On January 1, Cooper Company accepted a one-year note for $5,000 at 4% from one of its customers. When the note matured on December 31, the customer was unable to pay, and the company treated it as a dishonored note. Prepare the journal entry that Cooper will make to record the dishonored note. Omit explanation.
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On January 1, Cooper Company accepted a one-year note for $5,000 at 4% from one of its customers. When the note matured on December 31, the customer was unable to pay, and the company treated it as a dishonored note. Prepare the
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- A customer was unable to pay the accounts receivable on time in the amount of $34,000. The customer was able to negotiate with the company and transferred the accounts receivable into a note that includes interest, along with an up-front cash payment of $6,000. The note maturity date is 24 months with a 15% annual interest rate. What is the entry to recognize this transfer?Aron Larson is a customer of Bank Enterprises. Mr. Larson took out a loan in the amount of $120,000 on August 1. On December 31, Bank Enterprises determines the loan to be uncollectible. Larson had not paid anything toward the balance due on account. What is the journal entry recording the bad debt write-off?On January 1, Orange Corp. accepted a one-year note for $7,000 at 4% from one of its customers. When the note matured on December 31, the customer was unable to pay, and the company treated it as a dishonored note. The journal entry would be: A. Cash 7,280 Note Receivable Interest Revenue B. Accounts Receivable Note Receivable Interest Revenue C. Bad Debts Expense Notes Receivable Interest Revenue D. Accounts Receivable Notes Receivable 7,000 280 7,280 7,000 280 7,280 7,000 280 7,280 7,280
- Following are transactions for Ridge Company. March 21 Accepted a $11,900, 180-day, 7 % note from Tamara Jackson in granting a time extension on her past-due account receivable. September 17 Jackson dishonored her note. December 31 After trying several times to collect, Ridge Company wrote off Jackson's account against the Allowance for Doubtful Accounts. Complete the table to calculate the Interest amounts at September 17 and use the calculated value to prepare your journal entries. Note: Do not round Intermediate calculations. Round your final answers to nearest whole dollar. Use 360 days a year. Complete this question by entering your answers in the tabs below. Interest Amounts General Journal Complete the table to calculate the interest amounts at September 17. Total Through Principal Maturity Rate (%) 7% Time 180/360 Total interest 4 General Journal >on january 1, cooper company accepted a one-year note for $5,000 at 4% from one of its customers. when the note matured on december 31, the customer was unable to pay, and company treates it as a dishonored note. prepare the journal entry that cooper will make to record the dishonored note.Following are transactions for Ridge Company. March 21 Accepted a $14,600, 180-day, 9% note from Tamara Jackson in granting a time extension on her past-due account receivable. September 17 Jackson dishonored her note. December 31 After trying several times to collect, Ridge Company wrote off Jackson's account against the Allowance for Doubtful Accounts. Complete the table to calculate the interest amounts at September 17 and use the calculated value to prepare your journal entries. Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar. Use 360 days a year. Complete this question by entering your answers in the tabs below. Interest Amounts General Journal Complete the table to calculate the interest amounts at September 17. Total Through Principal Rate (%) Time Total interest Maturity
- Judy Smith owed the Flower Company $3,200 on account by February 25. After several attempts to the collect the money that was owed, Flower Company wrote off Judy's account as uncollectible on August 31. On December 15 Flower Company received a check from Judy Smith for the full $3,200 that she had owed the company. The company's fiscal year ended on December 31. Which of the following journal entries is recorded to reinstate the account when using the direct write-off method? a.Debit Accounts Receivable $3,200 and credit Uncollectible Accounts Recovered $3,200 b.Debit Bad Debt Expense $3,200 and credit Accounts Receivable $3,200 c.Debit Accounts Receivable $3,200 and credit Bad Debt Expense $3,200 d.Debit Allowance for Doubtful Accounts $3,200 and credit Bad Debt Expense $3,200The maker of a $240,000, 6%, 90-day note receivable failed to pay the note on the due date of November 30. What accounts should be debitedand credited by the payee to record the dishonored note receivable?Solstice Company, which uses the direct write-off method, determines on October 1 that it cannot collect $61,000 of its accounts receivable from its customer, P. Moore. On October 30, P. Moore unexpectedly pays his account in full to Solstice Company. Record Solstice's entries for recovery of this bad debt. View transaction list Journal entry worksheet Debit Credit >
- Easter Supply sells a variety of merchandise to retail stores on account, but it insists that any customer who fails to pay an invoice when due must replace their accont receivable with an interest bearing nte. The company adjusts and closes its accounts at december 31. Among the transactions relating to notes receivables were the following. sept. 1 Receivable from a customer (Party Plus) a 9 month, 10 percent note for $75,000 in settlement of account receivable due today. june 1 Collected in full the 9 month, 10 percent note receivable from Party Plus, including interest. I need a. prepaqre a journal entries ( in general journal form) to record: (1) the receipt note on September1; (2) the adjustment for interest on December 31; and (3) collection of principla and interest on June 1. (To better illustrate the allocation of interest revenue between accounting periods, W will assume Easter Supply make ajusting entries only at year end.) b. Assume that instead of paying the same the…Gideon Company uses the allowance method of accounting for uncollectible accounts. On May 3, Gideon Company wrote off the $2,000 uncollectible account of its customer, A. Hopkins. On July 10, Gideon received a check for the full amount of $2,000 from Hopkins. The entry or entries Gideon makes to record the recovery of the bad debt is: Multiple Choice Account Title Credit Accounts Receivable-A. Hopkins Debit 2,000 Allowance for Doubtful Accounts 2,000 Cash 2,000 Accounts Receivable-A. Hopkins 2,000 Account Title Debit Credit Cash 2,000 Accounts Receivable-A. Hopkins 2,000 Account Title Debit Credit Accounts Receivable-A. Hopkins 2,000 Bad debts expense 2,000Solstice Company, which uses the direct write-off method, determines on October 1 that it cannot collect $52,000 of its accounts receivable from its customer, P. Moore. On October 30, P. Moore unexpectedly pays his account in full to Solstice Company. Record Solstice’s entries for recovery of this bad debt. Record the reinstatement of the account previously written off