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  • Following Are Transactions of The Purple Onion Company Round Calculations

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    The Purple Onion Company recorded several transactions in 2013-2014 involving notes receivable, including accepting a $20,000 note from Hal Krueger on December 16, 2013 at 5.5% interest for 60 days, accruing interest on this note, and receiving payment on February 14, 2014. They also accepted notes from ARC Company for $15,000 at 3.75% for 90 days on March 2, 2014 and from Penny Bobek for $6,500 at 4% for 30 days on March 17, 2014, with Bobek later dishonoring her note.

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    Following Are Transactions of the Purple Onion Company Round Calculations

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    The Purple Onion Company recorded several transactions in 2013-2014 involving notes receivable, including accepting a $20,000 note from Hal Krueger on December 16, 2013 at 5.5% interest for 60 days, accruing interest on this note, and receiving payment on February 14, 2014. They also accepted notes from ARC Company for $15,000 at 3.75% for 90 days on March 2, 2014 and from Penny Bobek for $6,500 at 4% for 30 days on March 17, 2014, with Bobek later dishonoring her note.

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    17 views1 page

    Following Are Transactions of The Purple Onion Company Round Calculations

    Uploaded by

    Taimur Technologist
    The Purple Onion Company recorded several transactions in 2013-2014 involving notes receivable, including accepting a $20,000 note from Hal Krueger on December 16, 2013 at 5.5% interest for 60 days, accruing interest on this note, and receiving payment on February 14, 2014. They also accepted notes from ARC Company for $15,000 at 3.75% for 90 days on March 2, 2014 and from Penny Bobek for $6,500 at 4% for 30 days on March 17, 2014, with Bobek later dishonoring her note.

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    Following are transactions of The Purple Onion Company

    round calculations #4427


    Following are transactions of The Purple Onion Company (round calculations to the nearest
    whole cent):2013Dec. 16 Accepted a $20,000, 60-day, 5.5% note dated this day in granting Hal
    Krueger a time extension on his past-due account.31 Made an adjusting entry to record the
    accrued interest on the Krueger note.31 Closed the Interest Revenue account.2014Feb. 14
    Received Krueger's payment for the principal and interest on the note dated December 16. Mar.
    2 Accepted a $15,000, 3.75%, 90-day note dated this day in granting a time extension on the
    past-due account of ARC Company.17 Accepted a $6,500, 30-day, 4% note dated this day in
    granting Penny Bobek a time extension on her past-due account.Apr. 16 Bobek dishonoured
    her note when presented for payment.Requireda. Prepare journal entries to record The Purple
    Onion's transactions.b. Determine the maturity date of the note dated March 2. Prepare the
    entry on the maturity date, assuming ARC Company honours the note.View Solution:
    Following are transactions of The Purple Onion Company round calculations

    ANSWER
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