Journalize the transactions for reeves supply co

Assignment Help Financial Accounting
Reference no: EM13962562

Reeves Supply Co. has the following transactions related to notes receivable during the last 2 months of 2014.

Nov. 1 Loaned $15,000 cash to Norma Jeanne on a 1-year, 9% note.
Dec. 11 Sold goods to Bob Sharbo, Inc., receiving a $6,750, 90-day, 8% note.
16 Received a $4,400, 6-month, 12% note in exchange for Richard Russo's outstanding accounts receivable.
31 Accrued interest revenue on all notes receivable.

(a) Journalize the transactions for Reeves Supply Co. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to the nearest whole dollar, e.g. 5,275.)

Date Account Titles and Explanation Debit Credit
 Nov. 1Dec. 11Dec. 16Dec. 31


 Nov. 1Dec. 11Dec. 16Dec. 31


 Nov. 1Dec. 11Dec. 16Dec. 31


 Nov. 1Dec. 11Dec. 16Dec. 31


(b) Record the collection of the Jeanne note at its maturity in 2015. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to the nearest whole dollar, e.g. 5,275.)

Date Account Titles and Explanation Debit Credit
 Nov. 1Dec. 11Dec. 16Dec. 31


 


 


Reference no: EM13962562

Questions Cloud

Using the steady state approximation : Decide whether each of the following 4 mechanisms could match what is observed in the graph.  You must explain your decision for each case (does it match or not and WHY!)
Ratio analysis-operating cash flow to current liabilities : What is a hotel’s operating cash flow to current liabilities, if the property recorded in 2006 an operating cash flow of $9,418,717? The property’s total liabilities in 2006 were $9,450,000 of which 38.6% were current. In 2005, the hotel’s total liab..
Draw a parallel-plate capacitor on slightly-resistive paper : Draw a Parallel-Plate capacitor on the slightly-resistive paper using the conductive ink. Predict what the E-Field is going to look like, then test your prediction using the "E-Field Meter". After that, test your prediction on the website.
What would you do to get this partnership started : You are head of an urban public health organization that is tasked with pulling together a partnership of public and private organizations to enhance public health activities in the area. What would you do to get this partnership started?
Journalize the transactions for reeves supply co : Reeves Supply Co. has the following transactions related to notes receivable during the last 2 months of 2014. Journalize the transactions for Reeves Supply Co. Record the collection of the Jeanne note at its maturity in 2015
Injury control or oral disease control : You have a choice of designing a primary health care prevention program for maternal and child health, injury control, or oral disease control. You are also responsible for looking for program funding. Pick one of the 3 topics, discuss program object..
Model of lineal programming : The company wishes to determine the amount of pounds that need to prepare of each one of the three mixtures to maximize its gain, under the assumption that he could sell the totality of each prepared mixture. Formulates the model of lineal program..
What is the wavelength of the 76 hz elt wave : When viewed through a magnifying glass, a stamp that is 2 cm wide appears upright and 6 cm wide. What is the magnification?
Customization for an easier instant bank transfer process : COMPLETE ALL NUMBERS BELOW BASED OFF THE FOLLOWING SYSTEM REQUEST: Allow PayPal users to use instant bank transfer frequently. Develop a system similar like the present one with some innovations, flexibility, and customization for an easier instant b..

Reviews

Write a Review

Financial Accounting Questions & Answers

  Consolidation working papers for paladium and sennex

On December 31, 2014, Paladium International purchased 70% of the outstanding common stock of Sennex Chemical. Paladium paid $140,000 for the shares and determined that the fair value of all recorded Sennex assets and liabilities approximated their b..

  What is the due date of note

sunhine service center received a 120-day, 6% note for $40,000, dated April 12 from a customer on account. What is the due date of the note?

  Question bond issued 900000 of 8 on 31 they pay interest on

question bond issued 900000 of 8 on 31 they pay interest on 91 and mature in 10years case a 100 case b 92 case c 105

  Calculate the excess reserves

Show how the direct deposit of $1,500 (drawn on her employer's bank) into Rosa's checking account affects the bank balance sheet.

  Prepare a cash budget and a schedulenbsp of expected cash

prepare a cash budget and a schedulenbsp of expected cash collections for the data furnished below.jodi horton

  Bill and bob formed a partnership on 1st january 2008 bill

bill and bob formed a partnership on 1st january 2008. bill contributed capital of 100000. bob contributed capital of

  Direct manufacturing labor

Direct Manufacturing Labor-Manufacturing Overhead Costs

  The systematic risk is diversifiable

The systematic risk is diversifiable. The efficient portfolios provide the highest possible return for a given level of risk (i.e., for a given standard deviation). With the ability to borrow and lend at the risk-free rate, there is one BEST efficien..

  Amount of assets reported on the balance sheet

Why do you think the president is so concerned with the amount of assets reported on the balance sheet? What accounting concept relates to the presidents first suggestion to report Intellectual Abilities as an asset?

  Question judi dench is a licensed architect during the

question judi dench is a licensed architect. during the first month of the operation of her company judi dench inc. the

  Survey and legal fees incurred

The cost of land would include all  survey and legal fees incurred. cost of removing an unwanted building on the land.

  Provide the disclosure of research and development costs

What guidance does the codification provide the disclosure of research and development costs? What is the nature of the authoritative guidance for advertising costs for entertainment companies?

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