Notes Receivable Entries 1. Record the transactions in a general journal. When required, enter amounts to the nearest cent. If an amount box does not require an entry, leave it blank. Assume 360 days in a year. J. K. Pratt Co. had the following transactions: 20-1 July 20 Received a $750, 30-day, 5% note from J. Akita in payment for sale of merchandise. Aug. 19 J. Akita paid note issued July 20 plus interest. 25 Sold merchandise on account to L. Beene, $1,100. Sept. 5 L. Beene paid $100 and gave a $1,000, 30-day, 6% note to extend time for payment. Oct. 5 L. Beene paid note issued September 5, plus interest. 10 Sold merchandise to R. Harris for $750: $50 plus a $700, 30-day, 6% note. Nov. 9 R. Harris paid $200 plus interest on note issued October 10 and extended the note ($500) for 30 days. Dec. 9 R. Harris paid note extended on November 9, plus interest. 10 Sold merchandise on account to B. Kraus, $1,500. 15 B. Kraus paid $150 on merchandise purchased on account, and gave a $1,350, 30-day, 7% note to extend time for payment. 20-2 Jan. 14 B. Kraus's note of December 15 is dishonored. Feb. 13 Collected B. Kraus’s dishonored note, plus interest at 7% on the maturity value.
Notes Receivable Entries 1. Record the transactions in a general journal. When required, enter amounts to the nearest cent. If an amount box does not require an entry, leave it blank. Assume 360 days in a year. J. K. Pratt Co. had the following transactions: 20-1 July 20 Received a $750, 30-day, 5% note from J. Akita in payment for sale of merchandise. Aug. 19 J. Akita paid note issued July 20 plus interest. 25 Sold merchandise on account to L. Beene, $1,100. Sept. 5 L. Beene paid $100 and gave a $1,000, 30-day, 6% note to extend time for payment. Oct. 5 L. Beene paid note issued September 5, plus interest. 10 Sold merchandise to R. Harris for $750: $50 plus a $700, 30-day, 6% note. Nov. 9 R. Harris paid $200 plus interest on note issued October 10 and extended the note ($500) for 30 days. Dec. 9 R. Harris paid note extended on November 9, plus interest. 10 Sold merchandise on account to B. Kraus, $1,500. 15 B. Kraus paid $150 on merchandise purchased on account, and gave a $1,350, 30-day, 7% note to extend time for payment. 20-2 Jan. 14 B. Kraus's note of December 15 is dishonored. Feb. 13 Collected B. Kraus’s dishonored note, plus interest at 7% on the maturity value.
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 11EA: Use information from EA10. Compute the interest expense due when Barkers honors the note. Show the...
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Question
Notes Receivable Entries
1. Record the transactions in a general journal.
When required, enter amounts to the nearest cent. If an amount box does not require an entry, leave it blank. Assume 360 days in a year.
J. K. Pratt Co. had the following transactions:
20-1 | |
July 20 | Received a $750, 30-day, 5% note from J. Akita in payment for sale of merchandise. |
Aug. 19 | J. Akita paid note issued July 20 plus interest. |
25 | Sold merchandise on account to L. Beene, $1,100. |
Sept. 5 | L. Beene paid $100 and gave a $1,000, 30-day, 6% note to extend time for payment. |
Oct. 5 | L. Beene paid note issued September 5, plus interest. |
10 | Sold merchandise to R. Harris for $750: $50 plus a $700, 30-day, 6% note. |
Nov. 9 | R. Harris paid $200 plus interest on note issued October 10 and extended the note ($500) for 30 days. |
Dec. 9 | R. Harris paid note extended on November 9, plus interest. |
10 | Sold merchandise on account to B. Kraus, $1,500. |
15 | B. Kraus paid $150 on merchandise purchased on account, and gave a $1,350, 30-day, 7% note to extend time for payment. |
20-2 | |
Jan. 14 | B. Kraus's note of December 15 is dishonored. |
Feb. 13 | Collected B. Kraus’s dishonored note, plus interest at 7% on the maturity value. |
![General Jouranl
1. Record the transactions in a general journal.
When required, enter amounts to the nearest cent. If an amount box does not require an entry, leave it blank. Assume 360 days in a year.
