E9-12 - E9­12 Singletary Company had the following select...

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Unformatted text preview: E9­12 Singletary Company had the following select transactions. 2008 Apr. 1, 2008 Accepted Wilson Company's 1­year, 12% note in settlement of a $20,000 account receivable. July 1, 2008 Loaned $25,000 cash to Richard Dent on a 9­month, 10% note. Dec. 31, 2008 Accrued interest on all notes receivable. Apr. 1, 2009 Received principal plus interest on the Wilson note. Apr. 1, 2009 Richard Dent dishonored its note; Singletary expects it will eventually collect. Instructions Prepare journal entries to record the transactions. Singletary prepares adjusting entries once a year on December 31. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.) Date Account / Description 4/1/08 Debit Credit $ $ 7/1/08 $ 12/31/08 $ $ $ (To record interest on 12% note.) $ $ (To record interest on 10% note.) 4/1/09 $ $ $ $ $ $ $ $ ...
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This note was uploaded on 03/01/2012 for the course ACCOUTNING 550 taught by Professor Abner during the Spring '11 term at DeVry Houston.

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