Prepare journal entries to record these selected transactions for Eduardo Company. Nov. 1 ...
Question:
Prepare journal entries to record these selected transactions for Eduardo Company.
| Nov. 1 | Accepted a $5,000, 180-day, 6% note dated November 1 from Melosa Allen in granting a time extension on her past-due account receivable. |
| Dec. 31 | Adjusted the year-end accounts for the accrued interest earned on the Allen note. |
| Apr. 30 | Allen honors her note when presented for payment; February has 28 days for the current year. |
Accounts Receivable:
A company's accounts receivable (AR) is the balance due to them for goods or services delivered or used, but not yet paid for. In the balance sheet, accounts receivable is just a current asset. The amount a client owes for purchases made with credit is called AR. Accounts receivable is the standard way to measure a company's liquidity, or its ability to meet short-term obligations without generating new cash flow.
Answer and Explanation: 1
Become a Study.com member to unlock this answer! Create your account
View this answerJournal entries:
| Date | Particulars | Debit ($) | Credit ($) |
|---|---|---|---|
| 1-Nov | Notes receivable - Melosa Allen | $5,000 | ...
See full answer below.
Ask a question
Our experts can answer your tough homework and study questions.
Ask a question Ask a questionSearch Answers
Learn more about this topic:
Get access to this video and our entire Q&A library
Accounts Receivable Journal Entries
from
Chapter 3 / Lesson 20
27K
Learn what accounts receivables (AR) are and understand their purpose in business. Explore different examples of AR and what the journal entry for it is.
Related to this Question
- Prepare journal entries to record these selected transactions for Eduardo Company. Nov. 1 Accepted a $5,000, 180-day, 6% note dated November 1 from Melosa Allen in granting a time extension on her past-due account receivable. Dec 31 Adjusted the year-end
- Following are selected transactions Deshawn Company for 2010. Dec. 13: Accepted a $27,000, 45-day, 7% note dated December 13 in granting Latisha Clark a time extension on her past-due account receivable. Dec. 31: Prepared an adjusting entry to record the
- Following are selected transactions Deshawn Company for 2010. Dec. 13 Accepted a $10,000, 45-day, 8% 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
- 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 rec
- Following are selected transactions of Danica Company for 2016. Dec. 13 Accepted a $10,000, 45-day, 8% note dated December 13 in granting Miranda Lee a time extension on her past-due account receivable. Dec. 31 Prepared an adjusting entry to re
- Following are selected transactions for Vitalo Company. Nov. 1 Accepted a $12,000, 180-day, 5% note dated November 1 from Kelly white in granting a time extension on her past-due account receivable.
- Following are selected transactions for Vital Company. Nov. 1 Accepted a $9,000, 180-day, 9% note dated November 1 from Kelly White in granting a time extension on her past-due account Receivable. D
- The following selected transactions are from Ohlmeyer Company: 2012 Dec.16 Accepted a $14,600, 60-day, 8% note dated this day in granting Danny Todd a time extension on his past-due account receivable
- The following selected transactions are from Ohlmeyer Company: 2014 Dec. 16 Accepted a $12,300, 60-day, 7% note dated this day in granting Danny Todd a time extension on his past-due accounts receiv
- On October 1, 2015, Allen Jewelry Company accepted a 4 month,10% note for 2,400 in settlement of an overdue account receivable. Interest revenue was accrued through December 31, 2015. Allen receives the maturity value of the note de due date. Prepare jour
- Following are selected transactions for Vitalo Company Nov. 1 Accepted a $18,000, 180-day, 9% note dated November 1 from Kelly White in granting a time extension on her past due account receivable. D
- Nov. 1 Accepted a $6,000, 180-day, 8% note dated November 1 from Kelly White in granting a time extension on her past-due account receivable. Dec. 31 Adjusted the year-end accounts for the accrued in
- 2016 Dec13 Accepted a 9500 45 day 8 note dated December 13 in granting Miranda Lee a time extension on her past due account receivable Prepare journal entries for the following selected transactions o
- Following are selected transactions of Dulcinea Company for 2012. Dec. 13 Accepted a $18,000, 45-day, 10% note dated December 13 in granting Miranda Lee a time extension on her past-due account receiv
- Dec. 13: Accepted a $25,000, 45-day, 10% note dated December 13 in granting Miranda Lee a time extension on her past-due account receivable. Dec. 31: Prepared an adjusting entry to record the accrued
- Following are selected transactions for Vitalo Company Nov 1 Accepted a 13000 180 day 5 note dated ember 1 from Kelly White in granting a time extension on her past due account receivable
- On November 1, Alan Company signed a 120-day, 10% note payable, with a face value of $69,000. Alan made the appropriate year-end accrual. What is the journal entry as of March 1 to record the payment of the note, assuming no reversing entry was made? (Use
- Following are selected transactions Danica Company for 2014: Dec. 13 Accepted a $9,500, 45-day, 8% note dated December 13 in granting Miranda Lee a time extension on her past-due account receivable.
