Homework Answers
Solution of the above problem is as under:
| Statement Showing Journal Entries to be recordded in the Books of Professional Steam Cleaning | |||
| Date | Account Titles and Explanation | Debit ($) | Credit ($) |
| April 28,2018 | Accounts Receivable-Parkview Club A/c Dr | 18000 | |
| To Service Revenue A/c | 18000 | ||
| (Being services rendered to Parkview Club on account) | |||
| September 1,2018 | 12% Notes Receivable A/c Dr. | 18000 | |
| To Accounts Receivable-Parkview Club A/c | 18000 | ||
| (Being 12% 60-days note received for the amount due from Parkview Club) | |||
| October 31,2018 | Cash A/c Dr. | 18355 | |
| To 12% Notes Receivable A/c | 18000 | ||
| To Interest Revenue A/c (18000*12% for 60 days) | 355 | ||
| (Being Note honored on due date and recorded) | |||
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