Prepare journal entries for the following selected transactions of Hirona Company.
Dec. 13 Accepted a $14,000, 60-day, 9% note dated December 13 in granting Allie Sumera a time extension on her past-due account receivable.
31 Prepared an adjusting entry to record the accrued interest on the Sumera note.
Feb. 11 Received Sumera’s payment for principal and interest on the note dated December 13.
Mar. 3 Accepted a $10,000, 9%, 90-day note dated March 3 in granting a time extension on the past-due account receivable of Kudak Company.
17 Accepted a $9,000, 30-day, 8% note dated March 17 in granting Rod Burgess a time extension on his past-due account receivable.
Apr. 16 Burgess dishonors his note when presented for payment.
May 1 Wrote off the Burgess account against the Allowance for Doubtful Accounts.
June 1 Received the Kudak payment for principal and interest on the note dated March 3.

  • CreatedMarch 18, 2015
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