- Following are selected transactions Deshawn Company for 2010 and 2011. 2010 Dec. 13 Accepted a $14,000, 45-day, 8% note dated December 13 in granting Latisha Clark a time extension on her past-due acc
- On November 1, Alan Company signed a 120-day, 8% note payable, with a face value of $9,000. Alan made the appropriate year-end accrual. What is the journal entry as of March 1 to record the payment of the note assuming no reversing entry was made? (Use 36
- On September 1, 2016, Fox Corp. accepted a six-month, 6%, $65,000 interest-bearing note from Rudy Company to pay accounts receivable. Fox's year-end is December 31. Rudy paid the note and interest on the due date. Prepare all necessary journal entries tha
- On November 1, Alan Company signed a 120-day, 10% note payable, with a face value of $27,000. Alan made the appropriate year-end accrual. What is the journal entry as of March 1 to record the payment
- Vandiver Company had the following select transactions : Apr. 1, 2017 - Accepted Goodwin Company's 12-month, 10% note in settlement of a $26,400 account receivable. July 1, 2017 - Loaned $28,
- The following selected transactions are from Ohlmeyer Company: (Use 360 days a year.) 2014 Dec. 16 Accepted a $10,900, 60-day, 6% note dated this day in granting Danny Todd a time extension on his pas
- What will be the total interest for September 3, 2013. The following selected transactions are from Ohlmeyer Company. - Dec 16: Accepted a $10,800, 60-day, 8% note dated this day in granting Danny Todd a time extension on his past due account receivable.
- What will be the total interest for December 16, 2012? The following selected transactions are from Ohlmeyer Company. - Dec 16: Accepted a $10,800, 60-day, 8% note dated this day in granting Danny Todd a time extension on his past due account receivable.
- On November 1 of the current year, Garcia Company borrowed $84,000 by issuing a 16%, six-month note payable, all due at maturity date. Interest expense on this note to be recognized during the current
- The following selected transactions occurred during 2016 for Mitchell Movers. The company ends its accounting year on December 31. Apr. 1 Performed services on account for Ellison Rentals, $12,000. Aug. 1 Received a $12,000, 3 month, 9% note from Ellison
- The following selected transactions are from Ohlm Company. (Use 360 days a year.) 2016 Dec.16 Accepted a $13,400, 60-day, 7% note dated this day in granting Danny Todd a time extension on his past-d
- The following are selected transactions for Vitalo Company. Nov. 1 Accepted a $6,000, 180-day, 8% note dated November 1 from Kelly White in granting a time extension on her past-due account receivabl
- What will be the total interest for August 7, 2013? The following selected transactions are from Ohlmeyer Company. - Dec 16: Accepted a $10,800, 60-day, 8% note dated this day in granting Danny Todd a time extension on his past due account receivable. -
- On November 1, Thomas Company purchased $2,040 of supplies. Thomas Company recorded the transaction by debiting Supplies and crediting Cash. By the end of the calendar year, $1,810 of supplies remains. Journalize the adjusting entry on December 31.
- Prepare the necessary journal entries for the following transactions. On September 1, Cole Company borrowed $300,000 from National Bank on a 6-month, 8% note. On December 31, Cole Company accrued inte
- On January 1, 2017, Larkspur Corporation redeemed $570,000 of bonds at 96. At the time of redemption, the unamortized premium was $17,100. Prepare the corporation's journal entry to record the reacqu
- A company purchased merchandise inventory costing $15,000 with credit terms of 2/10, n/30 on November 7. On November 15, the company paid 1/3 of the amount due. The remaining balance was paid on December 7. a. Record the journal entries related to this tr
- What will be the total interest for June 2, 2013? The following selected transactions are from Ohlmeyer Company. - Dec 16: Accepted a $10,800, 60-day, 8% note dated this day in granting Danny Todd a time extension on his past due account receivable. - De
- 1a) On November 1, Alan Company signed a 120-day, 8% note payable, with a face value of $9,000. Alan made the appropriate year-end accrual. What is the journal entry as of March 1 to record the paymen
- Bramble Company borrowed $34,800 on November 1, 2017, by signing a $34,800, 9%, 3-month note. Prepare Bramble's November 1, 2017, entry; the December 31, 2017, annual adjusting entry; and the February 1, 2018, entry.
