Date | Accounting titles & Explanations | Debit | Credit | ||||
13-Jan | Accounts receivable-Black tie co | 28,000 | |||||
sales | 28,000 | ||||||
cost of goods sold | 16,800 | ||||||
Merchandise inventory | 16,800 | ||||||
18-Mar | Note receivable | 28,000 | |||||
Accounts receivable-Black tie co | 28,000 | ||||||
17-May | Cash | 28,420 | |||||
interest revenue (28000*6%*60/360) | 420 | ||||||
Note Receivable | 28,000 | ||||||
15-Jun | Accounts receivable-pioneer | 17,523 | |||||
Sales | (17,700*99%) | 17,523 | |||||
cost of goods sold | 10,600 | ||||||
merchandises inventory | 10,500 | ||||||
21-Jun | Note receivable -JR Stutts | 18,000 | |||||
cash | 18,000 | ||||||
25-Jun | Cash | 17,523 | |||||
Accounts receivable -pioneer | 17,523 | ||||||
21-Jul | 8% note receivable | 18,000 | |||||
cash | 120 | ||||||
interest revenue | (18000*6%*30/360) | 120 | |||||
9% note receivable | 18,000 | ||||||
19-Sep | cash | 18,270 | |||||
interest revenue | (18000*9%*60/360) | 270 | |||||
8% note receivable | 18,000 | ||||||
22-Sep | Accounts receivable-wycoff | 20,000 | |||||
sales | 20,000 | ||||||
cost of goods sold | 12,000 | ||||||
Merchandise inventory | 12,000 | ||||||
14-Oct | Note receivable | 20,000 | |||||
accounts receivable -wycoff | 20,000 | ||||||
13-Nov | Account receivable | 20,100 | |||||
interest revenue | 100 | ||||||
note receivable(20000*6%*30/360) | 20,000 | ||||||
28-Dec | Cash | 20,301 | |||||
interest revenue | (20100*8%*45/360) | 201 | |||||
Account receivable | 20,100 | ||||||
Chapter 8 Homework eBook Calculator Sales and Notes Receivable Transactions The following were selected from amo...
Notes Receivable Entries The following data relate to notes receivable and interest for Owens Co., a financial services company, Assume a 360-day year. (All notes are dated as of the day they are received.) Mar. 8. Received a $33,000, 5%, 60-day note on account. 31. Received an $80,000, 7%, 90-day note on account. May 7. Received $33,275 on note of March 8. 16. Received a $72,000,7%, 90-day note on account. June 11. Received a $36,000, 6%, 45-day note on account....
ales and notes receivable transactions Chart of Accounts Journal Instructions The following were selected from among the transactions completed by Caldemeyer Co. during the current year Caldemeyer sells and installs home and business security systems Jan 3 Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8 % note Feb 10 Sold merchandise on account to Bradford & Co, $24,000. The cost of the goods sold was $14,400 Sold merchandise on account to Dry Creek Co, $60,000 The cost of...
Sales and purchase-related transactions using perpetual inventory system The following were selected from among the transactions completed by Essex Company during July of the current year. Essex uses the net method under a perpetual inventory system. July 3. Purchased merchandise on account from Hamling Co., list price $89,000, trade discount 30%, terms FOB shipping point, 2/10, n/30, with prepaid freight of $890 added to the invoice. 5. Purchased merchandise on account from Kester Co., $51,350, terms FOB destination, 2/10, n/30....
EX 8-22 Entries for notes receivable, including year-end entries The following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing:2007 Dec. 7. Received from Unitarian Clothing & Bags Co., on account, a $75,000, 60-day, 3% note dated December 7. 31. Recorded an adjusting entry for accrued interest on the note of December 7. 31. Recorded the closing entry for interest revenue.2008 Feb. 5. Received payment of note and interest from Unitarian Clothing & Bags Co. Journalize the entries to record the...
narks Window Help 75% learn.wileyplus.com oridan Co. has the following transactions related to notes receivable during the last 2 months of the year. The compan crue interest except at December 31. eridan Co. Has The Following v. 1 Loaned $55,800 cash to C. Bohr on a 12-month, 5% note. 20. 11 Sold goods to K. R. Pine, Inc., receiving a $5,400, 90-day, 6% note. 16 Received a $19,200, 180-day, 12% note to settle an open account from A. Murdock. 31...
eBook Show Me How Calculator Details of Notes Receivable and Related Entries Gen-X Ads Co. produces advertising videos. During the current fiscal year, Gen-X Ads Co. received the following notes: Date Interest Rate Term 1. Apr. 10 4% 60 days Face Amount $78,000 14,400 45,000 2. June 24 30 days July 1 4. Oct. 31 120 days 60 days 60 days 30 days 5. 45,000 90,000 126,000 Nov. 15 6. Dec. 27 Required: Assume 360 days in a year. 1....
1) Journalize the transactions.( Omit cost of goods sold entries.) On January 1, 2020, Oriole Company had Accounts Receivable $142,700, Notes Receivable $37,200, and Allowance for Doubtful Accounts $26,900. The note receivable is from Willingham Company. It is a 4-month, 9% note dated December 31, 2019, Oriole Company prepares financial statements annually at December 31. During the year, the following selected transactions occurred. Sold $31,800 of merchandise to Sheldon Company, terms n/15. Accepted Sheldon Company's $31,800, 3-month, 8% note for...
The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer Co. sells and installs home and business security systems. Jan. 3. Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8% note. Feb. 10. Sold merchandise on account to Bradford & Co., $24,000. The cost of the merchandise sold was $14,400. 13. Sold merchandise on account to Dry Creek Co., $60,000. The cost of merchandise sold was $54,000. Mar. 12. Accepted a 60-day, 7% note for $24,000...
Sheridan Co. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to accrue interest except at December 31 .Nov. 1 Loaned $ 55,800 cash to C. Bohr on a 12-month, 5 % note.Dec. 11 Sold goods to K. R. Pine, Inc., receiving a $ 5,400,90-day, 6 % note.16 Received a $ 19,200,180-day, 12 % note to settle an open account from A. Murdock.31 Accrued interest revenue on...
Sales-Related and Purchase-Related Transactions Using Perpetual Inventory System The following were selected from among the transactions completed by Babcock Company during November of the current year: Nov. 3. Purchased merchandise on account from Moonlight Co., list price $89,000, trade discount 30%, terms FOB destination, 2/10, n/30. 4. Sold merchandise for cash, $40,040. The cost of the goods sold was $20,620. 5. Purchased merchandise on account from Papoose Creek Co., $47,400, terms FOB shipping point, 2/10, n/30, with prepaid freight of...