Rusli Company calculates it has earned (but not yet collected or recorded) interest of $3,150 at December 31 on outstanding notes receivable. How should Rusli record this on December 31? Select one: A Interest Payable O B Interest Income Interest Receivable OD. Interest Payable C. Interest Receivable Interest Income Interest Income Interest Receivable 3,150 3,150 3,150 3,150 3,150 3,150 3,150 3,150

Rusli Company calculates it has earned (but not yet collected or recorded) interest of $3,150 at December 31 on outstanding notes receivable. How should Rusli record this on December 31? Select one: A Interest Payable O B Interest Income Interest Receivable OD. Interest Payable C. Interest Receivable Interest Income Interest Income Interest Receivable 3,150 3,150 3,150 3,150 3,150 3,150 3,150 3,150

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...

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A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest Expense
Which of the following accounts are used when a short-term note payable with 5% interest is honored (paid)? A. short-term notes payable, cash B. short-term notes payable, cash, interest expense C. interest expense, cash D. short-term notes payable, interest expense, interest payable
At December 1, 2021, Vaughn Company's accounts receivable balance was $1860. During December, Vaughn had credit revenues on account of $7080 and collected accounts receivable of $6070. At December 31, 2021, the accounts receivable balance is $850 credit. Ⓒ $850 debit Ⓒ $2870 debit. O $2870 credit.
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Required: Assume credit sales for 2019 were $312,000 and that on December 31, 10% of credit sales are estimated to be uncollectible. Using the percentage of sales method:Determine the amount to be charged to the uncollectible expense account.Prepare the Allowance for uncollectible account. Prepare the balance sheet extract to show the net realizable value of the Accounts Receivable as at December 31 Journal Entries Date Particulars Debit($) Credit($) 10.1.20 Accounts Receivable 11000 To sales 11000 15.5.20 Allowance for uncollectible accounts(2500+400) 2900 To accounts receivable 2900 4.8.20 Cash(70% of 11000) 7700 Allowance for uncollectible accounts(30% of $11000) 3300 To Accounts Receivable 1100 26.10.20 Accounts Receivable(30% of $400) 120 To allowance for uncollectible accounts 120 26.10.20 Cash 120 To accounts receivable 120…
A company collects an honored note with a maturity date of 24 months from establishment, a 10%interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of thehonored note at maturity date?A. Interest Revenue, Interest Expense, CashB. Interest Receivable, Cash, Notes ReceivableC. Interest Revenue, Interest Receivable, Cash, Notes ReceivableD. Notes Receivable, Interest Revenue, Cash, Interest Expense
Assume credit sales for 2019 were $312,000 and that on December 31, 10% of credit sales are estimated to be uncollectible. Using the percentage of sales method: Determine the amount to be charged to the uncollectible expense account. Prepare the Allowance for uncollectible account. Prepare the balance sheet extract to show the net realizable value of the Accounts Receivable as at December 31.
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Below are the transactions related to notes receivable activity for Barton Corporation. Record each transaction in the journal provided. Enter the date of the last transaction. 2020 13-Nov Accepted a $40,000, 90-day, 6% note from a customer in exchange for their past due accounts receivable balance 31-Dec Made an entry to accrue the accrued interest earned on the Nov 13 note 2021 11-Feb Received payment for the principal and interest on the note dated November 13 22-Apr Accepted a $20,000, 45-day, 5% note from a customer in exchange for consulting fees provided ??? Received payment for the principal and interest on the note dated April 22…
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