Singletary company had the following select trasactions: 2008 1) Apr. 1, 2008 Ac
ID: 2443460 • Letter: S
Question
Singletary company had the following select trasactions:2008
1) Apr. 1, 2008 Accepted Wilson Company's 1-year, 12% note in settlement of a $16,500 account receivable.
2) July 1, 2008 Loaned $24,800 cash to Richard Dent on a 9-month, 10% note.
3) Dec. 31, 2008 Accrued interest on all notes receivable.
4) Apr. 1, 2009 Received principal plus interest on the Wilson note.
5) Apr. 1, 2009 Richard Dent dishonored its note; Singletary expects it will eventually collect.
Instructions
Prepare journal entries to record the transactions. Singletary prepares adjusting entries once a year on December 31.
4/1/08 Notes receivable Dr 16,500
Account receivable Cr 16,500
7/1/08 Note receivable Dr 24,800
Cash Cr 24,800
12/31/08................Dr
................Cr
(To record intrest on April 1 note)
................Dr
................Cr
(To record intrest on July 1 note)
4/1/09 ................Dr
................Cr
.................Cr
.................Cr
4/1/09...............Dr
................Cr
.................Cr
.................Cr
Please try to fill all the blanks. Thaaaaaanks a lot
Explanation / Answer
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