Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. f. instructions: prepare the general journal entri

F. INSTRUCTIONS: Prepare the general journal entries to record the following transactions. (1)...

80.2K

Verified Solution

Question

Accounting

F. INSTRUCTIONS: Prepare the general journal entries to record the following transactions.
(1) Pequot Co. received a 60-day, 12% note for $8,000 from a customer, Dave Davidson, in settlement
of Davidson's account.
(2) Davidson failed to pay the note in (1) at maturity.
(3) Ten days after the maturity of the note in (1), Davidson paid Pequot in full, including interest at
11% for this 10-day period.
(4) Pequot received a 90-day, 10% note for $3,000 from a customer, Sue Smith, in settlement of Smith's account.
(5) The note in (4) was dishonored at maturity.
JOURNAL PAGE
DATE DESCRIPTION POST. REF. DEBIT CREDIT
1 1
2 2
3 3
4 4
5 5
6 6
7 7
8 8
9 9
10 10
11 11
12 12
13 13
14 14
15 15

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Accounting
1.2K views

Jim is a single dad who lives with and provides 100% of the financial support for...

Biology
1.2K views

A prokaryote has a Gram-positive cell wall, a basic cell membrane, is rod shaped, and...

Geometry
1.2K views

Given that lines a and b are parallel and that m44 128 find m 27...

Geometry
1.2K views

www jmap org P I A2 M 2 Convert between radian and degree measures 1...

Calculus
1.2K views

Assume that x ff 1 dt F 1 It f 1 dt 26 and F...

Algebra
1.2K views

How many complex roots does the polynomial equation have 3x4 7x 17 0 02 O...

Accounting
1.2K views

A comparative balance sheet for Lomax Company containing data for the last two years is...

Accounting
1.2K views

Rhoades Tax Services began business on December 1, 2015. Its December transactions are as follows....

Accounting
1.2K views

The following is Peloton's income statement for the year ended December 31, 2022. All depreciation...

Accounting
1.2K views

(d1) How much salary was paid on the last payday, Monday, July 29 ? Salary...

Accounting
1.2K views

21. Labor budget: calculating the fixed labor budget. Instead of the raises stated in assume...

Accounting
1.2K views

What are the basic pillars of sustainability report? Explain the importance of each of them...