Business, 05.06.2020 22:57 20alondra04

The following selected transactions are from Wilson Company. Year 1 Dec. 16 Accepted a $19,200, 60-day. Year 1

Dec. 16 Accepted a $19,200, 60-day, 10% note in granting Debbie Hall a time extension on his past-due account receivable.
31 Made an adjusting entry to record the accrued interest on the Hall note.

Year 2

Feb. 14 Received Hall’s payment of principal and interest on the note dated December 16.
Mar. 2 Accepted a $8,000, 10%, 90-day note in granting a time extension on the past-due account receivable from Sanchez Co.
17 Accepted a $6,600, 30-day, 10% note in granting Rick Mitchell a time extension on her past-due account receivable.
Apr. 16 Mitchell dishonored her note.
May 31 Sanchez Co. dishonored its note.
Aug. 7 Accepted a $20,000, 90-day, 12% note in granting a time extension on the past-due account receivable of Parker Co.
Sep. 3 Accepted a $10,200, 60-day, 10% note in granting Jean Clark a time extension on his past-due account receivable.
Nov. 2 Received payment of principal plus interest from Clark for the September 3 note.
Nov. 5 Received payment of principal plus interest from Parker for the August 7 note.
Dec. 1 Wrote off the Mitchell account against the Allowance for Doubtful Accounts.

Required:
Prepare the journal entries related to notes receivable and accounts receivable.

Answers: 3

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The following selected transactions are from Wilson Company. Year 1 Dec. 16 Accepted a $19,200, 60-d...

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