Johnson Hardware Supply, Inc., sells on account. When a customer account becomes four months old, Johnson Hardware Supply converts the account to a note receivable. During 2018, Johnson Hardware Supply completed these transactions:A (Click the icon to view the transactions.)Requirement1. Record the transactions in Johnson Hardware Supply, Inc.'s journal. (Record debits first, then credits. Exclude explanations from any journal entries.)Record the sales on account.Journal EntryDateAccountsDebitCreditApr29More InfoRecord the receipt of the note.29 Sold goods on account to Parkview Corp., $24,000. Ignore cost ofgoods sold.1 Received a $24,000, 60-day, 9% note from Parkview Corp., insatisfaction of its past-due account receivable.31 Collected the Parkview Corp., note at maturity. Use 360-day year forinterest computation and round to the nearest dollar.Journal EntryAprDateAccountsDebitCreditSepSepOctRecord the collection of the Parkview Corp. note.PrintDoneJournal EntryDateAccountsDebitCreditOct31

Interest revenue=Sales revenue×9%×60360=$24,000×9%×60360=$360

Johnson Hardware Supply, Inc., sells on account. When a customer account becomes four months old, Johnson Hardware Supply converts the account to a note receivable. During 2018, Johnson Hardware Supply completed these transactions: i (Click the icon Requirement 1. Record the transactions in Johnson Hardware Supply, Inc.'s journal. (Record debits first, then credits. Exclude explanations from any journal entries.) view the transactions.) Record the sales on account. Journal Entry Date Accounts Debit Credit Аpr 29 More Info Record the receipt of the note. 29 Sold goods on account to Parkview Corp., $24,000. Ignore cost of goods sold. 1 Received a $24,000, 60-day, 9% note from Parkview Corp., in satisfaction of its past-due account receivable. 31 Collected the Parkview Corp., note at maturity. Use 360-day year for interest computation and round to the nearest dollar. Apr Journal Entry Date Accounts Debit Credit Sep Sep Oct Record the collection of the Parkview Corp. note. Print Done

Johnson Hardware Supply, Inc., sells on account. When a customer account becomes four months old, Johnson Hardware Supply converts the account to a note receivable. During 2018, Johnson Hardware Supply completed these transactions: i (Click the icon Requirement 1. Record the transactions in Johnson Hardware Supply, Inc.'s journal. (Record debits first, then credits. Exclude explanations from any journal entries.) view the transactions.) Record the sales on account. Journal Entry Date Accounts Debit Credit Аpr 29 More Info Record the receipt of the note. 29 Sold goods on account to Parkview Corp., $24,000. Ignore cost of goods sold. 1 Received a $24,000, 60-day, 9% note from Parkview Corp., in satisfaction of its past-due account receivable. 31 Collected the Parkview Corp., note at maturity. Use 360-day year for interest computation and round to the nearest dollar. Apr Journal Entry Date Accounts Debit Credit Sep Sep Oct Record the collection of the Parkview Corp. note. Print Done

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter5: Accounting Systems

Section: Chapter Questions

Problem 14E: Guardian Services Inc. had the following transactions during the month of April: a. Record the June...

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