Question

Chp 8

Bookmarks Tools Window Help 49% Wed 11:31 AM a , C Search ments For Re. Print tem Notes Receivable Entries The following data relate to notes receivable and interest for Owens Co., a financial services received.) Assume 360 days in a year company.(All notes are dated as of the day they are Mar. 8. 31. May 7, 16, June 11. Received a $78,000, 7%, 60-day note on account. Received a $9,600, 10%, 90-day note on account. Received $78,910 on note of March 8. Received a $57,600, 8%, 90-day note on account. Received a $30.000, e, 30-day note on ac ount. 29. Received $9,840 on note of March 31 uly 11. Received $30,150 on note of May 31 Aug. 4, Received a $8,400,9%, 30-day note on account. Aug. 14.Recelved $58,752 on note of May 16 Sep. 3. Received $8,463 on note of Aug. 4 Journalize the entries to record the transactions. For a compound transactions, if an amount box does not require an entry, leave it biank. 5 0

Answer 1

Date	Account title and explanation	Debit	Credit
Mar-08	Notes receivable	$ 78,000
	Accounts receivable		$ 78,000
Mar-31	Notes receivable	$ 9,600
	Accounts receivable		$ 9,600
May-07	Cash	$ 78,910
	Notes receivable		$ 78,000
	Interest revenue		$ 910
May-16	Notes receivable	$ 57,600
	Accounts receivable		$ 57,600
Jun-11	Notes receivable	$ 30,000
	Accounts receivable		$ 30,000
Jun-29	Cash	$ 9,840
	Notes receivable		$ 9,600
	Interest revenue		$ 240
Jul-11	Cash	$ 30,150
	Notes receivable		$ 30,000
	Interest revenue		$ 150
Aug-04	Notes receivable	$ 8,400
	Accounts receivable		$ 8,400
Aug-14	Cash	$ 58,752
	Notes receivable		$ 57,600
	Interest revenue		$ 1,152
Sep-03	Cash	$ 8,463
	Notes receivable		$ 8,400
	Interest revenue		$ 63