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Notes Receivable Entries The following data relate to notes receivable and interest for Owens Co., a...

Notes Receivable Entries

The following data relate to notes receivable and interest for Owens Co., a financial services company. (All notes are dated as of the day they are received.) Assume 360 days in a year.

Mar. 8. Received a $66,000, 9%, 60-day note on account.
31. Received a $9,600, 8%, 90-day note on account.
May 7. Received $66,990 on note of March 8.
16. Received a $61,200, 7%, 90-day note on account.
June 11. Received a $30,000, 6%, 30-day note on account.
29. Received $9,792 on note of March 31.
July 26. Received $30,150 on note of June 11.
Aug. 4. Received a $3,600, 12%, 30-day note on account.
14. Received $62,271 on note of May 16.
Dec. 2. Received $3,636 on note of August 4.

Required:

Journalize the entries to record the transactions. For a compound transactions, if an amount box does not require an entry, leave it blank.

Mar. 8
Mar. 31
May 7
May 16
June 11
June 29
July 26
Aug. 4
Aug. 14
Dec. 2
  

Solutions

Expert Solution

Date

Journal Entry Debit Credit
Mar-08 Bills Receivable A/c $    66,000.00
        To Debtors A/c $     66,000.00
Mar-31 Bills Receivable A/c $      9,600.00
        To Debtors A/c $       9,600.00
May-07 Cash A/c $    66,990.00
       To Bills Recivable A/c $     66,000.00
        To Interest A/c (66000*9%*60/360) $          990.00
May-16 Bills Receivable A/c $    61,200.00
        To Debtors A/c $     61,200.00
Jun-11 Bills Receivable A/c $    30,000.00
        To Debtors A/c $     30,000.00
Jun-29 Cash A/c $      9,792.00
       To Bills Recivable A/c $       9,600.00
        To Interest A/c (9600*8%*90/360) $          192.00
Jul-26 Cash A/c $    30,150.00
       To Bills Recivable A/c $     30,000.00
        To Interest A/c (30000*6%*30/360) $          150.00
Aug-04 Bills Receivable A/c $      3,600.00
        To Debtors A/c $       3,600.00
Aug-14 Cash A/c $    62,271.00
       To Bills Recivable A/c $     61,200.00
        To Interest A/c (61200*7%*90/360) $       1,071.00
Dec-02 Cash A/c $      3,636.00
       To Bills Recivable A/c $       3,600.00
        To Interest A/c (3600*12%*30/360) $            36.00

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