Seven On August 2, Jun Co. receives a $6,000, 90-day, 12% note from customer Ryan Albany as payment on his $6,000 account receivable.Prepare Jun's journal entry assuming the note is honored by the customer on October 31 of that same year. (Use 360 days a year.)View transaction listJournal entry worksheet1.Record cash received on note plus interest.Note: Enter debits before credits.DateGeneral JournalDebitCredit< Prev9 of 15Next >9:16 AM3/28/2022InsertPrt ScF10F11F12FnLockF3F6F7F8F9Del%23$&Backs On December 1, Daw Co. accepts a $10,000, 45-day, 6% note from a customer.(1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31.(2) Prepare the entry required on the note's maturity date assuming it is honored. (Use 360 days a year.)View transaction listJournal entry worksheet1<>Record the year-end adjustment related to this note, if any.Note: Enter debits before credits.< Prev10 of 15Next >3/F6F7F8F9F10F11InsertPrt ScF12Fn+Lock

The question is based on the concept of Financial Accounting. As per the Bartleby guidelines we are…

On August 2, Jun Co. receives a $6,000, 90-day, 12% note from customer Ryan Albany as payment on his $6,000 account receivable. Prepare Jun's journal entry assuming the note is honored by the customer on October 31 of that same year. (Use 360 days a year.) View transaction list

On August 2, Jun Co. receives a $6,000, 90-day, 12% note from customer Ryan Albany as payment on his $6,000 account receivable. Prepare Jun's journal entry assuming the note is honored by the customer on October 31 of that same year. (Use 360 days a year.) View transaction list

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

ChapterD: Notes Payable And Notes Receivable

Section: Chapter Questions

Problem 4P

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Question

Seven

On August 2, Jun Co. receives a $6,000, 90-day, 12% note from customer Ryan Albany as payment on his $6,000 account receivable.
Prepare Jun's journal entry assuming the note is honored by the customer on October 31 of that same year. (Use 360 days a year.)
View transaction list
Journal entry worksheet
1.
Record cash received on note plus interest.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
< Prev
9 of 15
Next >
9:16 AM
3/28/2022
Insert
Prt Sc
F10
F11
F12
Fn
Lock
F3
F6
F7
F8
F9
Del
%23
$
&
Backs

On December 1, Daw Co. accepts a $10,000, 45-day, 6% note from a customer.
(1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31.
(2) Prepare the entry required on the note's maturity date assuming it is honored. (Use 360 days a year.)
View transaction list
Journal entry worksheet
1
<>
Record the year-end adjustment related to this note, if any.
Note: Enter debits before credits.
< Prev
10 of 15
Next >
3/
F6
F7
F8
F9
F10
F11
Insert
Prt Sc
F12
Fn
+
Lock

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