Ch 07 Homework Help Save&Ext; Submit Check my 5 GLO701-Based on Problem 7-SA LO
ID: 2397175 • Letter: C
Question
Ch 07 Homework Help Save&Ext; Submit Check my 5 GLO701-Based on Problem 7-SA LO C2, C3, P4 The following selected transactions are from Alen Company Dec. 16 Accepted a 515, 0, a day, 1ehs note dated thds day in granting Paula Parker a tine estension on his pest-due account 316 2 Hade n adjusting entry to record the accrued Ieterest on the Parker note. reb. 14 Received Parker's payment of principal and interest on the note dated December 16 Par. 2 Accepted a S'?, let, 96-day-dated this day I·granting . t-e-teng-t king Co 17 Accepted ia $12,000-3d-day, 7% nate dated this day Ln granting Than Npgen a tim extension on 16 Npyen dishonored her note when presented for payment note plus accrued Interest to King Co. 'scunts ulyecelived payment from king co. for the maturity value of u. ctepted 510,0,day, 108 note dated thds dey in s eences s nest ta ct the note that es due to Allen Ca on Ray 31 Prepare the Joursal entry to charge the dishonered stsshenared sote plus tnterest for s a beond turity ranting tine estension on the past -due account recelvasle of ved peyment of griscipal plus Loterest fron Stone for the September l ples Isterest from Clark for the August 7 sote Received payment rote off the Nyen sccout ngeinst the LLosance for 8 6Explanation / Answer
Journal Entry Date Particulars Dr. Amt Cr. Amt 16-Dec-16 Notes receivable 15,600.00 Accounts Receivable 15,600.00 (To record the notes accepted from Paula Parker) 31-Dec-16 Interest Receivable 65.00 $15,600 X 10% X 15/360 Interest Revenue 65.00 (To record the interest due on Note) 14-Feb-17 Cash 15,860.00 Notes Receivable 15,600.00 Interest Revenue 195.00 $15,600 X 10% X 45/360 Interest Receivable 65.00 (To record the amount received) 2-Mar-17 Notes receivable 7,000.00 Accounts Receivable 7,000.00 (To record the notes accepted from King Co) 17-Mar-17 Notes receivable 12,000.00 Accounts Receivable 12,000.00 (To record the notes accepted from Ngyen) 16-Apr-17 Accounts Receivable 12,070.00 Notes receivable 12,000.00 Interest Revenue 70.00 $12,000 X 7% X 30/360 (To record the note dishonoured - Ngyen) 31-May-17 Accounts Receivable 7,175.00 Notes receivable 7,000.00 Interest Revenue 175.00 $7,000 X 10% X 90/360 (To record the note dishonoured - King) 16-Jul-17 Cash 7,264.44 Accounts Receivable 7,175.00 Interest Revenue 89.44 $7,000 X 10% X 46/360 (To record the cash recd. From King) 7-Aug-17 Notes receivable 10,000.00 Accounts Receivable 10,000.00 (To record the notes accepted from Clark Co) 3-Sep-17 Notes receivable 5,400.00 Accounts Receivable 5,400.00 (To record the notes accepted from Leilie Stone) 2-Nov-17 Cash 5,490.00 Accounts Receivable 5,400.00 Interest Revenue 90.00 $5,400 X 10% X 60/360 (To record the cash recd. From Leilie Stone) 5-Nov-17 Cash 10,250.00 Accounts Receivable 10,000.00 Interest Revenue 250.00 $10,000 X 10% X 90/360 (To record the cash recd. From Clark Co.) 3-Dec-17 Allowance for Doubtful Accounts 12,070.00 Accounts Receivable 12,070.00 (To record the amount written off - Nygen) Assume 360 Days in a Year.