Chapter 9, Problem 1GLP

To determine

General Ledger Assignment GL 9-1, based on problem 9-5A, focuses on transactions related to accounts and notes receivable and highlights the impact each transaction has on interest revenue.

Prepare journal entries to record each of the given transactions and events:

Introduction:

A journal entry, is the recording of a transaction in journal items. The journal entry comprise of several recordings, each of which is either a debit or a credit. The total of the debits must equal the total of the credits.

To calculate:

Journal Entries are as follows:

DATE	PARTICULARS	DR AMOUNT	CR AMOUNT
Year 1	Notes Receivable A/c DrTo Accounts Receivable A/c	$10,800	$10,800
Dec 16
Dec 31	Interest Receivable A/c DrTo Interest Revenue A/c	$36	$36
Feb 14	Cash A/c DrTo Interest Revenue A/cTo Interest Receivable A/cTo Notes receivable A/c	$10944	$1083610800
Mar 2	Notes Receivable A/c DrTo Accounts Receivable A/c	$6100	$6100
Mar 17	Notes Receivable A/c DrTo Accounts Receivable A/c	$2400	$2400
Year 2	Accounts Receivable A/c Dr.To Interest Revenue A/c To Notes Receivable A/c	$2414	$142400
Apr 16
May 31	Accounts Receivable A/c Dr.To Interest Revenue A/c To Notes Receivable A/c	$6222	$1226100
Aug 7	Notes Receivable A/c DrTo Accounts Receivable A/c	$7440	$7440
Sep 3	Notes Receivable A/c DrTo Accounts Receivable A/c	$2100	$2100
Nov 2	Cash A/c Dr.To Interest Revenue A/cTo Notes Receivable A/c	$2135	$35$2100
Nov 5	Cash A/c Dr.To Interest Revenue A/cTo Notes Receivable A/c	7626	1867440
Dec 1	Allowance for Doubtful A/cTo Accounts Receivable	2414	2414

To determine

Introduction:

General Ledger Assignment GL 9-1, based on problem 9-5A, focuses on transactions related to accounts and notes receivable and highlights the impact each transaction has on interest revenue.

To calculate:

IfOhlm pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this pledge of receivables.