Required: Prepare Flipper\'s Supply Co. general journal entries for the followin
ID: 2498160 • Letter: R
Question
Required: Prepare Flipper's Supply Co. general journal entries for the following transactions:
Jan. 1
Accepted Flop's 120 days, 10% note, as settlement of an outstanding $15,000 account receivable for goods sold last year
Jan. 15
Purchased $10,000 Equipment from Floppy, signing a 9 month, 12% note
Jan. 25
Loaned Flam Co. $30,000 cash, accepting a 90 days, 10% note
Jan. 31
Prepared accrual adjusting entry for any interest revenue
Apr. 25
Received payment in full from Flam Co. for outstanding note & interest
May 1
Received payment in full from Flop Co. for outstanding note & interest
Oct. 15
Paid Floppy in full
please use the format below to answer study guide question.
Question 3:
Date
Account
Debit
Credit
Jan. 1
Accepted Flop's 120 days, 10% note, as settlement of an outstanding $15,000 account receivable for goods sold last year
Jan. 15
Purchased $10,000 Equipment from Floppy, signing a 9 month, 12% note
Jan. 25
Loaned Flam Co. $30,000 cash, accepting a 90 days, 10% note
Jan. 31
Prepared accrual adjusting entry for any interest revenue
Apr. 25
Received payment in full from Flam Co. for outstanding note & interest
May 1
Received payment in full from Flop Co. for outstanding note & interest
Oct. 15
Paid Floppy in full
please use the format below to answer study guide question.
Question 3:
Date
Account
Debit
Credit
Explanation / Answer
In the books of Flipper
Date Account Title Debit Credit Jan 1 Notes receivable 15,000 Accounts receivable 15,000 Jan 15 Equipment 10,000 Notes payable 10,000 Jan 25 Note receivable 30,000 Cash 30,000 Jan 31 Interest accrued 174 Interest revenue 174 April 25 Cash 30,750 Interest revenue 576 Interest accrued 174 Notes receivable 30,000 May 1 Cash 15,500 Note receivable 15,000 Accrued interest 125 Interest revenue 375Related Questions
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