List Of Accounts Brief Exercise 154 Accounts Receivable Allowance for Doubtful A

Question

List Of Accounts Brief Exercise 154 Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense Cash Cash Over and Short Due from Factor Due to Customer Discount on Notes Payable Discount on Notes Receivable Freight-In Freight-Out Gain on Disposal of Land Interest Expense Interest Receivable Interest Revenue Inventory Land Loss on Sale of Receivables Miscellaneous Expenses No Entry Notes Payable Notes Receivable Office Expense Owner's Drawings Petty Caslh Postage Expense Purchase Discounts Recourse Liability Sales Discounts Sales Discounts Forfeited Sales Revenue Service Revenue Supplies Supplies Expenses Unearned Sales Revenue

Explanation / Answer

Journal entries

Account titles debit credit 1. Notes receivable 63149 Discount on notes receivable(63149-52000) 11149 Cash 52000 To record the initial transaction 2. Discount on notes receivable 5304 Interest revenue(52000×10.2%) 5304 For recognition of interest in first year 3. Discount on notes receivable 5845 Interest revenue[(52000+5304)×10.2%] 5845 For recognition of interest in second year 4. Cash 63149 Notes receivable 63149 For receiving the notes on maturity

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