Prepare journal entries to record these transactions

Assignment Help Accounting Basics
Reference no: EM13902742

The following selected transactions are from Springer Company. 

2012 Nov. 1 Accepted a $ 4,800, 90 day, 8% note dated this day in granting Steve Julian a time extension on his past due account receivable. 

Dec. 31 Made an adjusting entry to record the accrued interest on the Julian note. 2013 

Jan. 30 Received Julian's payment for principal and interest on the note dated November 1. 

Feb. 28 Accepted a $ 12,600, 8%, 30 day note dated this day in granting a time extension on the past due account receivable from King Co. 

Mar. 1 Accepted a $ 6,200, 60  day, 12% note dated this day in granting Myron Shelley a time extension on his past due account receivable. 30 The King Co. dishonored its note when presented for payment. 

April 30 Received payment of principal plus interest from M. Shelley for the March 1 note. 

June 15 Accepted a $ 2,000, 72 day, 8% note dated this day in granting a time extension on the past  due account receivable of Ryder Solon. 

21 Accepted a $ 9,500, 90 day, 8% note dated this day in granting J. Felton a time extension on his past  due account receivable. 

Aug. 26 Received payment of principal plus interest from R. Solon for the note of June 15. 

Sep. 19 Received payment of principal plus interest from J. Felton for the June 21 note. 

Nov. 30 Wrote off King's account against Allowance for Doubtful Accounts.

Required: 

1. Prepare journal entries to record these transactions and events. (Round amounts to the nearest dollar.)
Analysis Component: 

2. What reporting is necessary when a business pledges receivables as security for a loan and the loan is still outstanding at the end of the period? Explain the reason for this requirement and the accounting principle being satisfied.

Reference no: EM13902742

Questions Cloud

Carter cleaning company-the new pay plan : Carter Cleaning Centers does not have a formal wage structure nor does it have rate ranges or use compensable factors. Is the company at the point where it should be setting up a formal salary structure based on a complete job evaluation? Why? Is Jac..
Explain logistic tasks involved in one supply service chain : Explain logistic tasks involved in one supply service chain, say involving a hospital or restaurant. How different are these tasks versus those involved in a manufacturing supply chain?
Determine dollar amount of loss covered by insurance policy : Amber has a Homeowners 3 policy. If possible, determine the dollar amount of the loss that will be covered by Amber's insurance policy. Amber is on vacation, and a thief breaks into her hotel and steals a suitcase containing jewelry appraised at $1,2..
Prepare journal entries to record these transactions : The following selected transactions are from Springer Company.
Compute polaris return on total assets for the year ended : Refer to Polaris financial statements in Appendix A to answer the following.
Comparative figures for polaris and arctic : Comparative figures for Polaris and Arctic Cat follow.
Anton blair is the manager of a medium size company : A few years ago, Blair persuaded the owner to base a part of his compensation on the net income the company earns each year.
Assume that he is considering two new selling : Kevin Plank of Under Armour is introduced in the chapter's opening feature. Kevin currently sells his products through multiple outlets.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd