Question: Problem 7 - 5 B Analyzing and journalizing notes receivable transactions C 2 C 3 P 4 The following selected transactions are from Springer Company.

Problem

7 - 5

B Analyzing and journalizing notes receivable transactions C

2

3

4

The following selected transactions are from Springer Company.

2016

Nov.

1

Accepted a $

4, 80

, 90 -

day,

8 %

note dated this day in granting Steve Julian a time

extension on his past

-

due account receivable.

Dec.

31

Made an adjusting entry to record the accrued interest on the Julian note.

2017

Jan.

30

Received Julian's payment for principal and interest on the note dated November

1 .

Check Jan.

30,

.

Interest Revenue, $

32

Feb.

28

Accepted a $

12, 600, 30 -

day,

8 %

note dated this day in granting a time extension on the

past

-

due account receivable from King Co

.

Mar.

1

Accepted a $

6, 200, 60 -

day,

12 %

notedated this day in granting Myron Shelley a time

extension on his past

-

due account receivable.

30

The King Co

.

dishonored its note when presented for payment.

Apr.

30

Received payment of principal plus interest from M

.

Shelley for the March

1

note.

Apr:

30,

Cri Interest Revenue, $

124

June

15

Accepted a $

2, 000, 72 -

day,

8 %

note dated this day in granting a time extension on the

past

-

due account receivable of Ryder Solon.

21

Accepted a $

9, 500, 90 -

day,

8 %

note dated this day in granting J

.

Felton a time

extension on his past

-

due account receivable.

Aug.

26

Received payment of principal plus interest from R

.

Solon for the note of June

15 .

Sep.

19

Sep.

19

Received payment of principal plus interest from J

.

Felton for the June

21

note.

Sep.

19,

.

Interest Revenue, $

190

Nov.

30

Wrote off King's account against Allowance for D oubtful Accounts.

Nov.

2

Received payment of principal plus interest from Carson for the September

3

note.

Nov.

2,

.

Interest Revenue, $

35

Nov.

5

Received payment of principal plus interest from Mulan for the August

7

note.

Dec.

1

Wrote off the Privet account against the Allowance for Doubtful Accounts.

Required

Prepare journal entries to record these transactions and events.

(

Round

amounts to the nearest dollar.

)

The following selected transactions are from Springer Company. 2016 Nov. 1 Accepted

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