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Receivable and Temporary Investment

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13 views

Receivable and Temporary Investment

Uploaded by

angelcaroline3a
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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SOAL LATIHAN

Mata Pelajaran : Akuntansi


Materi : Receivable and Temporary Investment

Selected transactions completed by Rodriguez Company are as follow. Rodriguez Company uses the allowance
method of accounting for uncollectible accounts receivable.

Jan 28. Sold merchandise on account to Lakeland Inc., $10,000


Mar. 1 Accepted a 60 – day, 12% note for $10,000 from Lakeland Inc., on account
Apr.11 Wrote off a $4,500 account from Exdel Inc., as uncollectible
Apr.16 Loaned $7,500 cash to Thomas Glazer, receiving a 90- day, 14% note
Apr.30 Received the interest due from Lakeland Inc. an a new 90-day, 14% note as renewal the loan. (Record
both the debit and credit to the note receivable account)
May. 1 Discounted the note from Thomas Glazer at the First National Bank at 10%
June13 Reinstated the account of Exdel Inc., written of April 11, and received $4,500 in full payment
July15 Received notice from First National Bank that Thomas Glazer dishonored his note. Paid the bank the
maturity value of the note plus a $20 protest fee
July29 Received from Lakeland Inc., the amount owed on the dishonored note, plus interest for 30 days at 15%,
computed on the maturity value of the note and the protest fee.
Aug14 Received from Thomas Glazer the amount owed on the dishonored note, plus interest for 30 days at
15%, computed on the maturity value of the note and the protest fee.
Dec.31 It is estimated that 2% of the credit sales of $958,600 for the year ended December 31 will be
uncollectible.

Instructions:

Record the transactions in general journal form


Determine the due date and the amount of interest due at maturity on the following notes:

Date of note Face amount Term of note Interest rate

(a) April 5 $5,000 60 days 9%


(b) May 20 8,000 90 days 11%
(c) June 30 10,000 75 days 12%
(d) August 9 3,000 120 days 10%
(e) October 11 7,500 60 days 12%
During the last six month of the current fiscal year, Mitchell Co. received the following notes. Notes (1), (2),
(3), and (4) were discounted on the dates and the rates indicated.

Date Face Amount Term Interest Rate Date discounted Discount Rate

(1) Apr 10 $15,000 60 days 12% April 30 10%


(2) May 30 8,000 60 days 12% June 9 15%
(3) July 1 45,000 90 days 10% July 31 12%
(4) Sept 1 10,800 60 days 11% Oct 11 12%
(5) Dec 11 18,000 30 days 14% - -
(6) Dec 21 36,000 60 days 13% - -

Instructions :

(1) Determine for each note (a) the due date and (b) the amount of interest due at maturity, identifying each
note by number
(2) Determine for each of the first four note (a) the maturity value, (b) the discount period, (c) the discount, (d)
the proceeds, and (d) the interest income or interest expense, identifying each note by number
(3) Present, in general journal form, the entries to record the discounting of note (2) and (3) at a bank
(4) Assuming that notes (5) and (60 are held until maturity, determine for each the amount of interest earned (a)
in the current fiscal year and (b) in the following fiscal year

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