On August 1, year 1, Hampton Construction received a 9 percent, 6-month note receivable from Dusty Roads, one of Hampton Constru
1 answer:
Answer: 1. 44900
2. 1683.75
3. 46920.5
Explanation:
- Record the receipt of the note on August 1 in settlement of the account receivable. Record accrued interest at December 31, year 1.
- Record accrued interest at December 31, year 1
- Assume that Dusty Roads pays the note plus accrued interest in full. Record the collection of the principal and interest on January 31, year 2.
2011
August 1st.
- Notes Receivable -------------------------------------------- 44900
Accounts receivable (dusty roads) -------------------- 44900
Accepted a six=month, 9% note receivable in
settlement of an account receivable on August 1st, 2011
December 31st.
2. Interest receivable --------------------------------------------------- 1683.75
Interest revenue -------------------------------------------------- 1683.75
To record accrued interest earned from August through
December: $44900× 9% × = $1683.75
2012
January 31st
3. Cash ------------------------------------------------------------ 46920.5
Notes receivable ------------------------------------------------ 44900
Interest receivable ------------------------------------------------ 1683.75
Interest revenue ------------------------------------------------ 336.75
To record collection of six-month note plus interest from
Dusty Roads. Total interests amount to $2020.5 ($44900 × 9% × ), of which $336.75 was earned in 2012.
note: (interest revenue = total interests amount - interest receivable = $2020.5 - $1683.75 = $336.75 )
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