The following selected transactions are from Taylor Company. Year 1 Deconber 16 Accepted a $12,000, 6e-day,...

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The following selected transactions are from Taylor Company. Year 1 Deconber 16 Accepted a $12,000, 6e-day, 10 note in granting Rick Mitchella tine extension on his past-due account receivable. Decenber 31 Made an adjusting entry to record the accrued interest on the Mitchell note. Year 2 February 14 Received Mitchell's paynent of principal and interest on the note dated Decenber 16. March 2 Accepted a $9,000, 10, 90-day note in granting a tine extension on the past-due account receivable from Parker Conpany March 17 Accepted a si0, 200, 30-day, N note in granting Robert King a tine extension on her past-due account receivable. Aprit 16 King dishonored her note. 31 Parker Company dishonored its nete. August 7 Accepted a s18,000, 90-day, eote in granting a tine extension on the past-due account receivable of Nguyen Company Septenber 3 Accepted a s17,400, 60-day, 10 note in granting Juan Perez a tine extension on Ais past-due account receivable. Novenber 2 Received paynent of principal plus interest fron Perez for the Septenber 3 note. Novenber 5 Received paynent of principal plus interest fron Nguyen for the August 7 note. Decenber 1 Mrote off the King account against the Allowance for Doubtfut Accounts. General Journal Schedule of Caiculaton of Receivatles Requirement General Ledger Tral Balance Ieterest Prepare the journal entries related to notes receivable and accounts receivable. Hint: Use the "Calculation of Interest" tab to ensure the accuracy of your entries. View transaction liat Journal entry worksheet 10 <> February 14 Recelved Mitchel's payment of principal and interest on the $12,000, 60-day, 10% note dated December 16. The Taylor Company does not prepare reversing entries. Verity the amount of interest using the "CALCULATION OF INTEREST tab. er d re re The following selected transactions are from Taylor Company. Year 1 Deconber 16 Accepted a $12,000, 6e-day, 10 note in granting Rick Mitchella tine extension on his past-due account receivable. Decenber 31 Made an adjusting entry to record the accrued interest on the Mitchell note. Year 2 February 14 Received Mitchell's paynent of principal and interest on the note dated Decenber 16. March 2 Accepted a $9,000, 10, 90-day note in granting a tine extension on the past-due account receivable from Parker Conpany March 17 Accepted a si0, 200, 30-day, N note in granting Robert King a tine extension on her past-due account receivable. Aprit 16 King dishonored her note. 31 Parker Company dishonored its nete. August 7 Accepted a s18,000, 90-day, eote in granting a tine extension on the past-due account receivable of Nguyen Company Septenber 3 Accepted a s17,400, 60-day, 10 note in granting Juan Perez a tine extension on Ais past-due account receivable. Novenber 2 Received paynent of principal plus interest fron Perez for the Septenber 3 note. Novenber 5 Received paynent of principal plus interest fron Nguyen for the August 7 note. Decenber 1 Mrote off the King account against the Allowance for Doubtfut Accounts. General Journal Schedule of Caiculaton of Receivatles Requirement General Ledger Tral Balance Ieterest Prepare the journal entries related to notes receivable and accounts receivable. Hint: Use the "Calculation of Interest" tab to ensure the accuracy of your entries. View transaction liat Journal entry worksheet 10 <> February 14 Recelved Mitchel's payment of principal and interest on the $12,000, 60-day, 10% note dated December 16. The Taylor Company does not prepare reversing entries. Verity the amount of interest using the "CALCULATION OF INTEREST tab. er d re re

Answer rating: 100% (QA)

General Journal Feb14 Hall Principal 19200 Date Account Debit Credit ROI 10 Year 1 No of Days 45 Dec ... View the full answer