Current Attempt in Progress Waterway Family Importers sold goods to Tung Decorators for $41,400 on November 1, 2025. accepting Tung's $41,400, 6-month, 596 note Prepare Waterway's November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note and interest. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem) Date (12/1/25 (12/31/25 5/1/26 V Account Titles and Explanation Notes Receivable Sales Revenue Interest Receivable Cash Notes Receivable interest Receivable Interest Income Debit 41400 Credit (41400

Current Attempt in Progress Waterway Family Importers sold goods to Tung Decorators for $41,400 on November 1, 2025. accepting Tung's $41,400, 6-month, 596 note Prepare Waterway's November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note and interest. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem) Date (12/1/25 (12/31/25 5/1/26 V Account Titles and Explanation Notes Receivable Sales Revenue Interest Receivable Cash Notes Receivable interest Receivable Interest Income Debit 41400 Credit (41400

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 15EB: Rain T-Shirts issued a $440,600 note on January 1, 2018 to a customer, Larry Potts, in exchange for...

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Rain T-Shirts issued a $440,600 note on January 1, 2018 to a customer, Larry Potts, in exchange for merchandise. The merchandise had a cost to Rain T-Shirts of $220,300. The terms of the note are 24-month maturity date on December 31, 2019 at a 4.5% annual interest rate. Larry Potts does not pay on his account and dishonors the note. Record journal entries for Rain T-Shirts for the following transactions. A. Initial sale on January 1, 2018 B. Dishonored note entry on January 1, 2020, assuming interest has not been recognized before note maturity
Flint Family Importers sold goods to Tung Decorators for $40.800 on November 1, 2022, accepting Tung's $40,800, 6-month, 6% note. Prepare Flint's November 1 entry, December 31 annual adjusting entry, and May 1, 2023, entry for the collection of the note and interest. (If no entry is required, select "No Entry for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually Record journal entries in the order presented in the problem) Date 11/1/22 v 12/31/22 5/1/23 Account Titles and Explanation Notes Receivable Sales Revenue terest Receivable Interest Revenu Cath Interest Receivable interest Revenue Debit 40.800 408 42400 Credit 40.800 40800 400 814
Current Attempt in Progress Splish Family Importers sold goods to Tung Decorators for $44,400 on November 1, 2025, accepting Tung's $44.400, 6-month, 6% note. Prepare Splish's November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note and interest. (f no entry is required, select "No Entry for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem) Date Account Titles and Explanation Debit Credit 1000 1000 Ps
1 . Prepare journal entries to record the following transactions entered into by Ivanhoe Company: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) 2020 June 1 Received a $8,600, 12%, 1-year note from Andrea Foley as full payment on her account. Nov. 1 Sold merchandise on account to Patton, Inc. for $10,320, terms 2/10, n/30. Nov. 5 Patton, Inc. returned merchandise worth $520 Nov. 9 Received payment in full from Patton, Inc. Dec. 31 Accrued interest on Foley's note. 2021 June 1 Andrea Foley honored her promissory note by sending the face amount plus interest. No interest has been accrued in 2021.
On July 1, 2020, Suzan Corp. sells electronic merchandise on account to Sam Inc. for $45,000, terms 1/10, n/30. On December 1, Suzan Corp. writes-off as uncollectable the balance due from Sam Inc. Direct write-off method to account for uncollectible accounts is used. The journal entry to record December 1 transaction will include: Credit Accounts Receivable $45,000. Credit Sales Revenue $45,000. Debit Sales Discount $450. Credit Bad Debt Expense $45,000 None of the above
Vaughn Family Importers sold goods to Tung Decorators for $36,600 on November 1, 2020, accepting Tung's $36,600, 6-month, 6% note. Prepare Vaughn's November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note and interest. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit
Cheyenne Wholesalers accepts from Gates Stores a $24,000, 4-month, 8% note dated May 31 in settlement of Gates’ overdue account. The maturity date of the note is September 30.What entry does Cheyenne make at the maturity date, assuming Gates pays the note and interest in full at that time? (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account title to record collection of gates note and interest enter a debit amount enter a credit amount enter an account title to record collection of gates note and interest enter a debit amount enter a credit amount enter an account title to record collection of gates note and interest enter a debit amount enter a credit amount (To record collection of Gates note and interest)
Included in Windsor NV's December 31 trial balance is a note receivable of € 8,880. The note is a 4-month, 10% note dated October 1. Prepare Windsor's December 31 adjusting entry to record € 222 of accrued interest, and the February 1 journal entry to record receipt of € 9,176 from the borrower. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit >
Included in Windsor NV's December 31 trial balance is a note receivable of € 8,880. The note is a 4-month, 10% note dated October 1. Prepare Windsor's December 31 adjusting entry to record € 222 of accrued interest, and the February 1 journal entry to record receipt of € 9,176 from the borrower. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Dec. 31 Interest Payable 222 Interest Expense 222 Feb. 1 Cash 9176 Interest Expense 222 Interest Payable 74 Notes Receivable 8880
Record the following transactions for Sheridan Company in the general journal. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) .2020 May 1 Dec. 31 Dec. 31 2021 May Received a $27,450, 12-months, 8% note in exchange for Mark Chamber's outstanding accounts receivable. Date Accrued interest on the Chamber note. Closed the interest revenue account. 1 Received principal plus interest on the Chamber note. (No interest has been accrued in 2021.) V > Account Titles and Explanation (To record accrued interest on note.) (To close the interest revenue account.) Debit Credit I
Record the following transactions for Concord Co. in the general journal. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) 2020 May 1 Received a $33,000, 12 months, 10% note in exchange for Mark Chamber’s outstanding accounts receivable. Dec. 31 Accrued interest on the Chamber note. Dec. 31 Closed the interest revenue account. 2021 May 1 Received principal plus interest on the Chamber note. (No interest has been accrued in 2021.) Date Account Titles and Explanation Debit Credit May 1, 2020Dec. 31, 2020May 1, 2021 May 1, 2020Dec. 31, 2020May 1, 2021 (To record accrued interest on note.) May 1, 2020Dec. 31, 2020May 1, 2021 (To close the…
Additional information: 1. The company uses a perpetual system 2. The company uses control accounts for selling and administrative expenses. 3. The company records and posts its adjusting entries to its account only at year-end. 4. Uncollectible accounts average 0.5% of net sales. 5. The P400K note receivable was received on March 1, 2019. The 6-month note carries an annual interest rate of 12%, the interest to be collected at the maturity date. 6. The balance in the prepaid insurance account represents payment made on January 1, 2019, for a 1-year comprehensive insurance policy. 7. The property and equipment account consists of land, P500K; buildings, P5.5M; and equipment, P2M. The buildings are depreciated over a 25-year life; the equipment over an 8-year life. Straight-line depreciation is used; residual value is disregarded. No acquisitions have made in 2019. The depreciation on the buildings is treated as an administrative expense; depreciation on the equipment as a selling…