CALCULATOR MESSAGE MY INSTRUCTOR : nu. scarrN | PRINTER VERSON \'SACI Exercise 8

Question

CALCULATOR MESSAGE MY INSTRUCTOR : nu. scarrN | PRINTER VERSON 'SACI Exercise 8-11 These transactions took place for Concord Corporation 2016 May 1 Received a $5,300, 12-month, 3% note in exchange for an outstanding account receivable from R. Stoney. Dec. 31 Accrued interest revenue on the R. Stoney note. 2017 May 1 Received principal plus interest on the R. Stoney note. (No interest has been accrued since December 31, 2016.) Record the transactions in the general journal. The company does not make entries to accrue interest except at December 31.(Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit May 1, 2016 Notes Recelivable 106 Accounts Receivable 106 Dec. 31, 2016 Interest Receivable Interest Revenue 5300 May 1, 2017Cash Notes Recelvable Interest Revenue

Explanation / Answer

Answer:

Date Accounts Titles and Explanation Debit Credit May 1 2016 Notes Receivable A/c $5,300.00    To Accounts Receivable $5,300.00 Being Received a 3 % note for an outstanding Accounts receivable from R. Stoney Dec 31 2016 Interest receivable A/c $   106.00 To Interest Revenue(5300*3%*8/12) $   106.00 (Being Interest accured for 8 months ,March to Dec 201) May 1 2017 Cash A/c Dr $5,459.00 To Notes Receivables $5,300.00 To Interest Revenue(5300*3%*4/12) $     53.00 To Interest Receivables $   106.00 (Being cash receveid for Notes receiable plus interest)

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