- Prepare journal entries for the following entries for Cayo Hueso Company for the month of December, 20X1. The balance in the Allowance for Doubtful Accounts at the end of November was 40,220. Date Transaction Dec. 1 Set up a Petty Cash with an initial ba
- Dreiling Company borrowed $300,000 on January 1, 2014, by issuing a $300,000, 8% mortgage note payable. The terms call for semiannual installment payments of $20,000 on June 30 and December 31. \\ Instructions: \\ (a) Prepare the journal entries to reco
- On November 1, Alan Company signed a 120-day, 9% note payable, with a face value of $16,200. What is the adjusting entry for the accrued interest at December 31 on the note? (Use 360 days a year.)
- On November 1, Alan Company signed a 120-day, 8% note payable, with a face value of $12,600. What is the adjusting entry for the accrued interest at December 31 on the note? (Use 360 days a year.)
- On November 1, Alan company signed a 120-day, 8% note payable, with a face value of $12,600. What is the adjusting entry for the accrued interest at December 31 on the note? (Use 360 days a year.) O
- On November 1, Alan Company signed a 120-day, 12% note payable, with a face value of $9,900. What is the adjusting entry for the accrued interest at December 31 on the note? (Use 360 days a year.) De
- Included in Headland Company's December 31 trial balance is a note receivable of $7,200. The note is a 4-month, 10% note dated October 1. Prepare Headland's December 31 adjusting entry to record $180 of accrued interest, and the February 1 journal entry
- Entries for installment note transactions On January 1, Year 1, Bryson Company obtained a $147,750, four-year, 7% installment note from Campbell Bank. The note requires annual payments of $43,620, be
- On October 1, a company lends $10,000 to an employee who signs a 9%, 6-month promissory note. The company is preparing its year-end financial statements on December 31. No adjusting entries have been recorded in connection with this note. What adjusting e
- Budgeted sales in Allen Company over teh next four months are given below: Budgeted Sales September: $100,000 October: $160,000 November: $180,000 December: $120,000 25% of the company's sales are for cash and 75% are on account. Collections for sales on
- Prepare the necessary journal entries for the following transactions: a) On September 1, Lore Company borrowed RM150,000 from National Bank on a 6-month, 8% note. b) On December 31, Lore Company accrued interest (assume adjusting entries are only made a
- Conner Company borrows 280,500 cash on November 1, 2013, by signing a 90-day, 6% note. Prepare the journal entry to record the (a) notes payable, (b) the adjusting entry required at December 31, (c) and final payment at the maturity date.
- The following selected transactions were taken from the records of Aprilla Company for the first year of its operations ending December 31, 2012: Jan. 27 Wrote off the account of C. Knoll, $6,000. Feb. 17 Received $1,000 as partial payment on the $3,000 a
- The following selected transactions were taken from the records of Aprilla Company for the first year of its operations ending December 31, 2014: Jan. 27 Wrote off account of C. Knoll, $3,350. Feb. 17 Received $1,680 as partial payment on the $4,460 accou
- On November 1, 2015, Lang Corporation, a magazine publisher, received $15,000 cash from customers for 1-year subscriptions. Prepare a Journal entry to record the subscriptions on November 1, and the necessary Adjusting Entry on December 31, 2015, its fisc
- On November 1, 2012, Bob's Skateboards Store signed a $12,000, 3-month, 5% note payable to cover a past due to account payable. This company uses a calendar year to report financial activity and updates the accounting records monthly. a. Prepare Bob's ge
- Included in Gonzalez Company's December 31 trial balance is a note receivable of $19,800. The note is a 4-month, 10% note dated October 1. Prepare Gonzalez's December 31 adjusting entry to record $495 of accrued interest and the February 1 journal entry t
- Included in Gonzalez Company's December 31 trial balance is a note receivable of $23,400. The note is a 4-month, 10% note dated October 1. Prepare Gonzalez's December 31 adjusting entry to record $585 of accrued interest, and the February 1 journal entry
- Included in Gonzalez Company's December 31 trial balance is a note receivable of $13,560. The note is a 4-month, 10% note dated October 1. Prepare Gonzalez's December 31 adjusting entry to record $339 of accrued interest, and the February 1 journal entry
- Elburn Supply Co. has the following transactions related to notes receivable during the last 2 months of 2017. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned
- What will be the total interest for March 17, 2013? The following selected transactions are from Ohlmeyer Company. - Dec 16: Accepted a $10,800, 60-day, 8% note dated this day in granting Danny Todd a time extension on his past due account receivable. -
- On November 1, Metro Corporation borrowed $55,000 from a bank and signed a 12%, 90-day note payable in the amount of $55,000. What would the November 30 adjusting entry be? (Assume 360 days in a year.)
