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question prepare journal entries for notes receivable akron corporation engaged in t 4277458


Prepare Journal Entries for Notes Receivable

Akron Corporation engaged in the following transactions involving promissory notes in 20×1 and 20×2.

Journalize these transactions in the journal provided. Explanations are not needed. Akron records adjusting entries monthly.




Sept. 1


Sold land to Marge Bailey for $180,000. A 6-month, 9 percent note was received in exchange. Cost of the land was $180,000.

Nov. 1


Received a 30-day, non-interest bearing note from Fred Hansen in settlement of his accounts receivable of $2,500.

Dec. 1


Fred Hansen dishonored his note issued 30 days earlier.

Dec. 31


Recorded accrued interest for December on the note received from Marge Bailey.




Mar. 1


Received payment in full from Marge Bailey. Assume that all interest has already been accrued to the end of February but no cash receipt has been recorded.


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