Problem $9-5$B

Analyzing and journalizing notes receivable transactions

Check Jan. $30,$ Cr$.$ Interest Revenue, $$32$

Apr. $30,$ Cr$.$ Interest Revenue, $$124$

Sep. $19,$ Cr$.$ Interest Revenue, $$190$

The following transactions are from Springer Company.

Year $1$

Nov. $1$ Accepted a $$4,800,90-$day, $8\%$ note 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.

Year $2$

Jan. $30$ Received Julian's payment for principal and interest on the note dated November $1.$

Feb. $28$ Accepted a $$12,600,30-$day, $8\%$ note in granting a time extension on the past$-$due account receivable from King Co$.$

Mar. $1$ Accepted a $$6,200,60-$day, $12\%$ note in granting Myron Shelley a time extension on his past$-$due account receivable.

$30$ The King Co$.$ dishonored its note.

Apr. $30$ Received payment of principal plus interest from M$.$ Shelley for the March $1$ note.

June $15$ Accepted a $$2,000,72-$day, $8\%$ note in granting a time extension on the past$-$due account receivable of Ryder Solon.

$21$ Accepted a $$9,500,90-$day, $8\%$ note 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 June $15$ note.

Sep. $19$ Received payment of principal plus interest from J$.$ Felton for the June $21$ note.

Nov. $30$ Wrote off King's account against the Allowance for Doubtful Accounts.

Hill

MIICLL