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28) On October 1, 2015, Zircon Jewelry Company accepted a

Question : 28) On October 1, 2015, Zircon Jewelry Company accepted a : 1412217

 

28) On October 1, 2015, Zircon Jewelry Company accepted a 4-month, 10% note for $2,400 in settlement of an overdue account receivable. Interest revenue was accrued through December 31, 2015. Zircon receives the maturity value of the note on the due date. Give journal entry to record the collection of funds.

 

29) On January 1, Ajax Corp. accepted a one-year note for $5,000 at 4% from one of its customers. When the note matured on December 31, the customer was unable to pay, and the company treated it as a dishonored note. Provide the journal entry for the dishonor of the note in the books of the company.

30) On December 1, 2015, Parsons Inc. sold machinery to a customer for $2,000. Parsons regularly sells machinery. The customer could not pay at the time of sale, but agreed to pay 9 months later, and signed a 9-month note at 12% interest. Give journal entry to record the revenue at the time of sale. Ignore the entry for cost of goods sold.

 

31) On July 1, 2015, Ealys Jewellers accepted a 3-month, 15% note for $6,000 in settlement of an overdue account receivable. Provide the journal entry to record the acceptance of the note.

 

32) Give journal entry to record the dishonor of a note receivable at the maturity date.

 

 

 

 

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