(Answered) Exercise - notes receivable transactionsfollowing are

Accounting

Exercise - Notes receivable transactions

Following are selected transactions Deshawn Company for 2010 and 2011.

2010

Dec. 13 Accepted a $25,000, 45-day, 8% note dated December 13 in granting Latisha Clark a time extension on her past-due account receivable.

Dec. 31 Prepared an adjusting entry to record the accrued interest on the Clark note.

2011

Jan. 27 Received Clark's payment for principal and interest on the note dated December 13.

Mar. 3 Accepted a $19,000, 9%, 90-day note dated March 3 in granting a time extension on the pastdue account receivable of Shandi Company.

Mar. 17 Accepted a $17,000, 30-day, 8% note dated March 17 in granting Juan Torres a time extension on his past-due account receivable.

Apr. 16 Torres dishonors his note when presented for payment.

May 1 Wrote off the Torres account against the Allowance for Doubtful Accounts.

June 1 Received the Shandi payment for principal and interest on the note dated March 3.

Prepare journal entries for the above transactions for 2011.

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92695407
Price:- $25

Verified Expert

Priced at $50 Now at $25, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question - earnings per share - at december 31 2016 shiga

Question - Earnings per Share - At December 31, 2016, Shiga Naoya Corporation had the following stock outstanding. 10% cumulative preferred stock, $100 par, 107,500 shares $10,750,000 Common stock, $5 par, 4,000,000 shar ...

Question - merchandise with an invoice price of 4600 is

Question - Merchandise with an invoice price of $4,600 is purchased subject to terms of 2/10, n/30, FOB shipping point. The seller prepaid $75 for the cost of transportation. What is the amount that the purchaser records ...

Question - adams madison needs 252800 in 10 yearshow much

Question - Adams Madison needs $252,800 in 10 years. How much must he invest at the end of each year, at 12% interest, to meet his needs? Adams Fillmore's lifelong dream is to own his own fishing boat to use in his retir ...

Question - cranberry corporation has 3396000 of current

Question - Cranberry Corporation has $3,396,000 of current year taxable income. Use Corporate tax rate schedule. If the current year is a calendar year ending on December 31, 2017, calculate Cranberry's regular income ta ...

Question review the following case studyfasb asc 320

Question: Review the following case study: FASB ASC 320 requires companies to assign their portfolio of investment securities into: • Trading securities. • Securities available for sale. • Held-to-maturity securities. Wr ...

Question - feb1 purchased 1200 shares of bj common stock 2

Question - Feb.1 Purchased 1,200 shares of BJ common stock (2% of outstanding shares) for $8,400.July1Received cash dividends of $2 per share on BJ common stock.Sept.1Sold 500 shares of BJ common stock for $5,400.Dec.1Re ...

Question in each of the following scenarios prepare journal

Question: In each of the following scenarios, prepare journal entries, as necessary, or give proper accounting recognition. For each, tell why you made an entry or accounting recognition or why you did not. 1. Identify t ...

Question - before closing the revenue and expense accounts

Question - Before closing the revenue and expense accounts for the month of June ABC Company's Retained Earnings Account had a $50,000 credit balance. ABC's Net Income for June was $20,000. ABC declared and paid a $5,000 ...

Question - pina corporation purchased a special tractor on

Question - Pina Corporation purchased a special tractor on December 31, 2017. The purchase agreement stipulated that Pina should pay $20,180 at the time of purchase and $5,020 at the end of each of the next 8 years. The ...

Questions -1 pop corporation paid 100000 cash for the net

Questions - 1. Pop Corporation paid $100,000 cash for the net assets of Son Company, which consisted of the following: Book Value Fair Value Current assets $ 40,000 $ 56,000 Plant and equipment 160,000 220,000 Liabilitie ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert