Chocolate Corner Company had the following transactions during the current year: Apr. 8. Received a $7,050, 75-day, 8% note from Lance Armstrong in payment of account. May 24 Wrote off customer Joe Nutella's account against the Allowance for Uncollectible Accounts, $150 June 22. Received payment of Lance Armstrong's note in full. Sept. 10.Gave a $5,600, 90-day, 9% note to Herbert Anson In payment of account. Sept 18. Received payment of Joe Nutella's account, written off May 24. Dec 9. Pald principal and Interest due on note to Herbert Anson. Please Note: a 360-day year is standard for many such Interest computations for this course Interest is to the nearest month rather than precisely to the day. Round Interest to the nearest dollar If needed record the above transactions in general Journal form. The balance of Notes Receivable at April 10th is: Multiple Choice

Chocolate Corner Company had the following transactions during the current year: Apr. 8. Received a $7,050, 75-day, 8% note from Lance Armstrong in payment of account. May 24 Wrote off customer Joe Nutella's account against the Allowance for Uncollectible Accounts, $150 June 22. Received payment of Lance Armstrong's note in full. Sept. 10.Gave a $5,600, 90-day, 9% note to Herbert Anson In payment of account. Sept 18. Received payment of Joe Nutella's account, written off May 24. Dec 9. Pald principal and Interest due on note to Herbert Anson. Please Note: a 360-day year is standard for many such Interest computations for this course Interest is to the nearest month rather than precisely to the day. Round Interest to the nearest dollar If needed record the above transactions in general Journal form. The balance of Notes Receivable at April 10th is: Multiple Choice

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...

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Chocolate Corner Company had the following transactions during the current year:Apr. 8. Received a $7,050, 75-day, 8% note from Lance Armstrong in payment of account.May 24.Wrote off customer Joe Nutella's account against the Allowance for Uncollectible Accounts, $150June 22. Received payment of Lance Armstrong's note in full.Sept. 10.Gave a $5,600, 90-day, 9% note to Herbert Anson in payment of account.Sept.18. Received payment of Joe Nutella's account, written off May 24.Dec 9. Paid principal and interest due on note to Herbert Anson.Please Note: a 360-day year is standard for many such interest computations - for this course interest is to the nearest month rather than precisely to the day. Round interest to the nearest dollar (no cents).If needed record the above transactions in general journal form.The balance of Accounts Receivable at April 10th is: A.150 B. 7200 C. 575 This is the whole question. Nothing misses. Note:- Do not provide handwritten solution. Maintain accuracy…
Chocolate Corner Company had the following transactions during the current year: Apr. 8. Received a $7,050, 75-day, 8% note from Lance Armstrong in payment of account. May 24.Wrote off customer Joe Nutella's account against the Allowance for Uncollectible Accounts, $150 June 22. Received payment of Lance Armstrong's note in full. Sept. 10.Gave a $5,600, 90-day, 9% note to Herbert Anson in payment of account. Sept.18. Received payment of Joe Nutella's account, written off May 24. Dec 9. Paid principal and interest due on note to Herbert Anson. Please Note: a 360-day year is standard for many such interest computations for this course interest is to the nearest month rather than precisely to the day. Round interest to the nearest dollar (no cents). If needed record the above transactions in general journal form. View previous attem The balance of Accounts Receivable at April 10th is:
Ace Distributors has the following transactions related to notes receivable during the last month of the year. Dec. 1 Loaned $15,000 cash to K. Hogan on a 1-year, 6% note. 16 Sold goods to F. Manning, receiving a $4,800, 60-day. 7% note. 31 Accrued interest revenue on all notes receivable. Journalize the transactions for Ace Distributors. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round intermediate calculations to 2 decimal places, eg. 52.75 and final answers to O decimal places e.g. 5,125.) Date Account Titles and Explanation (To record loan made to K. Hogan) (To record sale to F. Manning) (To record accrued interest) Debit Credit
Chocolate Corner Company had the following transactions during the current year:Apr. 8. Received a $7,050, 75-day, 8% note from Lance Armstrong in payment of account.May 24. Wrote off customer Joe Nutella's account against the Allowance for Uncollectible Accounts, $150June 22. Received payment of Lance Armstrong's note in full.Sept. 10. Gave a $5,600, 90-day, 9% note to Herbert Anson in payment of account.Sept.18. Received payment of Joe Nutella's account, written off May 24.Dec 9. Paid principal and interest due on note to Herbert Anson.Please Note: a 360-day year is standard for many such interest computations - for this course interest is to the nearest month rather than precisely to the day. Round interest to the nearest dollar (no cents).If needed record the above transactions in general journal form.On Dec 9th cash is paid in the amount of: Multiple Choice a. $5,726 b. $5,446 c. $5,474 (**incorrect) d. None of the other alternatives are correct e. $5,754 Need true help with all…