Larkspur Company had the following select
transactions.
Apr.
1, 2022
Accepted Goodwin Company’s 12-month, 6% note...
Larkspur Company had the following select
transactions.
Apr.
1, 2022
Accepted Goodwin Company’s 12-month, 6% note in settlement of a
$43,000 account receivable.
July
1, 2022
Loaned $23,000 cash to Thomas Slocombe on a 9-month, 12%
note.
Dec.
31, 2022
Accrued interest on all notes receivable.
Apr.
1, 2023
Received principal plus interest on the Goodwin note.
Apr.
1, 2023
Thomas Slocombe dishonored its note; Larkspur expects it will
eventually collect.
Prepare journal entries to record the transactions. Larkspur
prepares...
Exercise 8-12
Whispering Winds Corp. has the following transactions related to
notes receivable during the last...
Exercise 8-12
Whispering Winds Corp. has the following transactions related to
notes receivable during the last 2 months of 2019. The company does
not make entries to accrue interest except at December
31.
Nov. 1
Loaned $22,800 cash to Manny Lopez on a 12 month, 10%
note.
Dec. 11
Sold goods to Ralph Kremer, Inc., receiving a $56,250, 90-day,
8% note. (Omit cost of goods sold entries.)
16
Received a $47,400, 180 day, 12% note in exchange for Joe
Fernetti’s...
Miles Company had the following select receivable
transactions.
2019
11/1 Loaned $24,000 cash to N. Jones...
Miles Company had the following select receivable
transactions.
2019
11/1 Loaned $24,000 cash to N. Jones on a 12-month, 8% note.
12/1 Made Miles Company credit card sales totaling $10,500.
(There were no balances prior to December 1.)
12/15 Made Visa credit card sales totaling $14,800 (service
charge fee 2%).
12/30 Collected $4,400 on Miles Company credit card sales.
12/31 Added finance charges of 1% to Miles Company credit card
balance.
12/31 Accrued interest on N. Jones note.
2020
11/1...
On January 1, 2019, Whispering Winds Corp. had Accounts
Receivable $130,400, Notes Receivable $34,800, and Allowance...
On January 1, 2019, Whispering Winds Corp. had Accounts
Receivable $130,400, Notes Receivable $34,800, and Allowance for
Doubtful Accounts $22,900. The note receivable is from Willingham
Company. It is a 4-month, 9% note dated December 31, 2018.
Whispering Winds Corp. prepares financial statements annually at
December 31. During the year, the following selected transactions
occurred. Jan. 5 Sold $29,900 of merchandise to Sheldon Company,
terms n/15. 20 Accepted Sheldon Company’s $29,900, 3-month, 8% note
for balance due. Feb. 18 Sold...
Grigor Supply Company has the following notes receivable
transactions during the last 4 months of the...
Grigor Supply Company has the following notes receivable
transactions during the last 4 months of the year. 2019 1-Sep
Loaned cash to Fred Ford on a one-year 10% note 3,000 1-Oct Sold
goods to Nason Corp. receiving an 6%, 90 day note 4,000 16-Dec
Received a 6 month, 4% note in exchange for Ann Hall's outstanding
accounts receivable 6,000 31-Dec Accrued interest on all the notes
receivable. INSTRUCTIONS: Prepare the journal entries to record the
above transactions and adjustments.
RECORD...
A) In January, gross earnings in Lily Company totaled $78,000.
All earnings are subject to 7.65%...
A) In January, gross earnings in Lily Company totaled $78,000.
All earnings are subject to 7.65% FICA taxes, 5.40% state
unemployment taxes, and 0.80% federal unemployment taxes.
Prepare the entry to record January payroll tax expense.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually. Round answers to 0
decimal places, e.g. 5,275.)
Date
Account Titles and Explanation
Debit
Credit
B) C.S. Lily Company had the following transactions involving
notes payable.
July 1, 2020
Borrows...
Exercise 9-9
Presented below are selected transactions at Novak Corp. for
2019.
Jan.
1
Retired a...
Exercise 9-9
Presented below are selected transactions at Novak Corp. for
2019.
Jan.
1
Retired a piece of machinery that was purchased on January 1,
2009. The machine cost $62,300 on that date. It had a useful life
of 10 years with no salvage value.
June
30
Sold a computer that was purchased on January 1, 2016. The
computer cost $42,600. It had a useful life of 5 years with no
salvage value. The computer was sold for $13,400.
Dec....
On December 1, 2017 Klein Company received a $12,000, 8%,
3-month note from Ann Howe in...
On December 1, 2017 Klein Company received a $12,000, 8%,
3-month note from Ann Howe in settlement of an account receivable
due today.
Instructions:
1. Prepare journal entries in
general journal of Klein Company to record: (1) the receipt of the
note; (2)the adjustment for interest on December 31, 2017; (3) the
collection of principal and interest on the due date
2. Assume that, on the due date,
Klein Company received notification from Ann Howe that she was
unable to honor her...
Quality
Recliner Chairs completed the following selected
transactions:
LOADING...
(Click the icon to view the transactions.)Record...
Quality
Recliner Chairs completed the following selected
transactions:
LOADING...
(Click the icon to view the transactions.)Record the
transactions in the journal of
Quality
Recliner Chairs. Explanations are not required. (Round to the
nearest dollar.) (Record debits first, then credits. Exclude
explanations from journal entries. For notes stated in days, use
a
365-day
year.)Begin with the transactions for
2018.
Jul. 1: Sold inventory to
Great−Mart,
receiving a
$45,000,
nine-month,
10%
note. Ignore Cost of Goods Sold.
Date
Accounts
Debit
Credit
2018...
During 2016, Thomas Company entered into two transactions
involving promissory notes and properly recorded each
transaction....
During 2016, Thomas Company entered into two transactions
involving promissory notes and properly recorded each
transaction.
1.
On November 1, 2016, it purchased land at a cost of $8,000. It
made a $2,000 down payment and signed a note payable agreeing to
pay the $6,000 balance in 6 months plus interest at an annual rate
of 10%.
2. On December 1, 2016, it accepted a $4,200, 3-month, 12%
(annual interest rate) note receivable from a customer for the sale
of...