Prepare General Journal Entries for the Following Transactions of This $\quad$

question 36

Essay

Prepare general journal entries for the following transactions of this company for the current year:
Dec. 13 $\quad$ Accepted a $\$ 8,000,60$ -day, 9\% note dated December 13 in granting Faith Renee a time extension on her past-due account receivable.
$\quad$ $\quad$ 31 $\quad$ Prepared an adjusting entry to record the accrued interest on the Renee note.

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Definitions:

Job Order Cost Cards

Records that detail the specific costs (materials, labor, and overhead) associated with a particular job or batch of products.

Conversion Costs

Costs in manufacturing that include direct labor and overhead expenses involved in converting raw materials into finished products.

Assembly Labor

The work force and associated costs involved in physically assembling products in a manufacturing process.

Material Equivalent Units

A concept used in process costing that converts partially completed units into an equivalent number of fully completed units.