Community Colege, Dallas NC 1 Gasn AC Ct20-002-Fall-217 9-1A, 9-6A notes recelva

Question

Community Colege, Dallas NC 1 Gasn AC Ct20-002-Fall-217 9-1A, 9-6A notes recelvable transactions 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 Leaned $18,000 cash to Trina Gehaus, receiving a 90-day, 8% note. Sold merchandise on account to Bradford & Co., $24,000. The cost of the merchandise sold was $14,400 Jan. 3, Feb. 10. 13. Sold merchandise on account to Dry Creek Co, $60,000. The cost of merchandise sold was $54,000. Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on account. Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on account. Received the interest due from Tina Gehus and a new 120-day, 9% e as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account.) Received from Bradford & Co. the amount due on the note of March 12 Mar. 12. 14. Ape 3. May 11. 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. ck My Work Pr

Explanation / Answer

03-Jan Notes receivable 18000                  Cash 18000 10-Feb Accounts receivable 24000                 Sales reveue 24000 Cost of goods sold 14400                 Merchandise invetory 14400 13-Feb Accounts receivable 60000                 Sales reveue 60000 Cost of goods sold 54000                 Merchandise invetory 54000 12-Mar Notes receivable 24000               Accounts receivable 24000 14-Mar Notes receivable 60000               Accounts receivable 60000 03-Apr Cash 360 (18000*8%*90/360)         Interest revenue 360 Notes receivable (new) 18000                 Notes receivable (old) 18000 11-May Cash 24280              Notes receivable 24000              Interest revenue 280 (24000*7%*60/360) 13-May Accounts receivable 60900              Notes receivable 60000              Interest revenue 900 (60000*9%*60/360) 12-Jul Cash 62118           Accounts receivable 60900            Interest revenue 1218 (60900*12%*60/360) 01-Aug Cash 18540             Notes receivable 18000              Interest revenue 540 (18000*9%*120/360) 05-Oct Accounts receivable 13500                 Sales reveue 13500 Cost of goods sold 8100                 Merchandise invetory 8100 15-Oct Cash 13500             Accounts receivable 13500

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