Refer to the information in Exercise 9-13 and prepare the journal entries for the following selected transactions
Question:
2011
Jan. 27 Received Clark’s payment for principal and interest on the note dated December 13.
Mar. 3 Accepted a $4,000, 10%, 90-day note dated March 3 in granting a time extension on the pastdue account receivable of Shandi Company.
17 Accepted a $2,000, 30-day, 9% note dated March 17 in granting Juan Torres a time extension on his past-due account receivable.
Apr. 16 Torres dishonors his note when presented for payment.
May 1 Wrote off the Torres account against the Allowance for Doubtful Accounts.
June 1 Received the Shandi payment for principal and interest on the note dated March 3.
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Related Book For
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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