1. Record journal entries for the following transactions of Hansen Bakery Company. Jan. 1, 2020 Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2022 Issued a $265,500 note to customer Jack Bullock as terms of a merchandise sale. The merchandise's cost to Hansen Bakery Company is $89,750. Note contract terms included a 36-month maturity date, and a 4.3% annual interest rate. Hansen Bakery Company records interest accumulated for 2020. Hansen Bakery Company records interest accumulated for 2021. Jack Bullock honors the note and pays in full with cash. n
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- Anderson Air is a customer of Handler Cleaning Operations. For Anderson Airs latest purchase on January 1, 2018, Handler Cleaning Operations issues a note with a principal amount of $1,255,000, 6% annual interest rate, and a 24-month maturity date on December 31, 2019. Record the journal entries for Handler Cleaning Operations for the following transactions. A. Entry for note issuance B. Subsequent interest entry on December 31, 2018 C. Honored note entry at maturity on December 31, 2019On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan. Refer to RE6-10. On December 31, Jordan Inc. received 50,000 on assigned accounts. Prepare Jordans journal entries to record the cash receipt and the payment to McLaughlin.Rain T-Shirts issued a $440,600 note on January 1, 2018 to a customer, Larry Potts, in exchange for merchandise. The merchandise had a cost to Rain T-Shirts of $220,300. The terms of the note are 24-month maturity date on December 31, 2019 at a 4.5% annual interest rate. Larry Potts does not pay on his account and dishonors the note. Record journal entries for Rain T-Shirts for the following transactions. A. Initial sale on January 1, 2018 B. Dishonored note entry on January 1, 2020, assuming interest has not been recognized before note maturity
- Arvan Patel is a customer of Banks Hardware Store. For Mr. Patels latest purchase on January 1, 2018, Banks Hardware issues a note with a principal amount of $480,000, 13% annual interest rate, and a 24-month maturity date on December 31, 2019. Record the journal entries for Banks Hardware Store for the following transactions. A. Note issuance B. Subsequent interest entry on December 31, 2018 C. Honored note entry at maturity on December 31, 2019.1. Record journal entries for the following transactions of Hansen Bakery Company. Jan. 1, 2020 Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2022 Issued a $265,500 note to customer Jack Bullock as terms of a merchandise sale. The merchandise's cost to Hansen Bakery Company is $89,750. Note contract terms included a 36-month maturity date, and a 4.3% annual interest rate. Hansen Bakery Company records interest accumulated for 2020. Hansen Bakery Company records interest accumulated for 2021. Jack Bullock honors the note and pays in full with cash.11. Record journal entries for the following transactions of Telesco Enterprises. Jan 1, 2018 Issued a $330,700 note to customer Abe Willis as tems of a merchandise sale. The merchandise's cost to Telesco is $120,900. Note contract terms included a 36-month maturity date, and a 4% annual interest rate. Dec. 31, 2018 Telesco records interest accumulated for 2018. Dec. 31, 2019 Dec. 31, 2020 Telesco records interest accumulated for 2019. Abe Willis honors the note and pays in full with cash.
