Record journal entries for the following transactions of Piano Wholesalers.Jan. 1, 2018Dec. 31, 2018Dec. 31, 2019Plano Wholesalers records interest accumulated for 2018.Piano Wholesalers converts Arrowstar's dishonored note into account receivable. This includesaccumulated interest for the 24-month period.April 12, 2020 Plano Wholesalers sells the outstanding debt from Arrowstar to a collection agency at 40% of theaccounts receivable value.an amount box does not require an entry, leave it blank. If required, round your answers to two decimal places.Jan. 1, 2018Jan. 1, 2018Dec. 31, 2018Issued a $1,236,650 note to customer Arrowstar as terms of a merchandise sale. The merchandise'scost to Plano Wholesalers is $605,000. Note contract terms included a 24-month maturity date and a3.4% annual interest rate.Dec. 31, 2019April 12, 2020To record sale in exchange for Notes Receivable: ArrowstarTo record the cost of saleTo record interest accumulated in 2018To record conversion of note to Accounts Receivable, dishonored note1009/0To record sale of Accounts Receivable to third-party factor88

Journal entries A journal entry is the recording of a transactions into a journal like the general…

tecord journal entries for the following transactions of Piano Wholesalers. an. 1, 2018 Dec. 31, 2018 Dec. 31, 2019 Issued a $1,236,650 note to customer Arrowstar as terms of a merchandise sale. The merchandise's cost to Plano Wholesalers is $605,000. Note contract terms included a 24-month maturity date and a 3.4% annual interest rate. Plano Wholesalers records interest accumulated for 2018. Piano Wholesalers converts Arrowstar's dishonored note into account receivable. This includes accumulated interest for the 24-month period. April 12, 2020 Plano Wholesalers sells the outstanding debt from Arrowstar to a collection agency at 40% of the accounts receivable value. Jan 1, 2018 fan amount box does not require an entry, leave it blank. If required, round your answers to two decimal places. Jan. 1, 2018 86 88 To record sale in exchange for Notes Receivable: Arrowstar To record the cost of sale

tecord journal entries for the following transactions of Piano Wholesalers. an. 1, 2018 Dec. 31, 2018 Dec. 31, 2019 Issued a $1,236,650 note to customer Arrowstar as terms of a merchandise sale. The merchandise's cost to Plano Wholesalers is $605,000. Note contract terms included a 24-month maturity date and a 3.4% annual interest rate. Plano Wholesalers records interest accumulated for 2018. Piano Wholesalers converts Arrowstar's dishonored note into account receivable. This includes accumulated interest for the 24-month period. April 12, 2020 Plano Wholesalers sells the outstanding debt from Arrowstar to a collection agency at 40% of the accounts receivable value. Jan 1, 2018 fan amount box does not require an entry, leave it blank. If required, round your answers to two decimal places. Jan. 1, 2018 86 88 To record sale in exchange for Notes Receivable: Arrowstar To record the cost of sale

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 11RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...

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Record journal entries for the following transactions of Telesco Enterprises. Jan. 1, 2018 Issued a $330,700 note to customer Abe Willis as terms of a merchandise sale. The merchandise's cost to Telesco is $126,900. Note contract terms included a 36-month maturity date, and a 4% annual interest rate. Telesco records interest accumulated for 2018. Dec. 31, 2018 Dec. 31, 2019 Telesco records interest accumulated for 2019. Dec. 31, 2020 Abe Willis honors the note and pays in full with cash. If an amount box does not require an entry, leave it blank. Jan. 1, 2018 Notes Receivable: Willis Jan. 1, 2018 Sales Revenue To record sale in exchange for Notes Receivable: Willis, 36-month maturity, 4% interest rate Cost of Goods Sold Merchandise Inventory To record the cost of sale Dec. 31, 2018 interest Receivable: Willis interest Revenue To record interest accumulated in 2018 Dec 31, 2019 interest Receivable: Willis interest Revenue ✓ To record interest accumulated in 2019 Dec 31, 2020 Cash Notes…