Following are selected transactions Deshawn Company for 2010 and 2011. 2010 Dec. 13 Accepted a...
Question:
Following are selected transactions Deshawn Company for 2010 and 2011.
| 2010 | |
| Dec. 13 | Accepted a $27,000, 45-day, 10% note dated December 13 in granting Latisha Clark a time extension on her past-due account receivable. |
| 31 | Prepared an adjusting entry to record the accrued interest on the Clark note. |
| 2011 | |
| Jan. 27 | Received Clark's payment for principal and interest on the note dated December 13. |
| Mar. 3 | Accepted a $21,000, 7%, 90-day note dated March 3 in granting a time extension on the past due account receivable of Shandi Company. |
| 17 | Accepted a $19,000, 30-day, 9% note dated March 17 in granting Juan Torres a time extension on his past-due account receivable. |
| Apr. 16 | Torres dishonors his note when presented for payment. |
| May 1 | Wrote off the Torres account against the Allowance for Doubtful Accounts. |
| June 1 | Received the Shandi payment for principal and interest on the note dated March 3. |
Prepare journal entries for the above transactions for 2011.
Account Receivable
Account receivable is the amount that has been accrued as a result of operating activities and is due to be received in the upcoming period. The account receivable is categorized as current assets.
Answer and Explanation: 1
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View this answerThe journal entry is as follows:
| Date | Particulars | Debit ($) | Credit ($) |
| December 13, 2010 | Note receivable | 27,000 | |
| Accounts receivable | 27,000 | ||
| (To... |
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Accounts Receivable Journal Entries
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