subject
Business, 05.06.2020 22:57 20alondra04

The following selected transactions are from Wilson Company. Year 1 Dec. 16 Accepted a $19,200, 60-day. Year 1

Dec. 16 Accepted a $19,200, 60-day, 10% note in granting Debbie Hall a time extension on his past-due account receivable.
31 Made an adjusting entry to record the accrued interest on the Hall note.

Year 2

Feb. 14 Received Hall’s payment of principal and interest on the note dated December 16.
Mar. 2 Accepted a $8,000, 10%, 90-day note in granting a time extension on the past-due account receivable from Sanchez Co.
17 Accepted a $6,600, 30-day, 10% note in granting Rick Mitchell a time extension on her past-due account receivable.
Apr. 16 Mitchell dishonored her note.
May 31 Sanchez Co. dishonored its note.
Aug. 7 Accepted a $20,000, 90-day, 12% note in granting a time extension on the past-due account receivable of Parker Co.
Sep. 3 Accepted a $10,200, 60-day, 10% note in granting Jean Clark a time extension on his past-due account receivable.
Nov. 2 Received payment of principal plus interest from Clark for the September 3 note.
Nov. 5 Received payment of principal plus interest from Parker for the August 7 note.
Dec. 1 Wrote off the Mitchell account against the Allowance for Doubtful Accounts.

Required:
Prepare the journal entries related to notes receivable and accounts receivable.

ansver
Answers: 3

Other questions on the subject: Business

image
Business, 21.06.2019 16:50, Arealbot
Which of the following is the most important role of marketing in the process selection decision? identifying points of differentiation for mass customization. stimulating demand in developing markets. estimating and managing future demand. providing translation of the voice of the customer.
Answers: 2
image
Business, 22.06.2019 02:00, Sumysumy
Southeastern bell stocks a certain switch connector at its central warehouse for supplying field service offices. the yearly demand for these connectors is 15,000 units. southeastern estimates its annual holding cost for this item to be $25 per unit. the cost to place and process an order from the supplier is $75. the company operates 300 days per year, and the lead time to receive an order from the supplier is 2 working days. a) find the economic order quantity. b) find the annual holding costs. c) find the annual ordering costs. d) what is the reorder point?
Answers: 2
image
Business, 22.06.2019 02:20, lovehelping1564
Neon light company of kansas city ships lamps and lighting appliances throughout the country. ms. neon has determined that through the establishment of local collection centers around the country, she can speed up the collection of payments by one and one-half days. furthermore, the cash management department of her bank has indicated to her that she can defer her payments on her accounts by one-half day without affecting suppliers. the bank has a remote disbursement center in florida. a. if neon light company has $2.90 million per day in collections and $1.18 million per day in disbursements, how many dollars will the cash management system free up?
Answers: 2
image
Business, 22.06.2019 07:30, yzafer3971
An instance where sellers should work to keep relationships with customers is when they instance where selllars should work to keep relationships with customers is when they feel that the product
Answers: 1
You know the right answer?
The following selected transactions are from Wilson Company. Year 1 Dec. 16 Accepted a $19,200, 60-d...

Questions in other subjects:

Konu
Advanced Placement (AP), 04.11.2019 23:31
Konu
Mathematics, 04.11.2019 23:31