Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. sage ltd. had the following select transactions.

Sage Ltd. had the following select transactions. May. 1, 2017 ...

50.1K

Verified Solution

Question

Accounting

Sage Ltd. had the following select transactions.

May. 1, 2017 Accepted Crane plcs 12-month, 10% note in settlement of a 46,000 account receivable.
July 1, 2017 Loaned 55,000 cash to Sam Howard on a 9-month, 8% note.
Dec. 31, 2017 Accrued interest on all notes receivable.
Apr. 1, 2018 Sam Howard dishonored its note; Sage expects it will eventually collect.
May. 1, 2018 Received principal plus interest on the Crane note.

Prepare journal entries to record the transactions. Sage prepares adjusting entries once a year on December 31. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. Do not round intermediate calculations.)

image

5/1/17Notes Receivable 46,000 Accounts Receivable 46,000 7/1/17 Notes Receivable 55,000 Cash 55,000 12/31/17 4Interest Receivable Interest Revenue (To record interest accrued on Crane Company's note receivable.) 12/31/17 Interest Receivable Interest Revenue To record interest accrued on Sam Howard's note receivable.) 4/1/18Cash Interest Revenue Interest Receivable Notes Receivable 5/1/18 Cash Interest Receivable Interest Revenue Notes Receivable

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Describe the similarities and differences in chemiosmosis between oxidative phosphorylation in mitochondria and photophosphorylation in chloroplasts.

Biology
Q

What are10 examples of energy transformations, in the real world. For each, define the system and...

Physics
Q

The mass balance for a control volume can be defined as any change of mass within...

Mechanical Engineering
Q

osome Which cellular organelle is responsible for manufacturing ATP Chloroplast Mitochondria Nucleus

Biology
Q

9 Find the measure of x and y Y X 80

Geometry
Q

The recommended daily allowance of niacin for adults is 20 mg. One serving of a...

Basic Math
Q

a Given the complex numbers z 1 5 3 i and w 0 5 0...

Algebra
Q

A recent accounting graduate from Marvel State University evaluated the operating perfomance...

Accounting
Q

Activity-Based Costing assumes that most overhead costs can be easily allocated based on one or...

Accounting
Q

[The following information applies to the questions displayed below.] The following data pertain to Lawn...

Accounting
Q

i have already done no need to answer Question 5 2 pts Cassie's employer...

Accounting
Q

the last person gave those answers and they incorrect Consider the...

Finance