50.1K

Verified Solution

Link Copied!

General Journal, General Ledger, Trial Balance, Schedule of recievables, calculation of interest

GLO701- Based on Problem 7-5A LO C2, C3, P4 The following selected trensactions are from Duerr Company 2016 Dec. 16 Accepted a $12,000, 6e-day, 10% note dated this day in granting Edward Lee a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Lee note. 2017 Feb. 14 Received Lee's payment of principal and interest on the note dated December 16. Mar. 2 Accepted a S11 00, 10%, 90-day note dated this day in granting a time extension on the past-due account receivable from Lauer Co. 17 Acceptea a $17,400, 38-day, 8x note doted this day in granting Jose Garcia a tine extension on her past-due account receivable Apr. 16 Garcia dishonored her note when presented for payment. May 31 Lauer Co. refused to pay the note that was due to Duerr Co. on May 31. Prepare the journal entry to charge the dishonored note plus accrued interest to Lauer Co.'s accounts receivable. July 16 Received payment from Lauer Co. fon the maturity value of its dishonored note plus interest for 46 days beyond maturity at Aug. 7 Accepted a S14,000, 90-day, 8% note dated this day in granting a time extension on the past-due account receivable of Sep. 3 Accepted a S16,200, 60-day, 10% note dated this day in granting Wang Lee a time extension on his past-due account Stone Co. receivable. Nov. 2 Received payment of principal plus interest from Lee for the September 3 note. Nov. 5 Received payment of principal plus interest from Stone for th August 7 note. Dec. 1 Wrote off the Garcia account egeinst the Allowance for Doubtful Accounts General Triai Balance R Schedule of Calculation of Receivables Interest General RequirementJournal Here are the balances in Accounts and Notes recelvable based on vour lournal entries: Prey1 of 1

Answer & Explanation Solved by verified expert

See Answer