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ULm mentMain.do?nvoker-assignmentstakeAssignmentSessionLocator-assignment-take&inprogress; gagement Exerc eBook Video Calculator Instructions General Journal nstructions ournal Entries (Note Received, Renewed, and Collected) 1. Prepare general journal entries for the transactions. When required, enter amounts to the near est cent. If an amount box does not require an entry, leave it blank. Jan. 16 Received a 30-day, 9% note in payment for merchandise sae of 519.400. Feb. 15 Received $150 (interest) on the old (January 16) note, the old note is renewed for 30 days at 11%. Mar. 17 Received principal and interest on the new (February 15) note. 19 Received a 60-day, 990 note in payment for accounts receivable balance of $8,200. May 18 Received $123 (interest) plus $1,000 principal on the old (March 19) note: the old note is renewed for 60 days (from May 18) at 9%. July 17 Received principal and interest on the new (May 18) note. ume 360 days in a year. Y Check My Work Partially correct

Explanation / Answer

Date Account Debit credit Jan 16 Note receivable 19400 sales revenue 19400 Feb 15 cash 150 Note receivable(New) 19400 Note receivable(old) 19400 Interest revenue 150 mar 17 cash 19577.83 Note receivable 19400 Interest revenue [19400*.11*30/360] 177.83 Mar 19 Note receivable 8200 Accounts receivable 8200 may 18 cash   [1000+123] 1123 Note receivable (new) [8200-1000] 7200 Note receivable (old) 8200 Interest revenue 123 july 17 cash [108+7200] 7308 Note receivable 7200 Interest revenue [7200*.09*60/360] 108

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