Transactions: 07/01/2018 sold merchandise inventory to Stan-Mart, receiving a $4

Question

Transactions: 07/01/2018 sold merchandise inventory to Stan-Mart, receiving a $41,000, nine-month, 896 note. Ignore Cost of Goods Sold. 08/01/2018 Sold merchandise to Appeal Company, receiving a 60-day, 6% note for $7,000. Ignore Cost of Goods Sold 09/30/2018 Appeal Company dishonored its note at maturity. The business converted the maturity value of the note to an accounts receivable 04/01/2019 Collected the maturity value of the Stan-Mart note 05/16/2019 Loaned $17,000cash to Crosby,-Inc.,-receiving a 90-day,-16% note. AppealCompane atmaturitte." 16% not SAVE WORK RESET RESULTS SUBMIT WORK BusINEss REPORTS July 1, 2018-June 30, 2019 COMPANY INFORMATION CHART OF ACCOUNTS GENERAL JOURNAL Date Accounts Credit No transactions in Journal ADD TRANSACTION EDIT CHECKED TRANSACTION DELETE CHECKED T

Explanation / Answer

Date Accounting titles & Explanations Debit Credit 7/1/2018 Note receivabe 41,000 Sales 41,000 8/1/2018 Note receivabe 7,000 Sales 7,000 9/30/2018 Accounts receivable 7,070 interest income (7000*6%*60/360) 70 notes receivable 7,000 4/1/2019 cash 43,460 interest income (41000*8%*9/12) 2460 notes receivable 41,000 5/16/2019 note receivable 17,000 cash 17,000 6/1/2019 cash 7,070 account receivable 7,070 6/30/2019 interest receivable 340 interest income (17000*16%*45/360) 340 6/30/2019 Bad debts expense 2,000 Allowance for Bad debts 2,000

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

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