On October 12, 2020, Golf Co. received from one of its customers, Ping Co., a $50,500,...
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On October 12, 2020, Golf Co. received from one of its customers, Ping Co., a $50,500, 9%, 140 day note receivable in granting a time extension on Ping's past due account receivable. Golf Co. has a December 31 year end. Ping Co. honoured the note at maturity. Prepare the entries, including dates, for (a) the issuance of the note, (b) the end of year interest adjustment, (c) the collection of the note at maturity. On October 12, 2020, Golf Co. received from one of its customers, Ping Co., a $50,500, 9%, 140 day note receivable in granting a time extension on Ping's past due account receivable. Golf Co. has a December 31 year end. Ping Co. honoured the note at maturity. Prepare the entries, including dates, for (a) the issuance of the note, (b) the end of year interest adjustment, (c) the collection of the note at maturity.
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No Date Account Titles and Explanation a Oct 12 2020 Notes Receivable Accounts Receivab... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0134564142
6th Canadian edition
Authors: Walter Jr. Harrison, Charles T. Horngren, C. William Thomas, Greg Berberich, Catherine Seguin
Posted Date:
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