Maurice Tutor

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About Maurice Tutor

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Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 402 Weeks Ago, 5 Days Ago
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 30 Jul 2017 My Price 8.00

Hampton Construction

On August 1, 2011, Hampton Construction received a 9 percent, six-month note receivable from Dusty Roads, one of Hampton Construction’s problem credit customers. Roads had owed $36,000 on an outstanding account receivable. The note receivable was taken in settlement of this amount. Assume that Hampton Construction makes adjusting entries for accrued interest revenue once each year on December 31.

a. Journalize the following four events on the books of Hampton Construction.

1. Record the receipt of the note on August 1 in settlement of the account receivable.

2. Record accrued interest at December 31, 2011.

3. Assume that Dusty Roads pays the note plus accrued interest in full. Record the collec- tion of the principal and interest on January 31, 2012.

4. Assume that Dusty Roads did not make the necessary principal and interest payment on January 31, 2012. Rather, assume that he defaulted on his obligation. Record the default on January 31, 2012.

 

 

 

b. Indicate the effects of each of the four transactions journalized in part a on the elements of the financial statement shown below. Use the code letters I for increase, D for decrease, and NE for no effect.

 

Transaction Revenue - Expenses = Net Income Assets = Liabilities + Equity 1

Answers

Maurice Tutor
(5)
Status NEW Posted 30 Jul 2017 10:07 PM My Price 8.00

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