Question: Prepare general journal entries for the following transactions: Aug. 4 Received a 120-day, 12% note in payment for accounts receivable balance of $4,000. 14 Discounted

Prepare general journal entries for the following transactions:

Aug. 4 Received a 120-day, 12% note in payment for accounts receivable balance of $4,000.

14 Discounted the note at a rate of 14%.

Sept. 5 Received a 30-day, 11% note in payment for accounts receivable balance of $1,200.

Oct. 5 The $1,200, 30-day, 11% note is dishonored.

Nov. 4 The dishonored note is paid, plus interest at 11% on the maturity value.

Step by Step Solution

★★★★★

3.45 Rating (165 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

DATE 20 Aug 4 Notes Receivable 14 Cash DESCRIPTION Acc... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Document Format (1 attachment)

Word file Icon

73-B-A-N-I (32).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Q:

Alex Ltd. produces kitchen tools, and operates several divisions as profit centers. Division M produces a product that it sells to other companies for $16 per unit. It is currently operating at its...

Q:

Prepare general journal entries for the following transactions of Valdez Services. 1. a. Brina Valdez invested $20,000 cash in the company in exchange for common stock. b. The company provided...

Q:

Prepare general journal entries for the following transactions of Sustain Company. Use the following (partial) chart of accounts: Cash; Prepaid Insurance; Accounts Receivable; Furniture; Accounts...

Q:

Prepare general journal entries for the following transactions of Green Energy Company. Use the following (partial) chart of accounts: Cash; Accounts Receivable; Supplies; Accounts Payable;...

Q:

Prepare Acme Supply Company's general journal entries for the following transactions: Jan. 1 Accepted RunTimeCo's 120-day, 10% note as settlement of an outstanding $15,000 account receivable for...

Q:

Required: Prepare Acme Supply Company's general journal entries for the following transactions: Jan. 1 Accepted RunTimeCo's 120-day, 10% note as settlement of an outstanding $15,000 account...

Q:

give me answer as soon as possible BUSI 1043 3A Final Exam Summer Version A &" - Saved References Review View Help Open in Desktop App Tell me what you want to do Editing v V 12 v/ A B IUDV AVA . . ....

Q:

2. 3. 4. For these part there are 17 journal entry and 3 required parts. The transactions of Spade Company appear below a. Kacy Spade, owner, invested $19,250 cash in the company in exchange for...

Q:

Plz help Additional Info, plz help!! se those calculated values to prepare your journal entries for Year 2 transactions. Journal entry worksheet Accepted a(n)$3,500,60-day, 12% note in granting Noah...

Q:

The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $15,500 cash in the company in exchange for common stock. b. The company purchased office supplies for $450 cash. c. The...

Q:

QS 1-12 Identifying items with financial statements P2 Indicate in which financial statement each item would most likely appear: income statement (I), balance sheet (B), statement of owners equity...

Q:

Develop brief answers to each of the following questions: 1. How does a lender assets the risk that a borrower may default-that is, not pay interest and principal when due? 2. If a company with a...

Q:

Describe and draw a supply chain for a bicycle repair shop.

Q:

Which of the following is most likely to be considered a specialty product? A freshly baked apple pie from the Rublix bakery A Porsche 9 1 1 purchased from a Porsche dealer A vacuum cleaner purchased...

Q:

Roadrunner Freight Company owns a truck that cost $42,000. Currently, the truck's book value is $24,000, and its expected remaining useful life is four years. Roadrunner has the opportunity to...

Q:

Calculations for various depredation methods. On January 1, 2008, Luck Delivery Company acquired a new truck for $30,000. It estimated the truck to have a useful life of five years and no salvage...

Q:

Define current liabilities and long-term liabilities. Under what circumstances a 10-yearbond issue might be classified as a current liability? Under what circumstances a note payable maturing 30 days...

Q:

How can a university control the quality of its output (that is, its graduates)?

Q:

The product design group of Iyengar Electric Supplies, Inc., has determined that it needs to design a new series of switches. It must decide on one of three design strategies. The market forecast is...

Q:

14. Do you view a chocolate Far as delicious or ans fattening ? Your attitude muy depend on your proder Iin a study of American college students, Rozin, Bauer. uil Cocanese (2003) examined the...

Q:

Debra Clark, a recent graduate of a medical school, has decided to open her own office in Sudbury. Based on the advice of her accountant, she will use a synoptic journal. The following is the chart...

Q:

(GST at 5% and PST at 7% [not cumulative] are involved in this problem.) Buzzy Sullivan opened a dry-cleaning store that also sold accessories. The following is the chart of accounts for Buzzy's...

Q:

Using the chart of accounts for Dr. Kuhl from Problem 11A-1, record the following transactions in the synoptic journal and then prove the journal: 2012 May Dr. Kuhl deposited $9,000 in the practice....

Q:

Can I get an example of this summery? Main question in focus for hypothesis testing: What is the mean number of daily hours needed to put behind study in order to achieve a grade of A in current STAT...

Q:

texat is yere 1.)Whatistheastulpreecefelesfort if) Whis it the cinnetily evawet of tast triet? af 4 ! #3. Suppose that we invest in a bond with a 3-year horizon. We consider purchasing a bond with...

Q:

To compute the cost of goods sold (COGS) for the year, we first need to determine the net sales. We can do this by using the provided net income as a percentage of net sales, which is 10%.\ \ Given...