The following data relate to notes receivable and interest for CGH Cable Co., a

Question

The following data relate to notes receivable and interest for CGH Cable Co., a cable manufacturer and supplier. (All notes are dated as of the day they are received.) Apr. 10, May 15. June 9. Aug. 22. Sept. 12. Received a $132,000, 596, 60-day note on account. Received a $242,100, 696, 120-day note on account. Received $133,100 on note of April 10. Received a $181,200, 4%, 45-day note on account. Received $246,942 on note of May 15. 30. Received a $238,200, 7%, 60-day note on account. Oct. 6. Received $182,106 on note of August 22. 18. Received a 122,400, 4%, 60-day note on account. Nov. 29 Received $240,979 on note of September 30 Dec. 17. Received $123,216 on note of October 18. Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles.

Explanation / Answer

Journal entries :

Date accounts & explanation debit credit apr 10 Account receivable a/c 132000 Notes receivable 132000 May 15 Account receivable a/c 242100 Notes receivable 242100 June 9 Cash a/c 133100   Notes receivable 132000 Interest revenue a/c 1100 Aug 22 Account receivable 181200   Notes receivable 181200 Sep 12 Cash a/c 246942 Notes receivable 242100 Interest revenue 4842 Sep 30 Account receivable 238200 Notes receivable 238200 Oct 6 Cash a/c 182106   Notes receivable 181200 Interest revenue 906 Oct 18 Account receivable 122400 Notes receivable 122400 Nov 29 Cash a/c 240979   Notes receivable 238200 Interest revenue a/c 2779 Dec 17 Cash a/c 123216 Notes receivable 122400 Interest revenue a/c 816

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