会计学原理练习题.ppt

Following are selected transactions for Vitalo Company. Nov. 1 Dec. 31 Apr. 30 Total through maturity Amount accrued at December 31 Interest recognized April 30 Principal $13,000 $13,000 $13,000 Rate 7% 7% 7% Time 180/360 60/360 120/360 Total interest $455 $152 $303 Accepted a $13,000, 180-day, 7.0% note dated November 1 from Kelly White in granting a time extension on her past-due account receivable. Adjusted the year-end accounts for the accrued interest earned on the White note. White honors her note when presented for payment; February has 28 days for the current year. First, complete the table below to calculate the interest amounts at December 31 and April 30. Use the calculated values to prepare your journal entries. Exercise 9-11 page 385 Algorithm 9 - 31 Total through maturity Amount accrued at December 31 Interest recognized April 30 Principal $13,000 $13,000 $13,000 Rate 7% 7% 7% Time 180/360 60/360 120/360 Total interest $455 $152 $303 Date Debit Credit Nov. 01 Notes Receivable - K. White 13,000 13,000 Dec. 31 152 152 Apr. 30 13,455 13,000 152 303 Cash Notes Receivable - K. White Interest Receivable Interest Revenue Interest Receivable Interest Revenue Accounts Receivable - K. White General Journal Nov. 1 Dec. 31 Apr. 30 Accepted a $13,000, 180-day, 7.0% note dated November 1 from Kelly White in granting a time extension on her past-due account receivable. Adjusted the year-end accounts for the accrued interest earned on the White note. White honors her note when presented for payment; February has 28 days for the current year. Exercise 9-11 page 385 Algorithm 9 - 32 Exercise 9-12 page 386 9 - 33 Prepare journal entries for Ridge Company for the following transactions: Mar. 21 Sep. 17 Dec. 31 Date Debit Credit Mar. 21 Notes Receivable - T. Jackson 9,500 9,500 Sep. 17 9,880 9,500 380 Dec. 31 9,880 9,