- On October 1, 2016, a firm accepted a 4-month, 9% note for $32,000 from a customer with an overdue account balance. The accrued interest recorded for this note on December 31, 2016, is _______________
- The bookkeeper for Bradbury Company asks you to prepare the following accrued adjusting entries at December 31. 1. Interest on notes payable of $500 is accrued. 2. Services performed but not recorded
- On January 1 of the current year, Oliver Company paid $2,100 in rent to cover six months (January-June). Oliver recorded this transaction as follows: Journal Entry Date Accounts Debit Credit Jan 1 Prepaid Rent 2,100 Cash 2,100 Oliver adjusts the accounts
- Budgeted sales in Allen Company over the next four months are given below: September October November December Budgeted sales $40,000 $101,000 $176,000 $116,000 20 percent of the company's sales are for cash and 80% are on account. Collections for sales o
- On November 1, 2011, a $216,000, 9-month, noninterest-bearing note is issued at a 10% discount rate. Required: a. Prepare the appropriate journal entry to record the issuance of the note. b. Determ
- Sharp Company borrowed $500,000 on a 6% one-year, interest-bearing note dated November 1, 2014, with interest payable at maturity. The annual accounting period ends on December 31. Assume that adjusting entries are only made on December 31, the company's
- On November 1, Alan Company signed a 120-day, 8% note payable, with a face value of $9,000. What is the adjusting entry for the accrued interest at December 31 on the note? A) Debit interest expens
- Stancil Enterprises prepaid eight months of office rent totaling $8,900 on October 1, 2017. Assuming Stancil records deferred expenses using the alternative treatment, what would be the adjusting entry recorded on December 31, 2017?
- Stancil Enterprises prepaid eight months of office rent totaling $8,800 on October 1, 2017. Assuming Stancil records deferred expenses using the alternative treatment, what would be the adjusting entry recorded on December 31, 2017?
- Stancil Enterprises prepaid four months of office rent totaling $8,100 on October 1, 2017. Assuming Stancil records deferred expenses using the alternative treatment, what would be the adjusting entry recorded on December 31, 2017?
- Ward Corporation issues 5,000 10-year 8% $1,000 bonds dated January 1, 2015, at 103. The journal entry to record the issuance will show a: a) debit to Cash of $5,000,000. b) credit to Premium on Bon
- On May 1, your company accepted a $24,000, three-month, 12% note from a customer in exchange for services rendered. 1. As the accountant for the company, prepare an appropriate journal entry to record the acceptance of the note. 2. On August 1, the custom
- On January 1, 2014, Morfitt Company had Accounts Receivable $98,000 and Allowance for Doubtful Accounts $8,100. Morfitt Company prepares financial statements annually. During the year, the following selected transactions occurred. Jan. 5 Sold $10,800 o
- Included in Flounder Company's December 31 trial balance is a note receivable of $8,640. The note is a 4-month, 10% note dated October 1. Prepare Flounder's December 31 adjusting entry to record $216 of accrued interest, and the February 1 journal entry t
- On November 1, 20X4, DumpCo debits Cash and credits Notes Payable for $20,000 for a note maturing on May 1, 20X5, when the principal and accrued interest of 6% a year is due. If on December 31, 20X4, you discover that no adjusting entry was made to accrue
- On October 1, 2021, a company purchases equipment for $72,000. The equipment is expected to be used for the next four years (48 months). What adjusting entry should the company record on December 31, 2021?
- Svat company borrowed 100,000 on November 1, 2019, by signing a 100,000, 7%, 3-month note. Prepare Svat company's November 1 entry; the December 31, 2019, annual adjusting entry; and the February 1, 2020, entry.
- On November 4, a company borrowed $20,000 by issuing a four-year, 6% note payable. The note called for $5,000 annual installment payments plus interest. Prepare the general journal entry to record the issuance of the note.
- On November 1, 2019, a firm accepted a 5-month, 10 percent note for $1,200 from a customer with an overdue balance. The accrued interest recorded for this note for the year ended December 31, 2019 would be what amount?
