Record the Following Transactions in General Journal Form for the Newell

question 237

Essay

Record the following transactions in general journal form for the Newell Company.
July 1 Received a $9,000, 8%, 3-month note, dated July 1, from Lois Patton in payment of her open account.
Oct. 1 Received notification from Lois Patton that she was unable to honor her note at this time. It is expected that Patton will pay at a later date.
Nov. 15 Received full payment from Lois Patton for note receivable previously dishonored.

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Definitions:

Dividends Received

Income received from owning shares in a company, typically paid out from the company's profits.

FVTPL

Fair Value Through Profit or Loss - a financial reporting method where assets and liabilities are measured at their current market value, with changes impacting the profit or loss directly.

Cash Consideration

Payment made in cash during transactions, such as acquisitions or buying goods and services.

Dividends Paid

The total amount of dividends that a company has returned to its shareholders from its net income.