Presented below are data on three promissory notes. determine the missing amounts.

Brief Exercise 9-1

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Presented below are three receivables transactions. Indicate whether these receivables are reported as accounts receivable, notes receivable, or other receivables on a balance sheet.

(a)

Sold merchandise on account for $64,000 to a customer.

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(b)

Received a promissory note of $57,000 for services performed.

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(c)

Advanced $10,000 to an employee.

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Brief Exercise 9-3 (Part level Submission)

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During its first year of operations, Gavin Company had credit sales of $3,000,000; $600,000 remained uncollected at year-end. The credit manager estimates that $31,000 of these receivables will become uncollectible.

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(a)

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Prepare the journal entry to record the estimated uncollectibles. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation

Debit

Credit

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Brief Exercise 9-5

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At the end of 2014, Carpenter Co. has accounts receivable of $700,000 and an allowance for doubtful accounts of $54,000. On January 24, 2015, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $6,200. On March 4, 2015, Carpenter Co. receives payment of $6,200 in full from Megan Gray. Prepare the journal entries to record this transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation

Debit

Credit

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(To reverse write-off)

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(To record collection from Gray)

Brief Exercise 9-10

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Presented below are data on three promissory notes. Determine the missing amounts. (Use 360 days for calculation.)

Date of Note

Terms

Maturity Date

Principal

Annual Interest Rate

Total Interest

(a)

April 1

60 days

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$600,000

6

%

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(b)

July 2

30 days

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90,000

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%

$600

(c)

March 7

6 months

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120,000

10

%

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Exercise 9-2

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Presented below are two independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

(a)

On January 6, Brumbaugh Co. sells merchandise on account to Pryor Inc. for $7,000, terms 2/10, n/30. On January 16, Pryor Inc. pays the amount due. Prepare the entries on Brumbaugh’s books to record the sale and related collection.

(b)

On January 10, Andrew Farley uses his Paltrow Co. credit card to purchase merchandise from Paltrow Co. for $9,000. On February 10, Farley is billed for the amount due of $9,000. On February 12, Farley pays $5,000 on the balance due. On March 10, Farley is billed for the amount due, including interest at 1% per month on the unpaid balance as of February 12. Prepare the entries on Paltrow Co.’s books related to the transactions that occurred on January 10, February 12, and March 10.

No.

Date

Account Titles and Explanation

Debit

Credit

(a)

Jan. 6

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Jan. 16

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(b)

Jan. 10

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Feb. 12

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Mar. 10

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Exercise 9-10 (Part level Submission)

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Elburn Supply Co. has the following transactions related to notes receivable during the last 2 months of 2014. The company does not make entries to accrue interest except at December 31.

Nov. 1

Loaned $30,000 cash to Manny Lopez on a 12-month, 10% note.

Dec. 11

Sold goods to Ralph Kremer, Inc., receiving a $6,750, 90-day, 8% note.

16

Received a $4,000, 180 day, 9% note in exchange for Joe Fernetti’s outstanding accounts receivable.

31

Accrued interest revenue on all notes receivable.

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(a)

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Journalize the transactions for Elburn Supply Co. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation. Round answers to 0 decimal places, e.g. 5,275.)

Date

Account Titles and Explanation

Debit

Credit

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