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Exercise 9-14 Notes receivable transactions L.O. P...

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Exercise 9-14 Notes receivable transactions L.O. P3 Following are selected transactions Deshawn Company for 2010 and 2011. 2010 Dec. 13 Accepted a $25,000, 45-day, 8% note dated December 13 in granting Latisha Clark a time extension on her past-due account receivable. 31 Prepared an adjusting entry to record the accrued interest on the Clark note. 2011 Jan. 27 Received Clark?s payment for principal and interest on the note dated December 13. Mar. 3 Accepted a $19,000, 9%, 90-day note dated March 3 in granting a time extension on the pastdue account receivable of Shandi Company. 17 Accepted a $17,000, 30-day, 8% note dated March 17 in granting Juan Torres a time extension on his past-due account receivable. Apr. 16 Torres dishonors his note when presented for payment. May 1 Wrote off the Torres account against the Allowance for Doubtful Accounts. June 1 Received the Shandi payment for principal and interest on the note dated March 3. Prepare journal entries for the above transactions for 2011. (Use 360 days a year. Do not round intermediate calculations and round your final answers to nearest dollar amount. Omit the "$" sign in your response.)

 

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