please do journal entries Chart of Accounts Journal Instructions The fallowing d
ID: 2597201 • Letter: P
Question
please do journal entries
Chart of Accounts Journal Instructions The fallowing data relate to notes receivable and Intarest 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 $141,600, 596, 60-day note on account. Received a $297,600, 8%, 120-day note on account. Received $142,780 on note of April 10. Received $146,000, 3%, 45-day note on account. Received $305,536 on note of May 15. Received a $195,000, 9%, 60-day note on account. 30 Oct. 6 Received $146,548 on note of August 22 18 Nov. 29 Dec. 17 Received a 142,800, 690, 60-day note on account. Received $197,925 on note of September 30. Received $144,228 on note of October 18. 12/13/20Explanation / Answer
Journal Entries (Amount in $)
Date Account Titles Debit Credit Apr.10 Notes Receivable 141,600 Accounts Receivable 141,600 (To record 5%, 60 day note received on account) May 15 Notes Receivable 297,600 Accounts Receivable 297,600 (To record 8%, 120 day note received on account) June 9 Cash 142,780 Notes Receivable 141,600 Interest Revenue ($141,600*5%*60/360) 1,180 (To record cash received on note along with interest) Aug.22 Notes Receivable 146,000 Accounts Receivable 146,000 (To record 3%, 45 day note received on account) Sept.12 Cash 305,536 Notes Receivable 297,600 Interest Revenue (297,600*8%*120/360) 7,936 (To record cash received on note along with interest) Sept.30 Notes Receivable 195,000 Accounts Receivable 195,000 (To record 9%, 60 day note received on account) Oct.6 Cash 146,548 Notes Receivable 146,000 Interest Revenue (146,000*3%*45/360) 548 (To record cash received on note along with interest) Oct.18 Notes Receivable 142,800 Accounts Receivable 142,800 (To record 6%, 60 day note received on account) Nov.29 Cash 197,925 Notes Receivable 195,000 Interest Revenue (195,000*9%*60/360) 2,925 (To record cash received on note along with interest) Dec.17 Cash 144,228 Note Receivable 142,800 Interest Revenue (142,800*6%*60/360) 1,428 (To record cash received on note along with interest)Related Questions
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