Following are transactions of

Following are transactions of the Wipe-Out Company:
 

Mar. 2   Accepted a $11,240, 5%, 90-day note dated this day in granting a time extension on the past-due account of JNC Company.
Apr. 21   Discounted, with recourse, the JNC Company note at BancFirst at a cost of $50.
June 2   Received notice from BancFirst that JNC Company defaulted on the note due May 31. Paid the bank the principal plus interest due on the note. (Hint: Create an account receivable for the maturity value of the note.)
July 16   Received payment from JNC Company for the maturity value of its dishonoured note plus interest for 45 days beyond maturity at 5%.
Sept. 3   Accepted a $5,040, 60-day, 5% note dated this day in granting Cecile Duval a time extension on her past-due account.
  18   Discounted, without recourse, the Duval note at BancFirst at a cost of $25.

Questions:
Prepare entries to record the above transactions (The H.W question is a continuation)

1. Record the payment received from JNC Company

2. Record the acceptance of a 5%, 60-day note. 

3. Record the discounting of the Duval note. 

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Following are transactions of

Following are transactions of the Wipe-Out Company:
 

Mar. 2   Accepted an $11,240, 5%, 90-day note dated this day in granting a time extension on the past-due account of JNC Company.
Apr. 21   Discounted, with recourse, the JNC Company note at BancFirst at a cost of $50.
June 2   Received notice from BancFirst that JNC Company defaulted on the note due May 31. Paid the bank the principal plus interest due on the note. (Hint: Create an account receivable for the maturity value of the note.)
July 16   Received payment from JNC Company for the maturity value of its dishonored note plus interest for 45 days beyond maturity at 5%.
Sept. 3   Accepted a $5,040, 60-day, 5% note dated this day in granting Cecile Duval a time extension on her past-due account.
  18   Discounted, without recourse, the Duval note at BancFirst at a cost of $25.

Questions:
Prepare entries to record the above transactions

1. Record acceptance of 5%, 90-day note. 

2. Record discounted note

3. Record the payment made to bank for note dishounoured by JNC company.

Calculate your order
Pages (275 words)
Standard price: $0.00

Following are transactions of

Following are transactions of the Wipe-Out Company:
 

Mar. 2   Accepted an $11,140, 5%, 90-day note dated this day in granting a time extension on the past-due account of JNC Company.
Apr. 21   Discounted, with recourse, the JNC Company note at BancFirst at a cost of $50.
June 2   Received notice from BancFirst that JNC Company defaulted on the note due May 31. Paid the bank the principal plus interest due on the note. (Hint: Create an account receivable for the maturity value of the note.)
July 16   Received payment from JNC Company for the maturity value of its dishonored note plus interest for 45 days beyond maturity at 5%.
Sept. 3   Accepted a $4,940, 60-day, 5% note dated this day in granting Cecile Duval a time extension on her past-due account.
  18   Discounted, without recourse, the Duval note at BancFirst at a cost of $25.

Required:
Prepare entries to record the above transactions. (Use 365 days in a year. Do not round intermediate calculations. Round the final answers to 2 decimal places.)

Calculate:

  1. Record acceptance of a 5%, 90-day note.
  2. Record the discounted note.
  3. Record the payment made to bank for note dishonoured by JNC Company
Calculate your order
Pages (275 words)
Standard price: $0.00
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