Make general journal entries to record transactions of leduc

Assignment Help Financial Accounting
Reference no: EM132939810

Following are transactions of Leduc Company:

2020

Dec.11 Accepted a $25,000, 6%, 60-day note dated this day in granting Fred Calhoun a time extension on his past-due account.

dec 31 Made an adjusting entry to record the accrued interest on the Fred Calhoun note.

dec 31 Closed the Interest income account.

2018

Jan. 10 Discounted the Fred Calhoun note at the bank at 7%.

Feb. 10 The Fred Calhoun note was dishonoured. Paid the bank the maturity value of the note plus a $30 fee.

Mar. 5 Accepted a $14,500, 5.5%, 60-day note dated this day in granting a time extension on the past-due account of Donna Reed.

mar 29 Discounted the Donna Reed note at the bank at 7.5%.

May 7 The Donna Reed note had been received by the bank and paid by Donna Reed.

June 9 Accepted a $16,750, 60-day, 5% note dated this day in granting a time extension on the past-due account of Jack Miller.

Aug. 8 Received payment of the maturity value of the Jack Miller note.

aug 11 Accepted an $18,000, 60-day, 5% note dated this day in granting Roger Addison a time extension on his past-due account.

aug 31 Discounted the Roger Addison note at the bank at 6.5%.

Oct .12 The Roger Addison note was dishonoured. Paid the bank the maturity value of the note plus a $30 fee.

Nov. 19 Received payment from Roger Addison of the maturity value of his dishonoured note, the fee, and interest on both for 40 days beyond maturity at 5%.

Dec. 23 Wrote off the Fred Calhoun account against Allowance for Doubtful Accounts.

Required:

Problem 1: Prepare General Journal entries to record the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Use 365 days in a year. Do not round intermediate calculations. Round your answers to 2 decimal places.)

Reference no: EM132939810

Questions Cloud

Calculate the irr for each of the investments : Using a financial calculator, calculate the IRR for each of the investments. State your answers in percentages rounded to two decimal places.
What is the present worth of the defender : If we set up the problem as comparing the present worth of the defender vs the present worth of the challenger, what is the present worth of the defender?
Show the journal entries required to record tax provision : The amount of future income is estimated at $100,000 per year at the beginning of Year 1. Show the journal entries required to record tax provision
Perform calculations for an income statement : Create an amortization schedule. How can someone use financial tools and functions in their personal life? Perform calculations for an income statement.
Make general journal entries to record transactions of leduc : Prepare General Journal entries to record the above transactions. Made an adjusting entry to record the accrued interest on the Fred Calhoun note.
Find how much do have at the end of twenty years : . In addition, you plan to add to your savings by depositing $10,000 per year in your savings account. How much do you have at the end of 20 years?
Dissemination of propaganda : The required readings this week include a variety of recent examples of media bias and propaganda. Using these required readings, address the following prompts
How would the exchange co-operate with other associations : How would the exchange co-operate with other associations/stockbrokers/ market makers and Stock Exchanges in other countries
Describe and explain what types of programs : Describe and explain what types of programs and policies "Tata Motors" had to adopt that align with corporate Environmental Management System (EMS)

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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