Dec. 16 Accepted a $18,000, 60-day, 8% note dated this day in granting Melanie D

Question

Dec. 16 Accepted a $18,000, 60-day, 8% note dated this day in granting Melanie Duerr a tine extension on his past-due account receivable 31 Made an adjusting entry to record the accrued interest on the Duerr note. 2817 Feb. 14 Received Duerr's payment of principal and interest on the note dated December 16. Mar. 2 Accepted a $9,000, 8%, 90-day note dated this day in granting a time extension on the past-due account receivable fror Taylor Co 17 Accepted a $13,200, 30-day, 7% note dated this day in granting Paul Brown a time extension on her past-due account receivable Apr. 16 Brown dishonored her note when presented for payment. May 31 Taylor Co. refused to pay the note that was due to kright Co. on May 31. Prepare the journal entry to charge the July 16 Received payment from Taylor Co. for the maturity value of its dishonored note plus interest for 46 days beyond maturity Aug. 7 Accepted a $14,000, 90-day, 6% note dated this day in granting a time extension on the past-due account receivable of sep. 3 Accepted a $7,800, 60-day, 10% note dated this day in granting Debbie Hall a time extension on his past-due account dishonored note plus accrued interest to Taylor Co.'s accounts receivable. at 8%. Lauer Co receivable Nov. 2 Received payment of principal plus interest from Hall for the September 3 note. Nov. 5 Received payment of principal plus interest from Lauer for the August 7 note. Dec. 1 Wrote off the Broun account against the Allouance for Doubtful Accounts. General General General Calculation of Schedule of Requirement Journal Trial Balance Receivables Interest Prepare the journal entries related to notes receivable and accounts receivable. Hint: Use the "Calculation of Interest tab to ensure the accuracy of your entries. 1 of 1 ill

Explanation / Answer

Date Account title & Explanations Debit Credit 2016 16-Dec note receivable-melaine 18,000 Account receivable 18,000 31-Dec interest receivable 360 interest income 360 (18000*8%*15/60) 2017 14-Feb cash 18,540 interest income (18000*8%*45/360) 180 interest receivable 360 note receivable -melaine 18,000 2-Mar note receivable-taylor 9,000 Account receivable 9,000 17-Mar note receivable-paul brown 13,200 Account receivable 13,200 16-Apr Account receivable 13,277 note receivable - paul brown 13,200 interest receivable (13200*7%*30/360) 77 31-May Account receivable 9180 note receivable - taylor 9000 interest receivable (9000*8%*90/360) 180 16-Jul Cash 9,274 Account receivable 9,180 interest income (9180*8%*46/360) 94 7-Aug note receivable-lauer co 14,000 Account receivable 14,000 3-Sep note receivable-debbie 7,800 Account receivable 7,800 2-Nov Cash 7,930 note receivable- debbie 7,800 interest income (7800*10*60/360) 130 5-Nov Cash 14,210 note receivable- lauer 14,000 interest income (14000*6%*90/360) 210 1-Dec Allowance for doubtful accounts 13,277 note receivable-brown 13,277

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