Question: Yarnell Electronics sells computer systems to small businesses. Yarnell engaged in the following activities involving notes receivable: a. On November 1, 2011, Yarnell sold a

Yarnell Electronics sells computer systems to small businesses. Yarnell engaged in the following activities involving notes receivable:
a. On November 1, 2011, Yarnell sold a $5,000 system to Ross Company. Ross gave Yarnell a six-month, 9 percent note as payment.
b. On December 1, 2011, Yarnell sold an $8,000 system to Searfoss Inc. Searfoss gave Yarnell a nine-month, 8 percent note as payment.
c. On May 1, 2012, Ross paid the amount due on its note.
d. On September 1, 2012, Searfoss paid the amount due on its note.
Required:
Prepare the necessary journal and adjusting entries for Yarnell Electronics to record these transactions.

Step by Step Solution

★★★★★

3.38 Rating (185 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Note to Ross Company Journal Date Account and Explanation Debit Credit 2011 No... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

563-B-A-C-R (3219).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Problem 4. A power plant in California uses coal at the rate of 100,000 pounds each day. It also uses MRO material at the rate of 1,000 pounds each day. The coal comes from Wyoming, and the MRO...

Selected information from Bigg Companys financial statements follows. Required: 1. Calculate the following ratios for 2010 and 2011: (a) Gross profit margin, (b) Operating margin, (c) Net profit...

Johnson Tires has three stores. Each store manager is paid a salary plus a bonus on the sales made by his or her store. On January 5, 2012, Kevin Sampson, manager of one of the stores, resigned....

Jackson Dunlap is president of New Miami Maintenance, Inc., which provides building maintenance services. On October 15, 2011, Jackson signed a service contract with Western College and Western made...

Problem 5-86A (Algorithmic) Accounting for Notes Receivable Yarnell Electronics sells computer systems to small businesses. Yarnell engaged in the following activities involving notes receivable: On...

Accounting for Notes Receivable Yarnell Electronics sells computer systems to small businesses. Yarnell engaged in the following activities involving notes receivable: On September 1 , Yarnell sold a...

Yarnell Electronics sells computer systems to small businesses. Yarnell engaged in the following activities involving notes receivable: a. On September 1, 2019, Yarnell sold a $10,000 system to Ross...

Yarnell Electronics sells computer systems to small businesses. Yarnell engaged in the following activities involving notes receivable: a. On November 1, 2019, Yarnell sold a $5,000 system to Ross...

Take a very careful look at the picture below. Write a brief paragraph of the place using imagery, diction, and figures of speech. You may incorporate an experience related to the location to make...

Medical Equipment Supplies Inc. (MESI) has lost 16% market share in Medical Equipment sales in 2018. MESI serves more than 24,800 B2B clients and operates on a North Central Positronic System that is...

Max does the taxes for his friend s auto shop and accepts car maintenance and repairs in payment. Max is practicing the central tenet of marketing called Multiple Choice exchange. power. value....

You have been approached by a local zoo to help develop a software application that can be used to train their employees about the various needs and costs associated with different animal species....

The time-series graphs below show typical simulation output. For each graph identify the type of model (terminating or nonterminating) and the nature of the simulation output (transient,...

As one of the leaders, consider planning and managing this summiting and returning safely to Base Camp - project using Agile or a Hybrid approach and all of its tools and techniques at your command....

Genesis Computers assembles and sells inexpensive laptop computers from industry standard parts which are generally purchased from the lowest bidder. Its strategy is to avoid direct competition with...

Prepare three contribution-format income statements for the Bullarama event based on: 5a) an optimistic projection (no onsite competitors), 5b) a conservative projection (one onsite competitor), and...

What three steps are involved in delegation? Explain each.

Explain each of the following preferred stock dividend preferences: (l) Current dividend preference, (2) Cumulative dividend preference, (3) Participating dividend preference.

Are dividends in arrears reported among the liabilities of the dividend-paying firm? If not, how are they reported, and why?

Multiple-Choice Questions 1. Which of the following is not a direct nor indirect component of stockholders' equity? a. Dividends payable b. Loss on sale of equipment c. Retained earnings d. Net...

Snowboard Supply Co. has Total Assets of $300,000,000 . The company's stock price has reached a 52-week high of $20.00 per share. However, the firm has $100,000,000 of Total Debt. They have...

Chapter 9 Question 57 1. Is this a two-tailed, right-tail, or left-tail test? C two-tailed C right-tail C left-tail 2. What is the sign of the alternative hypothesis? C not equal C greater than C...

II. III. Formulas and Tables for AP Statistics Descriptive Statistics f=i~ =$ sx= nilEhlz Z(::1E)2 j} = a + bx E = a + bf r=,,112["f][f] Probability and Distributions P{Au3)= P(A)+P(B)P(An3) P(A|B)=%...