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Prepare Journal Entries of Transactions of Morgan Company-Multiple Choice Question
Question
An inexperienced accountant for Morgan Company made the following incorrect entries.
1. Notes Receivable ........................................................................... 21,600
Accounts Receivable ............................................................. 20,000
Interest Revenue ................................................................... 1,600
Facts: Accepted a $20,000, 1 year, 8% note from Joe Wood Company for balance due on
2. Accounts Receivable ...................................................................... 20,000
Sales Revenue ..................................................................... 20,000
Facts: Accepted Visa credit card for $20,000; the service fee is 2%.
3. Allowance for Doubtful Accounts .................................................... 12,300
Notes Receivable ................................................................... 12,000
Interest Revenue ................................................................... 300
Facts: M. Adler dishonored a $12,000, 10%, 3-month note because of bankruptcy. Adler is expected to pay. No interest had been accrued on the note.
Instructions
Prepare entries to correct Morgan Company's books based on the facts given. Do not reverse out incorrect entries that were recorded above, but rather correct the account balances so that they reflect the proper amounts.
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