- accounts receivable is
- mortgage note sellers
1. On March 9, Phillips gave Jackson Company a 60-day, 12% promissory note for $5,200. Phillips honors the note on May 9. Record the collection of the note and interest by Jackson assuming that no interest has been accrued.
2. Prepare journal entries to record the following transactions entered into by Valente Company:
2014
June 1 Received a $10,000, 12%, 1-year note from Andrea Foley as full payment on her account.
Nov. 1 Sold merchandise on account to Patton, Inc. for $12,000, terms 2/10, n/30.
Nov. 5 Patton, Inc. returned merchandise worth $500.
Nov. 9 Received payment in full from Patton, Inc.
Dec. 31 Accrued interest on Foley's note.
2015
June 1 Andrea Foley honored her promissory note by sending the face amount plus interest.
No interest has accrued in 2015.
2. Prepare journal entries to record the following transactions entered into by Valente Company:
2014
June 1 Received a $10,000, 12%, 1-year note from Andrea Foley as full payment on her account.
Nov. 1 Sold merchandise on account to Patton, Inc. for $12,000, terms 2/10, n/30.
Nov. 5 Patton, Inc. returned merchandise worth $500.
Nov. 9 Received payment in full from Patton, Inc.
Dec. 31 Accrued interest on Foley's note.
2015
June 1 Andrea Foley honored her promissory note by sending the face amount plus interest.
No interest has accrued in 2015.
In need of accounting help.?
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