Question
3. Record the following transactions for Lucea Corporation (7 marks): Jul 1 Received an $8,000, 3%,...
3. Record the following transactions for Lucea Corporation (7 marks):
Jul 1 Received an $8,000, 3%, 3-month note, dated July 1, from Frank Baker in payment of his open account. Interest is due at maturity.
Oct 1 Received notification from Frank Baker that he is unable to honour his note at this time. It is expected that Baker will pay at a later date.
Nov 15 Received full payment from Frank Baker for note receivable previously dishonoured.
Answers
Solution:
Journal Entries - Lucea Corporation Date Particulars Debit Credit 1-Jul Note receivables Dr $8,000.00 To Accounts receivables - Frank Baker $8,000.00 (To record note received) 1-Oct Accounts receivables - Frank Baker Dr $8,060.00 To Note receivables $8,000.00 To Interest revenue $60.00 (To record note dishonored) 15-Nov Cash Dr $8,060.00 To Accounts receivables - Frank Baker $8,060.00 (To record collections)
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