2012Dec.16Accepted a $10,800, 60-day, 8% note dated this day in granting Danny Todd a time extension on his past-due account receivable.Dr Notes Receivable–T Duke 10,800Cr Accounts Receivable 10,80031Made an adjusting entry to record the accrued interest on the Todd note.Dr Interest Receivable 36 (10,800 x 8% x 15/360)Cr Interest Revenue 362013Feb.14Received Todd’s payment of principal and interest on the note dated December 16.Dr Cash 10,944Cr Interest Receivable 36Cr Interest Revenue 108 (10,800 x 8% x 45/360)Cr Notes Receivable 10,800 Mar.2Accepted an $6,100, 8%, 90-day note dated this day in granting a time extension on the past-due account receivable from Midnight Co.Dr Notes Receivable–Midnight Co 6,100Cr Accounts Receivable–Midnight Co 6,10017Accepted a $2,400, 30-day, 7% note dated this day in granting Ava Privet a time extension on her past-due account receivable.Dr Notes Receivable 2,400Cr Accounts Receivable 2,400Apr.16Privet dishonored her note when presented for payment.Dr Accounts Receivable 2,414Cr Interest Revenue 14 (2,400 x 7% x 30/360)Cr Notes Receivable 2,400 June2Midnight Co. refuses to pay the note that was due to Ohlmeyer Co. on May 31. Prepare the journal entry to charge the dishonored note plus accrued interest to Midnight Co.’s accounts receivable. Dr Accounts Receivable–Midnight Co 6,222 [6,100 + (6,100 x 8% x 90/360)]Cr Interest Revenue 122Cr Notes Receivable–Midnight Co 6,100July17Received payment from Midnight Co. for the maturity value of its dishonored note plus interest for 46 days beyond maturity at 8%.Dr Cash 6,286Cr Interest Revenue 64 (6,222 x 8% x 46/360)Cr Accounts Receivable–Midnight Co 6,222Aug.7Accepted an $7,450, 90-day, 10% note dated this day in granting a time extension on the past-due account receivable of Mulan Co.Dr Notes Receivable–Mulan Co 7,450Cr Accounts Receivable–Mulan Co 7,450Sept.3Accepted a $2,100, 60-day, 10% note dated this day in granting Noah Carson a time extension on his past-due account receivable.Dr Notes Receivable–Noah Carson 2,100Cr Accounts Receivable–Noah Carson 2,100Nov.2Received payment of principal plus interest from Carson for the September 3 note.Dr Cash 2,135 Cr Interest Revenue 35 (2,100 x 10% x 60/360)Cr Notes Receivable 2,100Nov.5Received payment of principal plus interest from Mulan for the August 7 note.Dr Cash 7,636Cr Interest Revenue 186 (7,450 x 10% x 90/360)Cr Notes Receivable 7,450Dec.1Wrote off the Privet account against Allowance for Doubtful Accounts.Dr Allowance for Doubtful Accounts 2,414Cr Accounts Receivable 2,414P/S. Chị đoán em là người Việt Nam. 🙂...
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