The following selected transactions are from Ohlm Company: (Do not round intermediate...

Question:

The following selected transactions are from Ohlm Company: (Do not round intermediate calculations and round your final answers to nearest whole number. Use 360 days a year.)

2014

Dec 16 - Accepted a $10,400 60-day, 7% note dated this day in granting Danny Todd a time extension on his past due account receivable

Dec 31 - Made an adjusting entry to record the accrued interest on the Todd note

2015

Feb 14 - Received Todd's payment of principal and interest on the note dated December 16

Mar 2 - Accepted a(n) $6.600, 7%, 90-day note dated this day in granting a time extension on the past due account receivable from Midnight Co

Mar 17 - Accepted a(n) $3,800, 30-day, 7% note dated this day in granting Ava Privet a time extension on her past due account receivable

Apr 16 - Privet dishonored her note when presented for payment

May 31 - Midnight Co. refuses to pay the note that was due to OhIm Co. on May 31. Prepare the journal entry to charge note plus accrued interest to Midnight Co.'s accounts receivable

July 16 - payment from Midnight Co. for the maturity value of its dishonored note plus interest for 46 days beyond maturity

Aug 7 - a(n) 500, 90-day, 9% note dated this day in granting a time extension on the past- due account receivable of Mulan Co.

Sept 3 - Accepted a(n) $3,590, 60 day, 9% note dated this day in granting Noah Carson a time extension

Nov 2 - on his past of principal plus interest from Carson for the September 3 note payment

Nov 5 - Received payment of principal plus interest from M for the August 7 note

Dec 1 - Wrote off Privet account against Allowance for Doubtful Accounts

Required: Use the calculated value to prepare journal entries for the 2014 transactions above.

Journal entries

Journal entries are the beginning of the bookkeeping process in accounting, it helps in recording the transactions in easy format for fast verification and transfer of values to respective accounts.

Answer and Explanation: 1

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Date Account title Debit Credit
Dec16 7% Note Receivables A/C 10400
To Account receivables 10400
(To record issuance of note receivables)
Dec...

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Accounts Receivable Journal Entries

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Chapter 3 / Lesson 20
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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.


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