- La Bamba Company had the following select transactions. Apr. 1, 2012 Accepted Shatner Company' s 1-year, 12% note in settlement of a $20,000 account receivable. July 1, 2012 Loaned $25,000 cash to Richie Rosenberg on a 9-month, 10% note. Dec. 31, 2012
- Flagg records adjusting entries at its December 31 year-end. At December 31, employees had earned $13,200 of unpaid and unrecorded salaries. The next payday is January 3, at which time $33,000 will be paid. Prepare the journal entry on January 3 to record
- Prepare the T-Accounts for the following trasnactions; Jan. 30 Established the business when It acquired $45,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years,
- Selected transactions completed by Kornett Company during its first fiscal year ended December 31, 2014, were as follows: 1. Journalize the selected transactions. Assume 360 days per year. January 3
- Dominika Company's December 31 year-end unadjusted trial balance shows a $10,000 balance in Notes Receivable. This balance is from one 6% not dated December 1, with a period of 45 days. - Record the year-end adjustment related to this note. - Record the
- Michael s Plumbing Company has the following transactions for the year. Prepare adjusting entries in journal format and post to T Accounts. 1. Supplies on hand December 31 was $500 2. The equipment is to be depreciated over 48 months starting with Decembe
- On January 1, 2017, Stellar Corporation redeemed $560,000 of bonds at 99. At the time of redemption, the unamortized premium was $16,800. Prepare the corporation's journal entry to recor
- Elburn Supply Co. has the following transactions related to notes receivable during the last 2 months of 2014. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $30,000 cash to Manny Lopez on a 12 month, 10% note.
- Hi, 2 attachments againOn December 1st, Emily Company issued a 90-day, 12%, $24,000 note payable to a vendor in settlement of an open account payable. The adjusting entry made on Emily s book on December 31st should dhow a credit to: a. Accounts Payable
- On May 2, McLain Company lends $88,000 to Chang, Inc., issuing a 6-month, 6% note. At the maturity date, November 2, Chang indicates that it cannot pay. (a) Prepare the entry to record the issuance of
- Farwell Company closes its books monthly. On September 30, selected ledger account balances are: Notes Receivable$35,400 Interest Receivable195 Notes Receivable include the following. Date Maker Face
- On November 16, a company received $9,000 in advance for services to be provided from November 16 through February 15 (three months). Prepare the general journal entry to record this transaction.
- Upland Company borrowed $40,000 on November 1, 2010, by signing a $40,000, 9%, 3-month note. Prepare Upland's November 1, 2010, entry; the December 31, 2010, annual adjusting entry; and the February 1, 2011, entry.
- Included in Concord Company's December 31 trial balance is a note receivable of $9,600. The note is a 4-month, 10% note dated October 1. Prepare Concord's December 31 adjusting entry to record $240 of accrued interest, and the February 1 journal entry to
- Selected transactions of Shadrach Computer Corporation during November and December of 2016 are as follows: Nov. 1 Borrowed money from the bank by issuing a non-interest-bearing, $20,000, 90-day note. The note is discounted on a 12% basis. Nov. 9 Sold 125
- On October 1, Brooks Company received $27,600 for six months of rent in advance. Brooks Company recorded the transaction by debiting Cash and crediting Deferred Rent Revenue. Journalize the adjusting entry on December 31.
- Budgeted sales in Allen Company over the next four months are given below: September October November December Budgeted sales $190,000 $169,000 $189,000 $129,000 20 percent of the company's sales are for cash and 80% are on account. Collections for sales
- Alan Company signed a 120-day, 9% note payable, with a face value of $24,000. Alan made the appropriate year-end accrual. What is the journal entry as of March 1 to record the payment of the note assu
- Takemoto Corporation borrowed $60,000 on November 1, 2010, by signing a $61,350, 3-month, zero-interest-bearing note. Prepare Takemoto's November 1, 2010, entry; the December 31, 2010, annual adjusting entry; and the February 1, 2011, entry.
- On September 1, Flores Company received $31,200 for six months of rent in advance. Flores Company recorded the transaction by debiting Cash and crediting Unearned Rent Revenue. Journalize the adjusting entry on December 31.
- On November 7, 2011, Stockmann Company borrows $80,000 cash by signing a 90-day, 8% note payable with a face value of $80,000. Prepare the journal entry to record accrued interest expense at December 31,2011.
Explore our homework questions and answers library
Browse
by subject