Toy Co Supply Corp. has the following selected transactions for notes receivable. Nov. 1 Lent $129,600 cash to A. Bouchard on a one-year, 9% note. 1 Dec. 15 Feb. 1 28 28 Sold goods to Wright Inc., receiving a two-month, 6%, $29,000 note. Interest is due at maturity. The goods cost $18,024. Received a six-month, 6%, $31,680 note in exchange for an account from Aquilina Corporation. Interest is due at maturity. Collected the amount owing on the Wright note. Accrued interest on all notes receivable at year end. Assume that interest is calculated to the nearest half month. Analyzed each note and estimated that uncollectible notes at year end totalled $23,724. Record the above transactions for Toy Co Supply Corp. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Round answers to the nearest whole dollar, eg. 5,275.)

Toy Co Supply Corp. has the following selected transactions for notes receivable. Nov. 1 Lent $129,600 cash to A. Bouchard on a one-year, 9% note. 1 Dec. 15 Feb. 1 28 28 Sold goods to Wright Inc., receiving a two-month, 6%, $29,000 note. Interest is due at maturity. The goods cost $18,024. Received a six-month, 6%, $31,680 note in exchange for an account from Aquilina Corporation. Interest is due at maturity. Collected the amount owing on the Wright note. Accrued interest on all notes receivable at year end. Assume that interest is calculated to the nearest half month. Analyzed each note and estimated that uncollectible notes at year end totalled $23,724. Record the above transactions for Toy Co Supply Corp. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Round answers to the nearest whole dollar, eg. 5,275.)

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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