14 Accepted a 60-day, 9% note for $62,400 from Dry Creek Co. on account Apr. 3 Received the interest due from Trina Gelhaus and a new 120-day, 10% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account Use a compound journal entry with debits belore credits) 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, $14,900 The cost of the merchandise sold was $8.940 15 Received from Halloran Co. the amount of the invoice of October 5 Required: Journalize the entries to record the transactions Refer to the Chart of Accounts for exact wording of account tiles Assume a 360-day year w calculating interest
14 Accepted a 60-day, 9% note for $62,400 from Dry Creek Co. on account Apr. 3 Received the interest due from Trina Gelhaus and a new 120-day, 10% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account Use a compound journal entry with debits belore credits) 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, $14,900 The cost of the merchandise sold was $8.940 15 Received from Halloran Co. the amount of the invoice of October 5 Required: Journalize the entries to record the transactions Refer to the Chart of Accounts for exact wording of account tiles Assume a 360-day year w calculating interest
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 11RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...
Related questions
Question
![14
Accepted a 60-day, 9% note for $62,400 from Dry Creek Co. on account
Apr. 3
Received the interest due from Trina Gelhaus and a new 120-day, 10% note as a renewal of the loan of
January 3. (Record both the debit and the credit to the notes receivable account Use a compound
journal entry with debits belore credits)
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, $14,900 The cost of the merchandise sold was $8.940
15
Received from Halloran Co. the amount of the invoice of October 5
Required:
Journalize the entries to record the transactions Refer to the Chart of Accounts for exact wording of account tiles Assume a 360-day year w
calculating interest](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcf21d26b-7fa9-4d46-a680-a556052d602a%2F23e53927-1782-4807-a20b-d67fe2b383c2%2Fehe8rk9_processed.png&w=3840&q=75)
Transcribed Image Text:14
Accepted a 60-day, 9% note for $62,400 from Dry Creek Co. on account
Apr. 3
Received the interest due from Trina Gelhaus and a new 120-day, 10% note as a renewal of the loan of
January 3. (Record both the debit and the credit to the notes receivable account Use a compound
journal entry with debits belore credits)
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, $14,900 The cost of the merchandise sold was $8.940
15
Received from Halloran Co. the amount of the invoice of October 5
Required:
Journalize the entries to record the transactions Refer to the Chart of Accounts for exact wording of account tiles Assume a 360-day year w
calculating interest
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Recommended textbooks for you
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
![Financial Accounting: The Impact on Decision Make…](https://www.bartleby.com/isbn_cover_images/9781305654174/9781305654174_smallCoverImage.gif)
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
![Financial Accounting: The Impact on Decision Make…](https://www.bartleby.com/isbn_cover_images/9781305654174/9781305654174_smallCoverImage.gif)
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781337280570/9781337280570_smallCoverImage.gif)
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
![College Accounting, Chapters 1-27](https://www.bartleby.com/isbn_cover_images/9781337794756/9781337794756_smallCoverImage.gif)
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage