Flop honored her promissory note by sending the face amount, Accounting Basics

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Flop honored her promissory note by sending the face amount

Prepare journal entries to record the following transactions entered into by Flip Company:

2012

June 1 Accepted a $10,000, 12%, 1-year note from Flop as full payment on her account.

Nov. 1 Sold merchandise on account to Flap, Inc. for $12,000, terms 2/10, n/30.

Nov. 5 Flap, Inc. returned merchandise worth $500.

Nov. 9 Received payment in full from Flap, Inc.

Dec. 31 Accrued interest on Flop's note.

2013

June 1 Flop honored her promissory note by sending the face amount plus interest. No interest has been accrued in 2013

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Accounting Basics: Flop honored her promissory note by sending the face amount

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Accounting Basics: Flop honored her promissory note by sending the face amount

Reference No:- TGS0555794

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Entry to record the recognition of fair value

Q : Net income and total assets of the company

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Q : Flop honored her promissory note by sending the face amount

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Flop honored her promissory note by sending the face amount

Reference No:- TGS0555794

Recent Questions Asked Accounting Basics

Q : Entry to record the recognition of fair value

Q : Net income and total assets of the company

Q : Determining the taxable income

Q : Outstanding accounts receivable at the end of current year

Q : Flop honored her promissory note by sending the face amount

Q : Debit to bad debts expense

Q : Irene actively participates in activities y and z

Q : Prepare production budget and direct materials budget

Q : Determine the cost of employing flip for the year

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