Question: In general journal form, give the entry required by Alaska State Company when Samuel Adams paid the note discounted in Exercise 16.6 on the maturity

In general journal form, give the entry required by Alaska State Company when Samuel Adams paid the note discounted in Exercise 16.6 on the maturity date.

Data from 16.6

On June 3, 2019, Alaska State Company received a $5,200, 45-day, 10 percent note from Samuel Adams, a customer whose account was past due.

Step by Step Solution

★★★★★

3.55 Rating (166 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

GENERAL JOURNAL PAGE DATE DESCRIPTION POST ... View full answer

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)

1508_603f677072c00_677554.xlsx

300 KBs Excel File

Students Have Also Explored These Related College Accounting Questions!

You were recently hired as an entry-level bookkeeper for a service business that recently opened. This is the first month in operation for the business and your first task is to record business...

In general journal form, give the entry required by Fidelity State when Coe paid the note discounted in Exercise 16.6 on the maturity date. In exercise 16-6 On June 3, 2016, Fidelity State Company...

Required Record each of the following transactions in general journal form and then show the effect of the transaction in the horizontal statements model. The first transaction is shown as an...

In general journal form, prepare journal entries to establish a petty cash fund on July 2 and replenish it on July 31. 2012 July A $100 petty cash fund is established. At the end of the month, $12...

Give the entries in general journal form that Fidelity State Company would make if Horace Coe dishonored the note receivable discounted by Fidelity State in Exercise 16.6, assuming the bank deducted...

On June 3, 2019, Alaska State Company received a $6,000, 45-day, 10 percent note from Samuel Adams, a customer whose account was past due. The Note was discounted by Alaska State on June 18 at the...

Compute the maturity value for each of the following notes: Required: 1. A note payable with a face amount of $33,000, dated June 15,201, due in three months, bearing interest at 4 percent 2. A note...

On June 1 0 , 2 0 X 1 , Alaska State Company recelved a $ 4 , 4 0 0 , 4 5 - day, 1 2 percent note from Samuel Adams, a customer whose account was past due. Alaska discounted the note on June 2 5 , 2...

CHECK MY WOK On June 3, 2019, Alaska State Company received a $5,400, 45 day, 12 percent note from Samuel Adams, a customer whose account was past due. If Samuel Adams dishonored the note receivable...

On June 3, 2019, Alaska State Company received a $5,200, 45-day, 10 percent note from Samuel Adams, a customer whose account was past due. If Samuel Adams dishonored the note receivable discounted by...

The lifespans of gorillas in a particular zoo are normally distributed. The average gorilla lives 20.8 years; the standard deviation is 3.1 years. Use the empirical rule (68 - 95 - 99.7%) to estimate...

The rectangular plate shown in Figure P19.55 has an area Ai equal to If the temperature increases by T, each dimension increases according to the equation L = aLi T, where & is the average...

The path of a total solar eclipse is modeled by f ( t ) = 0 . 0 0 3 6 5 t ^ 2 - 0 . 4 8 4 t 3 5 . 5 8 8 where f ( t ) is the latitude in degrees south of the equator at t minutes after the start of...

The welding department of Balogh Manufacturing Company has the following production and manufacturing cost data for February 2016. All materials are added at the beginning of the process....

1. In your opinion, does Larry Norvell face an ethical challenge? Or can he simply handle this situation as a business decision and focus on the bottom line? Explain. 2. If you were Larry Norvell,...

Born Corporation agrees to acquire the net assets of Wren Corporation on January 1, 2015.Wren has the following balance sheet on the date of acquisition: An appraiser determines that in-process R&D...

The following balances appear on the books of Sarah Simmons Enterprises: Retained Earnings, $29,600; Dividends, $10,500; Income Summary, $0; Service Revenue, $24,500; Salaries Expense, $6,200; Rent...

Locate the 2011 financial statements for Lockheed Martin Corporation on the Internet. Reconstruct the company's adjusted trial balance as of December 31, 2011.

During the peak of a pandemic, busy restaurants create a negative externality by providing an opportunity for the disease to spread. Restaurant owners may ignore the health impact of their businesses...

At the last staff meeting of the Dive Shop, the question of how expenses are allocated to each department was raised. Since year-end bonuses are awarded to the managers on the basis of departmental...

1. Is the identification of purchases returns and allowances by department valuable to managerial control? Explain. 2. If one department consistently has a comparatively large amount of cash short in...

Allocation of indirect costs to various departments can alter the departmental profit. Stop Company manufactures plates for drum brakes. To make the brake plate, three departments are required:...

A group of bankers is evaluating a failing toy business named 'The Toy Brick' that is going to shut down next year, and the bankers would like to determine if they should buy it this year. The...

A runner tracks their performance by recording race information in a journal. The journal contains the event name, the race in kilometers and the time of completion. Classify each variable as...

Directions: Assume you are a new manager in the Financial Analysis department and are orienting a team of new college graduates to the world of capital budgeting. In your initial post, explain the...