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Compute the maturity value for each two notes receivable

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Reference no: EM132498018

Question 1: Compute the maturity value for each of the following two notes receivable.

i. a $5,000, 6%, 3-month note dated July 20.

Maturity value $____________.

ii. a $12,000, 9%, 150-day note dated August 5.

Maturity value $____________.

One of your customers, Jim Dobbs, owes you $5,200. Please write the journal entries for the following transactions using the allowance method of accounting for uncollectible receivables:

a) June 9 - Received $1,100 from Jim Dobbs.

b) June 10 - Jim Dobbs informed you that he cannot pay the remaining balance, so you wrote off the remainder owed of $4,100.

c) Oct. 11 - Reinstated the account of Jim Dobbs and received $4,100 cash in full payment.

Reference no: EM132498018

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