Page:
1
2
3
4
5
6
。
7
8 25
20
DATE
21
20-1 July 20 Notes Receivable
Sales
✓
Aug. 19
9
10
11 Sept. 5
12
13
14
15 Oct. 5
16
17
18
19 10
ACCOUNT TITLE
Cash
Notes Receivable
Interest Revenue
Accounts Receivable/L. Beene
Sales
✓
Cash
✓
Notes Receivable
✓
Accounts Receivable/L. Beene
Cash
Notes Receivable
✓
Interest Revenue
Cash
Notes Receivable
Sales
DOC. POST.
NO. REF.
DEBIT
750 ✓
753.13 ✔
00 000 000 000
✓
✓
✓
1,005 ✔
✓
✓
CREDIT
1
750 ✔ 2
3
4
750 ✔ 5
3.136
1,100 9
10
11
12
1,100 ✔ 13
14
15
1,000✔ 16
5 ✓
17
18
19
20
750 21](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F75aba0b8-0904-4c07-bb36-b89ccd971efc%2F63b42f35-d92a-48ce-8dc8-a2c6133e8b4a%2Fwdbjq8v_processed.png&w=3840&q=75)
Transcribed Image Text:General Jouranl
1. Record the transactions in a general journal.
When required, enter amounts to the nearest cent. If an amount box does not require an entry, leave it blank. Assume 360 days in a year.
Page:
1
2
3
4
5
6
。
7
8 25
20
DATE
21
20-1 July 20 Notes Receivable
Sales
✓
Aug. 19
9
10
11 Sept. 5
12
13
14
15 Oct. 5
16
17
18
19 10
ACCOUNT TITLE
Cash
Notes Receivable
Interest Revenue
Accounts Receivable/L. Beene
Sales
✓
Cash
✓
Notes Receivable
✓
Accounts Receivable/L. Beene
Cash
Notes Receivable
✓
Interest Revenue
Cash
Notes Receivable
Sales
DOC. POST.
NO. REF.
DEBIT
750 ✓
753.13 ✔
00 000 000 000
✓
✓
✓
1,005 ✔
✓
✓
CREDIT
1
750 ✔ 2
3
4
750 ✔ 5
3.136
1,100 9
10
11
12
1,100 ✔ 13
14
15
1,000✔ 16
5 ✓
17
18
19
20
750 21
![23 Nov. 9
24
25
26
27
28 Dec. 9
29
30
31
32 10
Cash
Notes Receivable (old note)
Notes Receivable (new note)
Interest Revenue
41
42
43 Feb. 13
44
45
Cash
Notes Receivable
Interest Revenue
Accounts Receivable/B. Kraus
Sales
33
34
35 15
36
37
38
39 20-2 Jan. 14 Accounts Receivable/B. Kraus
40
Notes Receivable
Cash
Notes Receivable
Accounts Receivable/B. Kraus
Interest Revenue
Cash
Accounts Receivable/B. Kraus
Interest Revenue
X
X
202.50 X
500
505 X
1,500
< x
1,350 X
150 X
1,357.
1,365.:
297.50 X
2.50 X
23
25
26
27
28
29
5 X 30
31
32
1,500✔ 33
34
35
36
1,500 ✓ 37
38
39
1,350 40
7.88 ✔ 41
42
43
1,357.✔✔ 44
7.92 ✔ 45
500✔
24](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F75aba0b8-0904-4c07-bb36-b89ccd971efc%2F63b42f35-d92a-48ce-8dc8-a2c6133e8b4a%2F1e3v138_processed.png&w=3840&q=75)
Transcribed Image Text:23 Nov. 9
24
25
26
27
28 Dec. 9
29
30
31
32 10
Cash
Notes Receivable (old note)
Notes Receivable (new note)
Interest Revenue
41
42
43 Feb. 13
44
45
Cash
Notes Receivable
Interest Revenue
Accounts Receivable/B. Kraus
Sales
33
34
35 15
36
37
38
39 20-2 Jan. 14 Accounts Receivable/B. Kraus
40
Notes Receivable
Cash
Notes Receivable
Accounts Receivable/B. Kraus
Interest Revenue
Cash
Accounts Receivable/B. Kraus
Interest Revenue
X
X
202.50 X
500
505 X
1,500
< x
1,350 X
150 X
1,357.
1,365.:
297.50 X
2.50 X
23
25
26
27
28
29
5 X 30
31
32
1,500✔ 33
34
35
36
1,500 ✓ 37
38
39
1,350 40
7.88 ✔ 41
42
43
1,357.✔✔ 44
7.92 ✔ 45
500✔
24
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