Jan. Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8% 3. note. Feb. Sold merchandise on account to Bradford & Co., $24,000. The cost of the merchandise sold was $14,400. 10. Sold merchandise on account to Dry Creek Co., $60,000. The 13. cost of merchandise sold was $54,000. Mar. Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on 12. account. Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on 14. асcount. Received the interest due from Trina Gelhaus and a new 120-day, Apr. 9% note as a renewal of the loan of January 3. (Record both the 3. debit and the credit to the notes receivable account.) May Received from Bradford & Co. the amount due on the note of 11. March 12. Dry Creek Co. dishonored its note dated March 14. 13. Received from Dry Creek Co. the amount owed on the July dishonored note, plus interest for 60 days at 12% computed on 12. the maturity value of the note. Aug. Received from Trina Gelhaus the amount due on her note of 1. April 3. Oct. Sold merchandise on account to Halloran Co., $13,500. The cost 5. of the merchandise sold was $8,100. Received from Halloran Co. the amount of the invoice of 15. October 5.
Jan. Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8% 3. note. Feb. Sold merchandise on account to Bradford & Co., $24,000. The cost of the merchandise sold was $14,400. 10. Sold merchandise on account to Dry Creek Co., $60,000. The 13. cost of merchandise sold was $54,000. Mar. Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on 12. account. Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on 14. асcount. Received the interest due from Trina Gelhaus and a new 120-day, Apr. 9% note as a renewal of the loan of January 3. (Record both the 3. debit and the credit to the notes receivable account.) May Received from Bradford & Co. the amount due on the note of 11. March 12. Dry Creek Co. dishonored its note dated March 14. 13. Received from Dry Creek Co. the amount owed on the July dishonored note, plus interest for 60 days at 12% computed on 12. the maturity value of the note. Aug. Received from Trina Gelhaus the amount due on her note of 1. April 3. Oct. Sold merchandise on account to Halloran Co., $13,500. The cost 5. of the merchandise sold was $8,100. Received from Halloran Co. the amount of the invoice of 15. October 5.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Sales and notes receivable 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. (attached)
Instructions
Journalize the entries to record the transactions.
Transcribed Image Text:Jan. Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8%
3.
note.
Feb. Sold merchandise on account to Bradford & Co., $24,000. The
cost of the merchandise sold was $14,400.
10.
Sold merchandise on account to Dry Creek Co., $60,000. The
13.
cost of merchandise sold was $54,000.
Mar. Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on
12.
account.
Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on
14.
асcount.
Received the interest due from Trina Gelhaus and a new 120-day,
Apr.
9% note as a renewal of the loan of January 3. (Record both the
3.
debit and the credit to the notes receivable account.)
May Received from Bradford & Co. the amount due on the note of
11.
March 12.
Dry Creek Co. dishonored its note dated March 14.
13.
Received from Dry Creek Co. the amount owed on the
July
dishonored note, plus interest for 60 days at 12% computed on
12.
the maturity value of the note.
Aug. Received from Trina Gelhaus the amount due on her note of
1.
April 3.
Oct. Sold merchandise on account to Halloran Co., $13,500. The cost
5.
of the merchandise sold was $8,100.
Received from Halloran Co. the amount of the invoice of
15.
October 5.
Expert Solution
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 3 steps with 3 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education