Current Attempt in Progress Marigold Supply Co. has the following transactions related to notes receivable during the last 2 months of 2022. The company does not make entries to accrue interest except at December 31. Nov. 1 Dec. 11 (2) 16 31 Loaned $17,250 cash to Manny Lopez on a 12 month, 8% note. Sold goods to Ralph Kremer, Inc., receiving a $30,000, 90-day, 6% note. Received a $20,160, 180 day, 10 % note to settle an open account from Joe Fernetti. Accrued interest revenue on all notes receivable.

Current Attempt in Progress Marigold Supply Co. has the following transactions related to notes receivable during the last 2 months of 2022. The company does not make entries to accrue interest except at December 31. Nov. 1 Dec. 11 (2) 16 31 Loaned $17,250 cash to Manny Lopez on a 12 month, 8% note. Sold goods to Ralph Kremer, Inc., receiving a $30,000, 90-day, 6% note. Received a $20,160, 180 day, 10 % note to settle an open account from Joe Fernetti. Accrued interest revenue on all notes receivable.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 14RE: On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank....

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Notes Receivable Transactions The following notes receivable transactions occurred for Harris Company during the last three months of the current year. (Assume all notes are dated the day the transaction occurred.) Required: 1. Prepare the journal entries to record the preceding note transactions and the necessary adjusting entries on December 31. (Assume that Harris does not normally sell its notes and uses a 360-day year for the purpose of computing interest. Round all calculations to the nearest penny.) 2. Show how Harris notes receivable would be disclosed on the December 31 balance sheet. (Assume these are the only note transactions encountered by Harris during the year.)
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On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank. The note has a face value of 15,000 and a maturity value (principal plus interest) of 15,400. The discount is calculated to be 385, and the accrued interest income is 100. The recourse liability is estimated to be 1,000. Prepare the journal entry of Phillips to record the sale of the note receivable.
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