) Cash 15939 Interest Income Interest Receivable 77 Notes Receivable (To record collection of note and interest) Interest Receivable Screenshot come Interest Receivable Interest Income (To record accrual of interest) Bad Debts Expense 18400 Allowance for Doubtful Notes (To record estimate of uncollectible notes) eTextbook and Media List of Accounts Save for Later Attempts: 2 of 3 used Submit Answer (c) Screenshot The parts of this question must be completed in order. This part will be available when you complete the part above
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