Question: Interest on all notes was collected on June 1, 2016 (notes receivable current =100, notes receivable long term= 100). The rate is 12% per annum.

Interest on all notes was collected on June 1, 2016 (notes receivable current =100, notes receivable long term= 100). The rate is 12% per annum. Cash collections of interest is first to be credited to excisting accrued interest receivable (debit of 16) carried over from preceding period.

Principal of current notes receivable collected June 1, 2016 interest was collected. Principal of remaining notes is payable June 1, 2017. On January 1,2017 an adjustment was made for reclassification of the notes receivable.

Journalize transactions and post to T Accounts.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock 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

Students Have Also Explored These Related Accounting Questions!

Complete the Budgeted Balance Sheets below based on the information provided - check figures are given below - this is all the information that is given . 6 Check figures are: January Total Assets =...

question is to fill in the sheet with the given info below 6 Check figures are: January Total Assets = $776,433; February Total Liabilities = $237,217; March Total 7 Current Assets = $555,164. 8 9...

Show the Solution for my Guidance The next 6 questions pertain to this problem. Jose Carpio decided to invest P1,000,000 excess cash in a bank at 3% annual interest rate on March 1, 2019. Interest is...

4-11. (Financial analysis) The T. P. Jarmon Company manufactures and sells a line of exclusive sportswear. The firms sales were $600,000 for the year just ended, and its total assets exceeded...

Jordan Corporation Balance Sheets December 31, 2016 and 2015 Assets Current Assets: Cash $ 250,000 $ 275,000 Accounts Receivable 400,000 450,000 Inventory 600,000 500,000 Prepaid Expenses 25,000...

The questions are attached below. These questions are not posted online so please do not provide calculations that are posted online. 5/14/2017 1. Assignment Print View Award: 8.33 points Construct a...

GeneralProducts Inc. is incorporated in Nevada, USA on Jan 1st 2013 to take over a local retail chain. The objective of the company is to supply goods of everyday use to customers at the most...

1 Ground Rules: 1. Read and follow directions carefully. Enter answers in the places indicated. 2. Be sure to show all your computations and related work. Part 1 ? ACCOUNTS RECEIVABLE AND ALLOWANCE...

Help I can't get it to work out and I don't understand why? Company policy calls for a given month's ending raw materials inventory to equal 50% of the next month's material requirements. The March...

A projectile is fired in such a way that its horizontal range is equal to three times its maximum height. What is the angle of projection?

Let X1 and X2 be two independent random variables. Let X1 and Y = X1 + X2 be 2(r1) and 2(r), respectively, where r1

would this transactions be recoreded in a cash basis accounting system for employee payroll by the employer? FICA payroll tax withheld

Explain how foreign medical education programs for physicians are accredited. How do foreign medical education programs for physicians compare to medical education programs in the United States? How...

4. The next time you read somethinga magazine article, a political blog, a work of nonfiction, a chapter in a textbooktake time to think about the research presented in it. What kinds of research did...

2 Was Viswanathans apology statement appropriate? What kinds of steps could Tivya take to address her mistake? Should she tell her instructor? Should you?

2. Tune in to a few news punditsfor example, Bill OReilly, Rachel Maddow, Randi Rhodes, or Rush Limbaughon the radio or on television. Listen carefully to what they say, and consider how they back up...