Exercise 8-11 These transactions took place for Waterway Industries 2016 May 1 R

Question

Exercise 8-11 These transactions took place for Waterway Industries 2016 May 1 Received a $5,900, 12-month, 696 note in exchange for an outstanding account receivable from R. Stoney. Dec. 31 Accrued interest revenue on the R. Stoney note. 2017 May 1 Received principal plus interest on the R. Stoney note. (No interest has been accrued since December 31, 2016) Record the transactions in the general journal. The company does not make entries to accrue interest except at December 31 manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit

Explanation / Answer

Date Title of accounts Debit credit 2016 May - 1 6% Notes Receivabes 5900 Accounts receivables ( R.Stoney) 5900 Dec - 31 Accured Interest 236 Interest Receivable account 236 2017 May - 1 Cash 6254 Accured Interest 236 Interest receivable 118 6% Notes Receivables 5900

Related Questions

Navigate

• Browse (All)
• Browse E
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.