Following selected transactions of dulcinea company

Assignment Help Accounting Basics
Reference no: EM13902887

Refer to the information in Exercise 9  13 and prepare the journal entries for the following selected transactions of Dulcinea Company for 2013. 

2013 Jan. 27 Received Lee's payment for principal and interest on the note dated December 13. 

Mar. 3 Accepted a $ 5,000, 10%, 90 day note dated March 3 in granting a time extension on the past due account receivable of Tomas Company. 

17 Accepted a $ 2,000, 30 day, 9% note dated March 17 in granting Hiroshi Cheng a time extension on his past  due account receivable. 

Apr. 16 Cheng dishonors his note when presented for payment. 

May 1 Wrote off the Cheng account against the Allowance for Doubtful Accounts. 

June 1 Received the Tomas payment for principal and interest on the note dated March 3.

In Exercise 9  13, Prepare journal entries for the following selected transactions of Dulcinea Company for 2012. 

2012 Dec. 13 Accepted a $ 9,500, 60 day, 8% note dated December 13 in granting Miranda Lee a time extension on her past  due account receivable. 

31 Prepared an adjusting entry to record the accrued interest on the Lee note.

Reference no: EM13902887

Questions Cloud

What should an entrepreneur know about the venture capital : What should an entrepreneur know about the venture capital process?
Combine social entrepreneurship with traditional options : How might you combine social entrepreneurship with traditional options for going global? 3. Can establishing a multinational corporation or a joint venture serve the principles of social entrepreneurship? Would some options lend themselves better to ..
Calculate the companys overall return on investment : Calculate the company's overall return on investment (ROI). Also, calculate the com- pany's overall economic value added amount. (Assume a weighted-average cost of capital of 10%.
Social media into their branding-marketing strategy : What is social media? Why should a business or organization integrate social media into their branding/marketing strategy? What are the advantages? What are the pitfalls? What types of businesses and organizations are best served by a presence in soc..
Following selected transactions of dulcinea company : Refer to the information in Exercise 9  13 and prepare the journal entries for the following selected transactions of Dulcinea Company for 2013.
General biology : General Biology. Please provide complete, correct, and scientific solution done on computer or by hand. Please, emphasis on correct and verified solution. This is all the information provided
Compute the return on investment for each division : Compute the return on investment for each division. Compute the economic value added amount for each division. Which division's manager is performing the best using ROI?
Department wanted to provide new service to their customer : You were invited by the president of an insurance company who wanted to consult with you. The president told you that she had the following problem: The head of the life insurance department wanted to provide a new service to their customers. As the ..
Description of your statistical design and sampling plan : What are the relevant variables? What are their measurements (think variation)? If you intend to collect your own data, include a description of your statistical design and sampling plan. If it's a survey, include the questionnaire. If you are usi..

Reviews

Write a Review

Accounting Basics Questions & Answers

  Compute the change in operating income if olson company

company has three departments. data for the most recent year is presented belowdept. c dept. a dept. tsales 4000 1920

  What is the breakeven point in sales units and sales dollars

What is the breakeven point in sales units and sales dollars?

  Presented below are three different transactions related to

presented below are three different transactions related to materiality. explain whether you would classify these

  Discuss the salary increase

Cindy's salary was $200,000; this year, due to her success, she would like to pay herself a $600,000 salary. As Chipsmart's tax adviser, prepare a list of questions you would like to ask Cindy when you meet her to discuss the salary increase.

  What are some underlying budgets that form the master budget

What is a master budget? What are some underlying budgets that form the master budget? What is the budgeting process at your organization? Is it effective? Why or why not?

  Estimating materials price variance

A company has a standard cost system. In July the company purchased and used 22,500 pounds of direct material at an actual cost of $53,000; the materials quantity variance was $1,875 unfavourable; and the standard quantity of materials allowed for..

  At april 30 the bank reconciliation of guardado company

at april 30 the bank reconciliation of guardado company shows three outstanding checks no. 254 650 no. 255 700 and no.

  Projects equivalent annual cost

If the required return is 11 percent, what is the project's equivalent annual cost, or EAC? (Do not round your intermediate calculations.)

  Tripiani inc incurred 600000 of capitalizable costs to

tripiani inc. incurred 600000 of capitalizable costs to develop computer software during 2011. the software will earn

  What are the combined total department costs

Premium Corporation has two service departments whose direct department costs are $75,000 and $10,000, respectively, and two producing departments whose direct department costs are $60,000 and $250,000, respectively. What are the combined total de..

  Differences between individual and business tax accounting

To make sure she completely understands the differences between individual and business tax accounting, you ask her to review some of the materials from her college courses in taxation.

  Yang corporation wholesales repair products to equipment

yang corporation wholesales repair products to equipment manufacturers. on may 1 2014 yang corporation issued 20000000

Free Assignment Quote

Assured A++ Grade

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd