Refer to the information in Exercise 9- 13 and prepare the journal entries for the following selected
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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.
In Exercise 9- 13, Prepare journal entries for the following selected transactions of Dulcinea Company for 2012.
2012
Dec. 13 Accepted a $ 9,500, 60-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.
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Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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