Scribd
Upload
64 views1 page

Required Prepare General Journal Entries To Record The Following Transactions of

The document lists a series of transactions involving notes receivable that need to be recorded in the general journal of Billington Company throughout 2015. These transactions include accepting notes from customers in exchange for extending past due accounts, discounting notes at banks, notes being dishonored or paid, writing off uncollectible accounts, and receiving payment on a previously dishonored note.

Uploaded by

Let's Talk With Hassan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
64 views1 page

Required Prepare General Journal Entries To Record The Following Transactions of

The document lists a series of transactions involving notes receivable that need to be recorded in the general journal of Billington Company throughout 2015. These transactions include accepting notes from customers in exchange for extending past due accounts, discounting notes at banks, notes being dishonored or paid, writing off uncollectible accounts, and receiving payment on a previously dishonored note.

Uploaded by

Let's Talk With Hassan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 1

Required Prepare General Journal entries to record the

following transactions of #4430


RequiredPrepare General Journal entries to record the following transactions of Billington
Company.2015Jan. 10, Accepted a $3,000, 60-day, 6% note dated this day in granting a time
extension on the past-due account of David Huerta. Mar. 14, David Huerta dishonoured his note
when presented for payment.19, Accepted a $2,100, 90-day, 5% note dated this day in granting
a time extension on the past-due account of Rose Jones. 28, Discounted the Rose Jones note
at the bank at 8%. Jun. 20, Received word from the bank that the Rose Jones note had been
paid. 27, Accepted $700 in cash and a $1,300, 60-day, 6% note dated this day in granting a
time extension on the past-due account of Jake Thomas. July 24, Discounted the Jake Thomas
note at the bank at 7%. Aug. 29, The Jake Thomas note was dishonoured. Paid the bank the
maturity of the note plus a $10 feeSept. 4, Accepted a $1,500, 60-day, 5.5% note dated this day
in granting a time extension on the past-due account of Ginnie Bauer. Oct. 13, Discounted the
Ginnie Bauer note at the bank at 7%.Nov. 6, The Ginnie Bauer note was dishonoured. Paid the
bank the maturity value of the note plus a $10 feeDec. 6, Received payment from Ginnie Bauer
of the maturity value of her dishonoured note, the fee, and interest at 5.5% on both for 30 days
beyond maturity.28, Decided the accounts of David Huerta and Jake Thomas were uncollectible
and wrote them off against Allowance for Doubtful Accounts.View Solution:
Required Prepare General Journal entries to record the following transactions of

ANSWER
http://paperinstant.com/downloads/required-prepare-general-journal-entries-to-record-the-
following-transactions-of/

1/1
Powered by TCPDF (www.tcpdf.org)

You might also like