da 14 (Notes Receivable and Notes Receivable Discounted)The following notes receivable transactions occurred for the Hara Company during the lastthree months of the current year. (Assume all notes are dated the day the transaction occurred.)Oct. 9Received a $5,000, 12%, 60-day note from Kanda a customer.Oct. 12Received a $6,000, 10%, 90-day note from Darun a customer.Oct. 15Discounted the Kanda note with recourse at the bank at 14%.Nov. 11Discounted the Darun note with recourse at the bank at 15%.Nov. 16Received a $8,000, 12%, 60-day note from Nena a customer.Nov. 20Received a $6,000, 11%, 120-day note from Wanna a customer.Dec. 1Received a $9,000, 13%, 90-day note from Wirun a customer.Dec. 8Received notice that the Kanda note was paid at maturity.Dec. 10Discounted the Wanna note with recourse at the bank at 13%.Required1. Prepare journal entries to record the preceding note transactions and the necessary adjustingentries on December 31. (Assume that Hara does note normally discount its notes)

Journal Entry: Date Particulars Debit Credit Oct 09 12% Notes Receivable - Kanda $5,000…

he following notes receivable transactions occurred for the Hara Compan onths of the current year. (Assume all notes are dated the day the transad Received a $5,000, 12%, 60-day note from Kanda a customer. Received a $6,000, 10%, 90-day note from Darun a customer. Discounted the Kanda note with recourse at the bank at 149%. Discounted the Darun note with recourse at the bank at 15%. Received a $8,000, 12%, 60-day note from Nena a customer.

he following notes receivable transactions occurred for the Hara Compan onths of the current year. (Assume all notes are dated the day the transad Received a $5,000, 12%, 60-day note from Kanda a customer. Received a $6,000, 10%, 90-day note from Darun a customer. Discounted the Kanda note with recourse at the bank at 149%. Discounted the Darun note with recourse at the bank at 15%. Received a $8,000, 12%, 60-day note from Nena a customer.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 13P: Notes Receivable Transactions The following notes receivable transactions occurred for Harris...

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