The following series of transactions are Gold Standard Reminisce (GSR) dealings with Golden Gables (GG). The Gold Standard Reminisce's annual accounting period ends on December 31. 09/02/20 Sold $16,850 of merchandise to Golden Gables, signing a 10%, 150 day note. Prepared the adjusting journal entry to record accrued interest on the note. 12/31/20 01/30/21 GSR receives a check from Golden Gables for the maturity value (with interest) of the note. 02/01/21 Golden Gables' check is returned by the bank along with a $25 fee. Golden Gables' account is considered a bad debt and written off Golden Gables' bankruptcy trustee sends a check for $2,864. 09/20/21 03/06/22 Record all of the transactions between GSR & GG. Remember to utilize proper journal entry format including accounts with a subsidiary ledger.

The following series of transactions are Gold Standard Reminisce (GSR) dealings with Golden Gables (GG). The Gold Standard Reminisce's annual accounting period ends on December 31. 09/02/20 Sold $16,850 of merchandise to Golden Gables, signing a 10%, 150 day note. Prepared the adjusting journal entry to record accrued interest on the note. 12/31/20 01/30/21 GSR receives a check from Golden Gables for the maturity value (with interest) of the note. 02/01/21 Golden Gables' check is returned by the bank along with a $25 fee. Golden Gables' account is considered a bad debt and written off Golden Gables' bankruptcy trustee sends a check for $2,864. 09/20/21 03/06/22 Record all of the transactions between GSR & GG. Remember to utilize proper journal entry format including accounts with a subsidiary ledger.

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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On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.
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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