On May 1, 2024, a company lends $120,000 to one of its main suppliers and accepts a 12-month, 8% note. Required: Record the acceptance of the note on May 1, 2024, the adjusting entry on December 31, 2024, and the cash collection on May 1, 2025. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your final answers to the nearest whole dollar.) View transaction list View journal entry worksheet No 1 Date May 01, 2024 General Journal Notes Receivable Debit Credit

On May 1, 2024, a company lends $120,000 to one of its main suppliers and accepts a 12-month, 8% note. Required: Record the acceptance of the note on May 1, 2024, the adjusting entry on December 31, 2024, and the cash collection on May 1, 2025. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your final answers to the nearest whole dollar.) View transaction list View journal entry worksheet No 1 Date May 01, 2024 General Journal Notes Receivable Debit Credit

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter3: Review Of A Company's Accounting System

Section: Chapter Questions

Problem 10RE: Use the information in RE3-6, (a) assuming Ringo Company makes reversing entries, prepare the...

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On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan. Refer to RE6-10. On December 31, Jordan Inc. received 50,000 on assigned accounts. Prepare Jordans journal entries to record the cash receipt and the payment to McLaughlin.
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Use the information in RE3-6, (a) assuming Ringo Company makes reversing entries, prepare the reversing entry on January 1, and the journal entry to record the payment of the note on April 1; and (b) assuming Ringo does not make reversing entries, prepare the journal entry to record the payment of the note on April 1.
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