Question
In: Accounting
The following are notes receivable transactions for Wildhorse Co.: May 1 Received a $20,000, six-month, 6%...
The following are notes receivable transactions for Wildhorse
Co.:
| May 1 | Received a $20,000, six-month, 6% note from Jioux Company in settlement of an account receivable. Interest is due at maturity. | |
| June 30 | Accrued interest on the Jioux note, at Wildhorse’s year end. Adjustments are recorded annually. | |
| July 31 | Lent $1,200 cash to an employee, Noreen Irvine, receiving a two-month, 5% note. Interest is due at the end of each month. | |
| Aug. 31 | Received the interest due from Ms. Irvine. | |
| Sept. 30 | Received payment in full from Ms. Irvine. | |
| Nov. 1 | Jioux Company defaulted on its note. Wildhorse does not expect to collect on the note. |
Record the transactions for Wildhorse Co. Wildhorse Co. uses only
one allowance account for both accounts and notes receivable.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
On January 1, 2019, Wildhorse Co. had Accounts Receivable $144,300, Notes Receivable $30,000, and Allowance for...
On January 1, 2019, Wildhorse Co. had Accounts Receivable
$144,300, Notes Receivable $30,000, and Allowance for Doubtful
Accounts $18,300. The note receivable is from Willingham Company.
It is a 4-month, 9% note dated December 31, 2018. Wildhorse Co.
prepares financial statements annually at December 31. During the
year, the following selected transactions occurred. Jan. 5 Sold
$24,700 of merchandise to Sheldon Company, terms n/15. 20 Accepted
Sheldon Company’s $24,700, 3-month, 8% note for balance due. Feb.
18 Sold $13,600 of...
Wildhorse Hardware Store completed the following merchandising transactions in the month of May. At the beginning...
Wildhorse Hardware Store completed the following merchandising
transactions in the month of May. At the beginning of May,
Wildhorses’ ledger showed Cash of $8,100 and Common Stock of
$8,100.
May 1
Purchased merchandise on account from Black Wholesale Supply
for $8,100, terms 1/10, n/30.
2
Sold merchandise on account for $4,500, terms 2/10, n/30. The
cost of the merchandise sold was $3,400.
5
Received credit from Black Wholesale Supply for merchandise
returned $200.
9
Received collections in full, less discounts,...
QUESTION #1 Harris Supply Co. has the following transactions related to notes receivable during the last...
QUESTION #1 Harris Supply Co. has the following transactions
related to notes receivable during the last year:
Jan. 11: Sold goods to B. J. Good, receiving a $38,000, 2-year,
8.5% note.
Feb. 5: Received a $12,800, 3-year, 5.45% note to settle an
outstanding account receivable from M. Stu.
May 21: Loaned $95,000 cash to B. Woods on a 1-year, 19.75%
note.
Aug. 16: Sold goods to R. P. Mayrl, Inc., receiving a $9,500,
180-day, 6.7% note.
Nov. 25: Received a...
Ace Distributors has the following transactions related to notes receivable during the last month of the...
Ace Distributors has the following transactions related to notes
receivable during the last month of the year.
Dec.
1
Loaned $15,000 cash to K.
Hogan on a 1-year, 6% note.
16
Sold goods to F. Manning,
receiving a $4,800, 60-day, 7% note.
31
Accrued interest revenue on
all notes receivable.
Journalize the transactions for Ace Distributors.
(Credit account titles are automatically indented when
the amount is entered. Do not indent
manually.)
Date
Account Titles and Explanation
Debit
Credit
Dec. 1...
Notes Receivable Entries The following data relate to notes receivable and interest for Owens Co., a...
Notes Receivable Entries
The following data relate to notes receivable and interest for
Owens Co., a financial services company. (All notes are dated as of
the day they are received.) Assume 360 days in a year.
Mar. 8.
Received a $66,000, 9%, 60-day note on account.
31.
Received a $9,600, 8%, 90-day note on account.
May 7.
Received $66,990 on note of March 8.
16.
Received a $61,200, 7%, 90-day note on account.
June 11.
Received a $30,000, 6%, 30-day...
Notes Receivable Entries The following data relate to notes receivable and interest for Owens Co., a...
Notes Receivable Entries
The following data relate to notes receivable and interest for
Owens Co., a financial services company. (All notes are dated as of
the day they are received.) Assume 360 days in a year.
Mar. 8.
Received a $96,000, 8%, 60-day note on account.
31.
Received a $21,600, 9%, 90-day note on account.
May 7.
Received $97,280 on note of March 8.
16.
Received a $58,800, 12%, 90-day note on account.
June 11.
Received a $30,000, 6%, 30-day...
Notes Receivable Entries The following data relate to notes receivable and interest for Owens Co., a...
Notes Receivable Entries
The following data relate to notes receivable and interest for
Owens Co., a financial services company. (All notes are dated as of
the day they are received.) Assume 360 days in a year.
Mar. 8. Received a $90,000, 6%, 60-day note on account.
31. Received a $9,600, 7%, 90-day note on account.
May 7. Received $90,900 on note of March 8.
16. Received a $67,200, 8%, 90-day note on account.
June 11. Received a $42,000, 9%, 30-day...
Oriole Co. has the following transactions related to notes receivable during the last 2 months of...
Oriole Co. has the following transactions related to notes
receivable during the last 2 months of the year. The company does
not make entries to accrue interest except at December
31.
Nov.
1
Loaned $61,800 cash to C. Bohr on a 12-month, 6% note.
Dec.
11
Sold goods to K. R. Pine, Inc., receiving a $7,200, 90-day, 6%
note.
16
Received a $7,200, 180-day, 9% note to settle an open account
from A. Murdock.
31
Accrued interest revenue on all...
oe's Supply Co. has the following transactions related to notes receivable during the last 2 months...
oe's Supply Co. has the following transactions related to notes
receivable during the last 2 months of 2014. Nov. 1 Loaned $20,000
cash to Sara Rondelli on a 1-year, 12% note. Dec. 11 Sold goods to
Phair, Inc., receiving a $11,700, 90-day, 8% note. 16 Received an
$12,000, 6-month, 9% note in exchange for Grace Tanner's
outstanding accounts receivable. 31 Accrued interest revenue on all
notes receivable. Instructions (a) Journalize the transactions for
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Elburn Supply Co. has the following transactions related to notes receivable during the last 2 months...
Elburn Supply Co. has the following transactions related to
notes receivable during the last 2 months of 2017. The company does
not make entries to accrue interest except at December
31.
Nov. 1
Loaned $23,500 cash to Manny Lopez on a 12-month, 12%
note.
Dec. 11
Sold goods to Ralph Kremer, Inc., receiving a $61,200, 90-day,
10% note.
16
Received a $97,200, 180 day, 8% note in exchange for Joe
Fernetti’s outstanding accounts receivable.
31
Accrued interest revenue on all...
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