Huang Company carried out the following transactions this year: Jan 19- sold mer
ID: 2446141 • Letter: H
Question
Huang Company carried out the following transactions this year:
Jan 19- sold merchandise on account to Conway company; 2/10, n/30; $2744
Jan 29- Received a check from Conway company for the sale of January 19
Feb 23- sold merchandise on account to Rocha Company; 3/10, n/30; $3400
Mar 25- received a 60-day, 5.5% note, dated this day, for $3400 from rocha company for the amount owed on account
May 24- received a check from rocha company for the amount owed on the note of march 25
June 8- sold merchandise to costas interiors for $2533, receiving a 120-day, 5.25% note, dated june 8, (not previously recorded)
Oct 6- received payment from costas interiors for the amount owed on its note of june 8
Record these transactions in the general journal.
Here are some selected transactions carried out by Crandal’s nursery this year.
Jan 7- sold merchandise on account to Alaska gardens; 2/10, n/30; $5930
Feb 6- received a 30-day, 5.5% note, dated February 6, for $5930 from Alaska gardens to apply on account
Mar 8- received $2027.18 from Alaska gardens as payment on its note dated feb 6: $2000 as partial payment on the principal and $27.18 as interest on $5930 for 30 days at 5.5%. received a new 30-day, 6% note for $3930, dated march 8.
Apr 7- received a check from Alaska gardens for the amount owed on its note of march 8
Apr 13- sold merchandise to L. fritz for $3999, receiving a 60-day, 6.5% note, dated april 13 (not previously recorded)
Apr 21- discounted the note received from L. fritz at kamdon bank; discount rate, 7%
May 23- sold merchandise on account to hagar company; 3/10, n/30; $1424
June 22- received a 60-day, 6.5% note, dated june 22, for $1424 from hagar company for the amount owed on account
Record these transactions in the general journal.
Explanation / Answer
Answer:Jan 19- sold merchandise on account to Conway company; 2/10, n/30; $2744
Dr Accounts Receivable $2744
Cr Sales $2744
Jan 29- Received a check from Conway company for the sale of January 19
Dr Cash 2689.12
Dr Sales discount 54.88
Cr Account receivable A/C $ 2744
Feb 23- sold merchandise on account to Rocha Company; 3/10, n/30; $3400
Dr Accounts Receivable $3400
Cr Sales $3400
Mar 25- received a 60-day, 5.5% note, dated this day, for $3400 from rocha company for the amount owed on account
5.5% notes A/C Dr. $3298
Sales discount A/C Dr. $102
To Accounts receivable A/C $3400
May 24- received a check from rocha company for the amount owed on the note of march 25
Cash A/C Dr. $3298
To 5.5% notes A/C $3298
June 8- sold merchandise to costas interiors for $2533, receiving a 120-day, 5.25% note, dated june 8, (not previously recorded)
Dr Accounts Receivable $2633
Cr Sales $2533
5.25% notes A/C Dr. $2633
To Accounts receivable A/C $2633
Oct 6- received payment from costas interiors for the amount owed on its note of june 8
Cash A/C Dr. $2633
To 5.5% notes A/C $2633
Answer:
Jan 7- sold merchandise on account to Alaska gardens; 2/10, n/30; $5930
Dr Accounts Receivable $5930
Cr Sales $5930
Feb 6- received a 30-day, 5.5% note, dated February 6, for $5930 from Alaska gardens to apply on account
5.5% notes A/C Dr. $5811.4
Sales discount A/C Dr. $118.6
To Accounts receivable A/C $5930
Mar 8- received $2027.18 from Alaska gardens as payment on its note dated feb 6: $2000 as partial payment on the principal and $27.18 as interest on $5930 for 30 days at 5.5%. received a new 30-day, 6% note for $3930, dated march 8.
Cash A/C Dr. $2027.18
To 5.5% notes A/C $2027.18
Cash A/C Dr. $2000
Interest received A/C Dr. $27.18
To 5.5% notes A/C $2027.18
6% notes A/C Dr. $3930
To Accounts receivable A/C $3930
Apr 7- received a check from Alaska gardens for the amount owed on its note of march 8
Bank A/C Dr. $3930
To 6% Notes A/C $3930
Apr 13- sold merchandise to L. fritz for $3999, receiving a 60-day, 6.5% note, dated april 13 (not previously recorded)
Dr Accounts Receivable $3999
Cr Sales $3999
6.5% Notes A/C dr. $3999
To Accounts receivable A/C $3999
May 23- sold merchandise on account to hagar company; 3/10, n/30; $1424
Dr Accounts Receivable $1424
Cr Sales $1424
June 22- received a 60-day, 6.5% note, dated june 22, for $1424 from hagar company for the amount owed on account
6.5 % Notes A/C dr. $1424
To Accounts receivable A/C $1424
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