- Record journal entries for the following transactions of Telesco Enterprises. Jan. 1, 2018 Issued a $330,700 note to customer Abe Willis as terms of a merchandise sale. The merchandise's cost to Telesco is $126,900. Note contract terms included a 36-month maturity date, and a 4% annual interest rate. Telesco records interest accumulated for 2018. Dec. 31, 2018 Dec. 31, 2019 Telesco records interest accumulated for 2019. Dec. 31, 2020 Abe Willis honors the note and pays in full with cash. If an amount box does not require an entry, leave it blank. Jan. 1, 2018 Notes Receivable: Willis Jan. 1, 2018 Sales Revenue To record sale in exchange for Notes Receivable: Willis, 36-month maturity, 4% interest rate Cost of Goods Sold Merchandise Inventory To record the cost of sale Dec. 31, 2018 interest Receivable: Willis interest Revenue To record interest accumulated in 2018 Dec 31, 2019 interest Receivable: Willis interest Revenue ✓ To record interest accumulated in 2019 Dec 31, 2020 Cash Notes…Record journal entries for the following transactions of Telesco Enterprises. Jan. 1, 2018 Issued a $330,700 note to customer Abe Willis as terms of a merchandise sale. The merchandise’s cost to Telesco is $126,900.Note contract terms included a 36-month maturity date, and a 4% annual interest rate. Dec. 31, 2018 Telesco records interest accumulated for 2018. Dec. 31, 2019 Telesco records interest accumulated for 2019. Dec. 31, 2020 Abe Willis honors the note and pays in full with cash. If an amount box does not require an entry, leave it blank. Jan. 1, 2018 Notes Receivable: Willis Notes Receivable: Willis Sales Revenue Sales Revenue To record sale in exchange forNotes Receivable: Willis, 36-month maturity, 4% interest rate Jan. 1, 2018 Cost of Goods Sold Cost of Goods Sold Merchandise Inventory Merchandise Inventory To record the cost of sale Dec. 31, 2018 Interest Receivable: Willis Interest Receivable: Willis…Record journal entries for the following transactions of Telesco Enterprises. Jan. 1, 2018 Issued a $330,700 note to customer Abe Willis as terms of a merchandise sale. The merchandise’s cost to Telesco is $120,900. Note contract terms included a 36-month maturity date, and a 4% annual interest rate. Dec. 31, 2018 Telesco records interest accumulated for 2018. Dec. 31, 2019 Telesco records interest accumulated for 2019. Dec. 31, 2020 Abe Willis honors the note and pays in full with cash.
- Record journal entries for the following transactions of Wind Solutions.Jan. 1, 2018 Issued a $2,350,100 note to customer Solar Plex as terms of a merchandise sale. The merchandise’s cost to Wind Solutions is $1,002,650. Note contract terms included a 24-month maturity date, and a 2.1% annual interest rate.Dec. 31, 2018 Wind Solutions records interest accumulated for 2018.Dec. 31, 2019 Wind Solutions converts Solar Plex’s dishonored note into account receivable. This includes accumulated interest for the 24-month period.Mar. 8, 2020 Wind Solutions sells the outstanding debt from Solar Plex to a collection agency at 25% of the accounts receivable valueRecord journal entries for the following transactions of Piano Wholesalers. Jan. 1, 2018 Issued a $1,241,650 note to customer Arrowstar as terms of a merchandise sale. The merchandise’s cost to Piano Wholesalers is $608,000. Note contract terms included a 24-month maturity date and a 3.4% annual interest rate. Dec. 31, 2018 Piano Wholesalers records interest accumulated for 2018. Dec. 31, 2019 Piano Wholesalers converts Arrowstar’s dishonored note into account receivable. This includes accumulated interest for the 24-month period. April 12, 2020 Piano Wholesalers sells the outstanding debt from Arrowstar to a collection agency at 40% of the accounts receivable value. Jan. 1, 2018 Notes Receivable: Arrowstar fill in the blank 2 fill in the blank 3 Sales Revenue fill in the blank 5 fill in the blank 6 To record sale in exchange for Notes Receivable: Arrowstar Jan. 1, 2018 Cost of Goods Sold fill in the blank 8 fill in the blank 9 Merchandise Inventory fill in…Record journal entries for the following transactions of Wind Solutions. Jan. 1, 2018 Issued a $2,351,100 note to customer Solar Plex as terms of a merchandise sale. The merchandise’s cost to Wind Solutions is $1,006,650.Note contract terms included a 24-month maturity date, and a 2.1% annual interest rate. Dec. 31, 2018 Wind Solutions records interest accumulated for 2018. Dec. 31, 2019 Wind Solutions converts Solar Plex’s dishonored note into account receivable. This includes accumulated interest for the 24-month period. March 8, 2020 Wind Solutions sells the outstanding debt from Solar Plex to a collection agency at 25% of the accounts receivable value. If an amount box does not require an entry, leave it blank. If required, round your answers to two decimal places. Jan. 1, 2018 - Record sale Notes Receivable: Solar Plex Notes Receivable: Solar Plex Sales Revenue Sales Revenue Jan. 1, 2018 - Cost of sale Cost of Goods Sold Cost of Goods Sold…
