Question

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 THE FOLLOWING JOURNAL ENTRIES 2019 1-Jun Received a 6 month 8% note from a customer in settlement of an accounts receivable 4,500 1-Dec Received notification from this customer that he was unable to honor the note at this time. It is expected that the customer will pay at a later date. 2019 5-Feb Received full payment from the customer.

Answer 1