In: Accounting
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 | |||
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 |