The following data relate to notes receivable and interest for CGH Cable Co., a cable manufacturer and supplier. (All notes are dated as of the day they are received.) 10. Received a $144,000, 5%, 60-day note on account. 15. Received a $270,000, 7%, 120-day note on account. 9. Received $145,200 on note of April 10. Aug. 22. Received a $150,000, 4%, 45-day note on account. Sept. 12. Received $276,300 on note of May 15. 30. Received a $210,000, 8%, 60-day note on account. 6. Received $150,750 on note of August 22. 18. Received a $120,000, 5%, 60-day note on account. 29. Received $212,800 on note of September 30. 17. Received $121,000 on note of October 18. Apr. May June Oct. Nov. Dec. Instructions Journalize the entries to record the transactions.

The following data relate to notes receivable and interest for CGH Cable Co., a cable manufacturer and supplier. (All notes are dated as of the day they are received.) 10. Received a $144,000, 5%, 60-day note on account. 15. Received a $270,000, 7%, 120-day note on account. 9. Received $145,200 on note of April 10. Aug. 22. Received a $150,000, 4%, 45-day note on account. Sept. 12. Received $276,300 on note of May 15. 30. Received a $210,000, 8%, 60-day note on account. 6. Received $150,750 on note of August 22. 18. Received a $120,000, 5%, 60-day note on account. 29. Received $212,800 on note of September 30. 17. Received $121,000 on note of October 18. Apr. May June Oct. Nov. Dec. Instructions Journalize the entries to record the transactions.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

4. Jill Hamlin borrowed $40,000 from the bank on August 16, issuing the bank a 12% note. The entry to record accrued interest on the note on August 31 (15 days later) would include: a . debit Interest Expense for $197.26 b. debit Interest Payable for $197.26 c. credit Interest Expense for $407.67 d. credit Interest Payable for $407.67 d. debit Cash for $18,000
The following interest-bearing.promissory note was discounted at a bank by the payee before maturity. Use the ordinary interest method, 360 days, to calculate the missing information. (Round dollars to the nearest cent.). Face Value: $1,280 Interest Rate : 7.7 Date of Note: Sept 18 Term of Note (days) : 130 Maturity Date : ? Maturity Value (in $) $? Date of Discount : Dec 11 Discount Period (days) : ? Discount Rate (%) : 11.2 Proceeds (in $): $? If you purchase $28,000 in U.S. Treasury Bills with a discount rate of 4.9% for a period of 26 weeks, what is the effective interest rate (as a %)? Round to the nearest hundredth percent.
b. The following transactions were completed by Austin Ltd over a 3-month period: Nov 10: Received from G. R. Jackman, a customer, a Tk. 4,000, 60-day, 9% note dated Nov Nov 11: Received from Leshner on account, a Tk. 1,800, 60-day, 12% note dated Nov.10. Nov 20: Discounted Leshner'S note at the bank at 10%. Nov 24: Discounted Jackman's note at the bank at 10%. Dec. 3: Received a Tk. 2950, 30-day, non-interest bearing note darted Dec. 1 from Prado, C. 11.5 crediting Parado's account at face value. Dec. 7: Discounted Parado's note at the bank at 9%. Dec. 29: Received from Averett, a Tk.500, 90-days,12% note dated Dec.14 and made by B. Realty Inc. gave the customer credit for the maturity value of the note less discount at 10%. Dec. 29: Received a Tk. 3,500, 10-day, 7% note dated December 29 from S. Sulivan, a customer. Jan 10: Received notice from the bank that Jackman's note was not paid at maturity. A protest fee of Tk.15 was charged by the bank. Jan 22: Received a Tk.15,000, 120-day,…
Assume that part of accounts and other receivables on Thompson Toys' February 2, 2010, balance sheet is comprised of $43,225,000 of notes receivable. Two notes make up the amount. The first note has a face value of $30,000,000 and bears interest at 7 percent for 90 days. The second note has a face value of $13,225,000 and bears interest at 9 percent for 120 days. Record the journal entry for the collection of the 7 percent note on May 3 and the dishonor of the 9 percent note on June 2. (Omit explanations; assume no interest had been accrued; amounts rounded to nearest dollar.)
1. Prepare general journal entries for the following transactions for the current year: April 25 Sold $3,500 of merchandise to Phillip Corporation receiving a 9%, 60-day, $3,500 note receivable (the merchandise cost $2,000) June 24 The note of Phillip Corporation was dishonored. Date Description Post Ref Debit Credit
On June 43, Trade Bank loaned a customer $30,000 on a 60-day, 10% note, temiting the face value less the interest to the customer. Which of the following journal entries would Trade Bank use to record the receipt of the note? a. Notes Receivable 30,000 Interest revenue 3,000 Cash 27,000 b. Notes receivable 30,000 Cash 30,000 c. Notes Receivable 29,500 Cash 29,500 d. Notes receivable 30,000 Interest revenue 500 Cash 29,500
Compute the interest accrued on each of the following notes receivable held by Kirkland, Inc., on December 31: (Round to the nearest dollar.) Maker Date ofNote Principal InterestRate Term Abel November 21 $42,000 12% 120 days Baker December 13 32,000 9% 90 days Charlie December 19 25,000 6% 60 days
The following interest-bearing promissory note was discounted at a bank by the payee before maturity. Use the ordinary interest method, 360 days, to calculate the missing information. (Round dollars to the nearest cent.) Face Value Interest Rate (%) Date of Note Term of Note (days) Maturity Date Maturity Value (in $) $750 141 June 9 135 ---Select--- * $ 794.96 2 Date of Discount Discount Period (days) Sept. 5 × Discount Rate (%) 15.5 $ tA Proceeds (in $)
. Determine the due date of the note. September 21 b. Determine the maturity value of the note. Assume 360 days in a year. Linstrum Company received a 60-day, 9% note for $56,000, dated July 23, from a customer on account. CHART OF ACCOUNTS Linstrum Company General Ledger ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 129 Allowance for Doubtful Accounts 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 194 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Owner, Capital 311 Owner, Drawing 312 Income Summary REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Merchandise Sold…
Tell me why this is the answer as opposed to the others
The year-end financial statements of Prize Inc. include the accounts receivable footnote:Total accounts and other receivables at December 31 consisted of the following: (in millions) Year 2 Year 1 Total accounts and other receivables $444.4 $476.6 Allowance for doubtful accounts (6.0) (8.4) Total accounts and other receivables, net $438.4 $468.2 The balance sheet reports total assets of $2,984.1 million at December 31, Year 2.The common-size amount for gross accounts and other receivables are: Select one: a. $444.4 million b. None of these are correct. c. 14.7% d. 14.9% e. $438.4 million
Monty Corp. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to accrue interest except at December 31. Nov. 1 Dec. 11 16 31 Loaned $77,000 cash to C. Bohr on a 12-month, 12% note. Sold goods to K. R. Pine, Inc., receiving a $3,300, 90-day, 6% note. Received a $12,000, 180-day, 7% note to settle an open account from A. Murdock. Accrued interest revenue on all notes receivable. Journalize the transactions for Monty Corp. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Use 360 days for calculation. Round intermediate calculations to 5 decimal places, e.g. 15.25127 and final answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit credit