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    Requirement (A) : Moore, Inc Notes Receivables December 31, 2019 Maker Date of Note Due Date Interest Rate

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    Shaira Maguddayao
    1. Moore, Inc has various notes receivable as of December 31, 2019 from companies like Aeon, Benton, and Samson with different due dates and interest rates. 2. Adjusting journal entries are needed to reclassify subscription receivables, accounts receivables, and advances to officers as notes receivable. 3. In the statement of financial position, notes receivable are presented as a current asset, with details on maturity value, interest received, accrued interest, and interest earned for each note.

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    Requirement (A) : Moore, Inc Notes Receivables December 31, 2019 Maker Date of Note Due Date Interest Rate

    Uploaded by

    Shaira Maguddayao
    9 views5 pages
    1. Moore, Inc has various notes receivable as of December 31, 2019 from companies like Aeon, Benton, and Samson with different due dates and interest rates. 2. Adjusting journal entries are needed to reclassify subscription receivables, accounts receivables, and advances to officers as notes receivable. 3. In the statement of financial position, notes receivable are presented as a current asset, with details on maturity value, interest received, accrued interest, and interest earned for each note.

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    final-presentation.xlsx

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    1. Moore, Inc has various notes receivable as of December 31, 2019 from companies like Aeon, Benton, and Samson with different due dates and interest rates. 2. Adjusting journal entries are needed to reclassify subscription receivables, accounts receivables, and advances to officers as notes receivable. 3. In the statement of financial position, notes receivable are presented as a current asset, with details on maturity value, interest received, accrued interest, and interest earned for each note.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    9 views5 pages

    Requirement (A) : Moore, Inc Notes Receivables December 31, 2019 Maker Date of Note Due Date Interest Rate

    Uploaded by

    Shaira Maguddayao
    1. Moore, Inc has various notes receivable as of December 31, 2019 from companies like Aeon, Benton, and Samson with different due dates and interest rates. 2. Adjusting journal entries are needed to reclassify subscription receivables, accounts receivables, and advances to officers as notes receivable. 3. In the statement of financial position, notes receivable are presented as a current asset, with details on maturity value, interest received, accrued interest, and interest earned for each note.

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    Requirement (a)

    MOORE, INC
    Notes Receivables
    December 31, 2019
    Maker Date of note Due date Interest Rate
    Aeon Company 11/30/2019 3/30/2020 16%

    Benton Company 2/12/2019 2/1/2020 -


    J.C. CRUZ 1/11/2019 1/30/2020 16%

    National Investment company 3/5/2019 2/7/2019 16%

    Romeo paz 4/1/2019 4/4/2019 -


    Samson Company 9/14/2019 12/1/2020 16%

    Balance per ledger

    Add or Deduct Adjustmens:


    AJE 1. To reclassify subscription receivable
    2. To reclassify past due notes
    3. To reclassify the note due from pres. Of moore

    Net Adjustments

    Balance as adjusted

    r Traced to official recepit


    ^ Computation verified
    C Confirmed by maker

    Requirement (b)
    ADJUSTING JOURNAL ENTRIES

    1. Prepaid interest 421


    Interest income 400
    Interest expense
    Unearned interest

    2. Subscription receivables 25,000


    Notes receivable
    3. Accounts receivables 30,800
    Notes receivable
    Interest income

    4. Advances to officers 8,000


    Notes receivables

    5. Interest receivable 947


    Interest income

    Requirement (c)
    Statement of Finacial Position Presentation
    NOTES RECEIVABLE
    Current Assets
    Notes receivable-trade (net of note discounted ammounting to P10,000 ;
    Note for P6,000 is held by the bank as collateralfor a loan)
    Subscription receivables
    Advances to officers
    MOORE, INC
    Notes Receivables
    December 31, 2019
    Amount Interest Received Accrued Interest Interest Earned
    P10,000C P533 r P133
    (120/360*1ok*16%) (60/360*10k*16%)
    P45,000C - - -
    P25,000C P667 ^ P667
    (60/360*25k*16%)
    P30,000C 800 ^ P800
    (60/360*25k*16%)
    P8,000C - - -
    P6,000C 280^ 280
    (105/360*6k*16%)
    P124,000

    -25,000
    -30,000
    -8,000

    -63,000

    P61,000 P533 P1,747 P1,880

    Maturity value*discount rate*discount period


    10533*16%*30/360 = 421
    421
    400 533-133 = 400

    25,000
    30,000
    800

    8,000

    1747 - 8000 = 947


    947

    ted ammounting to P10,000 ;


    k as collateralfor a loan) P51,000
    25,000
    8,000
    Remarks
    Discounted on 11/30/2019

    Accepted by Doge Co. on 12/04/2019


    Subscription receivables on preference shares

    Dishonored at maturity: collection doubtful

    Maker is the president of Moore: not paid at maturity nor reviewed; confirmed
    Note held by bank as collateral

    count period

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