Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Question: The following selected transactions are from Ohlde Company. 2010 Dec. 16 Accepted a $9,600, 60-day, 9% note dated this day in granting Todd Duke a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Duke note. 2011 Feb. 14 Received Duke's payment of principal and interest on the note dated December 16. Mar. 2 Accepted an $4,120, 8%, 90-day note dated this day in granting a time extension on the pastdue account receivable from Mare Co. 17 Accepted a $2,400, 30-day, 7% note dated this day in granting Jolene Halaam a time extension on her past-due account receivable. Apr. 16 Halaam dishonored her note when presented for payment. June 2 Mare Co. refuses to pay the note that was due to Ohlde Co. on May 31. Prepare the journal entry to charge the dishonored note plus accrued interest to Mare Co.'s accounts receivable. July 17 Received payment from Mare Co. for the maturity value of its dishonored note plus interest for 46 days beyond maturity at 8%. Aug. 7 Accepted an $5,440, 90-day, 10% note dated this day in granting a time extension on the pastdue account receivable of Birch and Byer Co. Sept. 3 Accepted a $2,080, 60-day, 10% note dated this day in granting Kevin York a time extension on his past-due account receivable. Nov. 2 Received payment of principal plus interest from York for the September 3 note. Nov. 5 Received payment of principal plus interest from Birch and Byer for the August 7 note. Dec. 1 Wrote off the Jolene Halaam account against Allowance for Doubtful Accounts.
Required: 1. Prepare journal entries to record these transactions and events. (Round amounts to the nearest dollar.) Analysis Component
2. What reporting is necessary when a business pledges receivables as security for a loan and the loan is still outstanding at the end of the period? Explain the reason for this requirement and the accounting principle being satisfied.
on july 31 2012 bismarck company engaged duval tooling company to construct a special-purpose piece of factory
Accounting for the admission of a new partner
the tomlin company forecasts that a total overhead for the current year will be 15000000 and that total machine hours
the following are various activities an auditor does during audit planning.1. send an engagement letter to the
The viewpoint has been expressed that financial statement preparers are also the largest class of users of-financial statemen ts.
Analysis of Inventories the financial statements of General Mills Inc.'s 2007 annual report discloses the following information. Compute General Mills's
a partial listing of costs incurred during december at gagnier corporation appears belownbspnbspfactory supplies 24500
Carlton Company sells office equipment on September 30, 2010, for $21,000 cash. The office equipment originally cost $72,000 and as of January 1, 2010, had accumulated depreciation of $42,000. Depreciation for the first 9 months of 2010 is $6,000...
in recent years sonya transportation purchased three used buses. because of frequent turnover in the accounting
Describe the relationship between tests of acquisition and payment cycle and tests of inventory. Give specific examples of how these types of tests affect each other.
prepare journal entries to record Johnson Company's purchases if it pays on October 31
at the beginning of 2013 pitman co. purchased an asset for 900000 with an estimated useful life of 5 years and an
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd