The following were selected from among the transactions completed by Caldemeyer
ID: 2487398 • Letter: T
Question
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.
Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles.
Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles.
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Jan. 3. Loaned $15,600 cash to Trina Gelhaus, receiving a 90-day, 8% note. Feb. 10. Sold merchandise on account to Bradford & Co., $28,200. The cost of the merchandise sold was $16,920. 13. Sold merchandise on account to Dry Creek Co., $64,800. The cost of merchandise sold was $58,320. Mar. 12. Accepted a 60-day, 6% note for $28,200 from Bradford & Co. on account. 14. Accepted a 60-day, 9% note for $64,800 from Dry Creek Co. on account. Apr. 3. Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account.) May 11. Received from Bradford & Co. the amount due on the note of March 12. 13. Dry Creek Co. dishonored its note dated March 14. July 12. Received from Dry Creek Co. the amount owed on the dishonored note, plus interest for 60 days at 12% computed on the maturity value of the note. Aug. 1. Received from Trina Gelhaus the amount due on her note of April 3. Oct. 5. Sold merchandise on account to Halloran Co., $14,800, net/30. The cost of the merchandise sold was $8,880. 15. Received from Halloran Co. the amount of the invoice of October 5.Explanation / Answer
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
1
Jan 3
8% note
15600
2
cash
15600
3
4
Feb 10
Account receivable- Bradford & Co.,
$28,200
5
Sales
11280
6
Inventory
16920
7
8
Feb 13
Account receivable- Dry Creek Co.
$64,800
9
Sales
$6480
10
Inventory
$58,320
11
12
Mar 12
6% Note receivable
$28,200
13
Account receivable- Bradford & Co
$28,200
14
15
Mar 14
9% Note receivable
$64,800
16
Account receivable- Dry Creek Co.
$64,800
17
18
Apr 3
cash
15912
19
Interest received
312
20
8% Note
15600
21
22
8% note
15600
23
Cash
15600
24
25
May 11
Cash
28482
26
6% note receivable
28200
27
Interest
282
28
29
May 13
Account receivable- Dry Creek Co.
64800
30
9 % note receivable
64800
31
32
July 12
Cash
66096
33
Account receivable- Dry Creek Co.
64800
34
Interest
1296
35
Aug 1
cash
16068
36
Interest received
468
37
8% Note
15600
38
Oct 5
Account receivable- Halloran Co.
$14800
39
Sales
$5920
40
Inventory
$8,880
41
42
Oct 15
Cash
$14800
43
Account receivable- Halloran Co.
$14800
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
1
Jan 3
8% note
15600
2
cash
15600
3
4
Feb 10
Account receivable- Bradford & Co.,
$28,200
5
Sales
11280
6
Inventory
16920
7
8
Feb 13
Account receivable- Dry Creek Co.
$64,800
9
Sales
$6480
10
Inventory
$58,320
11
12
Mar 12
6% Note receivable
$28,200
13
Account receivable- Bradford & Co
$28,200
14
15
Mar 14
9% Note receivable
$64,800
16
Account receivable- Dry Creek Co.
$64,800
17
18
Apr 3
cash
15912
19
Interest received
312
20
8% Note
15600
21
22
8% note
15600
23
Cash
15600
24
25
May 11
Cash
28482
26
6% note receivable
28200
27
Interest
282
28
29
May 13
Account receivable- Dry Creek Co.
64800
30
9 % note receivable
64800
31
32
July 12
Cash
66096
33
Account receivable- Dry Creek Co.
64800
34
Interest
1296
35
Aug 1
cash
16068
36
Interest received
468
37
8% Note
15600
38
Oct 5
Account receivable- Halloran Co.
$14800
39
Sales
$5920
40
Inventory
$8,880
41
42
Oct 15
Cash
$14800
43
Account receivable- Halloran Co.
$14800
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