Pine Boat Company Often Requires Customers to Sign Promissory Notes

question 143

Essay

Pine Boat Company often requires customers to sign promissory notes for major credit purchases. Journalize the following transactions for Pine Boat Company.
Feb. 12 Accepted a $25,000, 6%, 60-day note from Bob Weiss for a 24-foot motorboat built to his specifications.
April 14 Received notification from Bob Weiss that he was unable to honor his promissory note but that he expects to pay the amount owed in May.
May 26 Received a check from Bob Weiss for the total amount owed.
June 10 Received notification by the bank that Bob Weiss check was being returned "NSF" and that Mr. Weiss had declared personal bankruptcy.

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Definitions:

Power of X

Power of X typically describes a mathematical operation where a number (X) is multiplied by itself a certain number of times.

Divide and Conquer

An algorithm strategy that breaks a problem into smaller parts, solves each part individually, and then combines the solutions.

Recursive Method

A method in programming that calls itself in order to solve a problem by breaking it down into smaller sub-problems.

Return a Value

In programming, the process of sending a value back to the calling function as the result of a function call.