eft Edge CHAPTER 8 HOMEWORK PREVIOUS Problem 2 :P8-31A Background: leepy Recline

Question

eft Edge CHAPTER 8 HOMEWORK PREVIOUS Problem 2 :P8-31A Background: leepy Recliner Chairs completed the transactions listed in the Transactions section below related to receivables during its fiscal 1) Using the General Journal tab, click Add Transaction to its fiscal yer journalice each transaction. Click Post Transaction once you complete the entry, then repeat these steps for each transaction. Round any calkulations to the 2) Click the Reports tab and review the results of recording these transactions on the General Ledger 3) Click Submit Work when complete Transactions: 07/01/2018 Sold merchandse invertory to san, art, receiving a $41,000, m e-month, 8% none. Ignore Cost of Goods Sold. oar01/2018 Sold merchandse to Appeal Company, recening 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 matunity value of the note to an accounts recervable. 04/01/2019 Collected the matunity value of the Stan-Mart note. SAVE WORK SUBMIT WORK BUSINES REPORTS Duly 1, 2018 June 30, 2019 GENERAL JouRNAL the web and

Explanation / Answer

Slepy Reclainer Chairs General Journal for the year ended June 30, 2019 Date Account Title Debit Credit 7/1/2018 Note Receivable 41000 Sales 41000 (Sales to Stan-Mat on Note) 8/1/2018 Note Receivable 7000 Sales 7000 (Sales to Appeal Company) 9/30/2018 Accounts Receivable 7082 7% Note Receivable 7000 Interest Revenue (7%*7000*60/360) 82 (Conversion of Appeal Co. note to receivables) 4/1/2019 Cash 42460 Note Receivable 41000 Interest Revenue (8%*41,000*9/12) 2460 (Collection of the due from Stan-Mart) 5/16/2019 Note receivable 17000 Cash 17000 (Amount loaned to Crosby Inc.on note) 6/1/2019 Cash 7082 Accounts Receivable 7082 (Collected full amount from Appeal Co.) 6/30/2019 Interest Receivable 340 Interest Revenue (16%*17,000*45/360) 340 (Interest on Crosby Note accrued) 6/30/2019 Bad Debt Expense 2000 Allowance for Doubtful Accounts(13,800 - 11,800) 2000 (Allowance for doubtful accounts recorded) Note Receivable Sales Date Debit Date Credit Date Debit Date Credit 7/1/2018 41000 7000 9/30/2018 7/1/2018 41000 8/1/2018 7000 41000 4/1/2019 8/1/2018 7000 5/16/2019 17000 Accounts Receivable Interest Revenue Date Debit Date Credit Date Debit Date Credit 9/30/2018 7082 7082 6/1/2019 82 9/30/2018 2460 4/1/2019 340 6/30/2019 Interest Receivable Bad Debt Expense Date Debit Date Credit Date Debit Date Credit 6/30/2019 340 6/30/2019 2000 Allowance for Doubtful Accounts Cash Date Debit Date Credit Date Debit Date Credit 11800 Bal. 4/1/2019 42460 17000 5/16/2019 2000 6/30/2019 6/1/2019 7082

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