Prepare journal entries for the transactions. Second image shows real check figures. Problem 1-Notes Receivable - PJ

Prepare journal entries for the transactions. Second image shows real check figures.

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Problem 1-Notes Receivable - PJ Consulting Services entered into the following transactions during 2022 and 2023. 2022 Transactions: 10/1 Provided services to StarGazer s Company for a fee of $10,000. Accepted StarGazer s 4 month, 8% note for the services. 11/1 Accepted a $13,000, 180-day, 7% note from Sally Treetop. She could not pay her past-due account receivable and we agreed to accept the note in order to give her a time extension to pay us. 12/31 Adjusted the year-end accounts for the interest on the StarGazer s note. 12/31 Adjusted the year-end accounts for the interest on the Treetop note. 2023 Transactions 2/1 StarGazer s paid off their note. 3/21 Accepted a $7,500, 180-day, 8% note from Timothy Tuner in granting a time extension on his past-due account receivable. 4/30 Treetop paid her note as due. 9/17 Tuner dishonored his note. 12/31 Wrote off the Tuner accounts receivable as uncollectible. Prepare journal entries required for the transactions. (Use 360 days a year.) • Problem 1: 12/31/22 interest on the Treetop note is $152 (actually $151.67 rounded up to $152) • Problem 1: 2/1/23 interest revenue on this note for 2023 is $67 ($66.67 rounded to $67) • Problem 1: 9/17/23 interest revenue is $300 • Problem 2: entry d - I calculated 28,888 for amount of the entry. • Problem 2: ending balance in A/R = $804,500 • Problem 2: ending balance in allowance after the final adjustment = $9,654 Problem 1-Notes Receivable - PJ Consulting Services entered into the following transactions during 2022 and 2023. 2022 Transactions: 10/1 Provided services to StarGazer s Company for a fee of $10,000. Accepted StarGazer s 4 month, 8% note for the services. 11/1 Accepted a $13,000, 180-day, 7% note from Sally Treetop. She could not pay her past-due account receivable and we agreed to accept the note in order to give her a time extension to pay us. 12/31 Adjusted the year-end accounts for the interest on the StarGazer s note. 12/31 Adjusted the year-end accounts for the interest on the Treetop note. 2023 Transactions 2/1 StarGazer s paid off their note. 3/21 Accepted a $7,500, 180-day, 8% note from Timothy Tuner in granting a time extension on his past-due account receivable. 4/30 Treetop paid her note as due. 9/17 Tuner dishonored his note. 12/31 Wrote off the Tuner accounts receivable as uncollectible. Prepare journal entries required for the transactions. (Use 360 days a year.) • Problem 1: 12/31/22 interest on the Treetop note is $152 (actually $151.67 rounded up to $152) • Problem 1: 2/1/23 interest revenue on this note for 2023 is $67 ($66.67 rounded to $67) • Problem 1: 9/17/23 interest revenue is $300 • Problem 2: entry d - I calculated 28,888 for amount of the entry. • Problem 2: ending balance in A/R = $804,500 • Problem 2: ending balance in allowance after the final adjustment = $9,654

Answer rating: 100% (QA)

1 Journal Entries PJ Consulting Services Journal Entries Date Accounts Title Debit Credit 2022 Notes ... View the full answer