Question

In: Accounting

I'll rate make sure to complete all parts Sales and Notes Receivable Transactions The following were...

I'll rate make sure to complete all parts

Sales and Notes Receivable Transactions

The following were selected from among the transactions completed during the current year by Danix Co., an appliance wholesale company:

Jan. 21. Sold merchandise on account to Black Tie Co., $40,800. The cost of merchandise sold was $24,480.
Mar. 18. Accepted a 60-day, 6% note for $40,800 from Black Tie Co. on account.
May 17. Received from Black Tie Co. the amount due on the note of March 18.
June 15. Sold merchandise on account to Pioneer Co. for $18,600. The cost of merchandise sold was $11,160.
21. Loaned $24,000 cash to JR Stutts, receiving a 30-day, 9% note.
25. Received from Pioneer Co. the amount due on the invoice of June 15.
July 21. Received the interest due from JR Stutts and a new 60-day, 8% note as a renewal of the loan of June 21. (Record both the debit and the credit to the notes receivable account.)
Sept. 19. Received from JR Stutts the amount due on her note of July 21.
22. Sold merchandise on account to Wycoff Co., $40,000. The cost of merchandise sold was $24,000.
Oct. 14. Accepted a 60-day, 6% note for $40,000 from Wycoff Co. on account.
Nov. 13. Wycoff Co. dishonored the note dated October 14.
Dec. 28. Received from Wycoff Co. the amount owed on the dishonored note, plus interest for 15 days at 12% computed on the maturity value of the note.

Required:

Journalize the entries to record the transactions. Assume 360 days in a year. For a compound entry, if an amount box does not require an entry, leave it blank.

Jan. 21-sale
Jan. 21-cost
Mar. 18
May 17
June 15-sale
June 15-cost
June 21
June 25
July 21
Sept. 19- note
Sept. 22-sale
Sept. 22-cost
Oct. 14
Nov. 13
Dec. 28

Solutions

Expert Solution

Date Accounts Title Dr Cr
21-Jan Accounts receivable-Black Tie $40,800
Sales $40,800
Cost of good sold $24,480
Mercandise Inventory $24,480
18-Mar Notes Receivable $40,800
Accounts receivable-Black Tie $40,800
17-May Cash $41,208
Interest revenue (40800*6%*60/360) 408
Notes Receivable $40,800
15-Jun Accounts receivable-Pioneer $18,600
Sales $18,600
Cost of good sold $11,160
Mercandise Inventory $11,160
21-Jun Notes Receivable $24,000
Cash $24,000
25-Jun Cash $18,600
Accounts receivable-Pioneer $18,600
21-Jul Notes Receivable $24,000
Cash 180
Interest revenue (24000*30/360*9% $180
Notes Receivable 24000
19-Sep Cash $24,320
Interest revenue (24000*8%*60/360) 320
Notes Receivable $24,000
22-Sep Accounts receivable-Wycoff $40,000
Sales $40,000
Cost of good sold $24,000
Mercandise Inventory $24,000
14-Oct Notes Receivable $40,000
Accounts receivable-Wycoff $40,000
13-Nov Accounts receivable-Wycoff 40200
Interest revenue (40000*30/360*6%) 200
Notes Receivable 40000
28-Dec Cash 40401
Interest revenue (40200*12%*15/360) 201
Accounts receivable-Wycoff 40200

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

make sure to do all parts I'll rate Grainy Goodness Company manufactures granola cereal by a...
make sure to do all parts I'll rate Grainy Goodness Company manufactures granola cereal by a series of three processes, beginning materials such as oats, sweeteners, and nuts being introduced in the Mixing Department. From the Mixing Department, the materials pass through the Baking and Packaging departments, emerging as boxed granola cereal ready for shipment to retail outlets. Direct materials are added at the beginning of each process, and conversion costs are incurred evenly throughout production in each department. During...
make sure to do all parts I'll rate Contribution Margin, Break-Even Sales, Cost-Volume-Profit Chart, Margin of...
make sure to do all parts I'll rate Contribution Margin, Break-Even Sales, Cost-Volume-Profit Chart, Margin of Safety, and Operating Leverage Belmain Co. expects to maintain the same inventories at the end of 20Y7 as at the beginning of the year. The total of all production costs for the year is therefore assumed to be equal to the cost of goods sold. With this in mind, the various department heads were asked to submit estimates of the costs for their departments...
Sales and Notes Receivable Transactions The following were selected from among the transactions completed during the...
Sales and Notes Receivable Transactions The following were selected from among the transactions completed during the current year by Danix Co., an appliance wholesale company: Jan. 21. Sold merchandise on account to Black Tie Co., $39,900. The cost of merchandise sold was $23,940. Mar. 18. Accepted a 60-day, 8% note for $39,900 from Black Tie Co. on account. May 17. Received from Black Tie Co. the amount due on the note of March 18. June 15. Sold merchandise on account...
Sales and Notes Receivable Transactions The following were selected from among the transactions completed during the...
Sales and Notes Receivable Transactions The following were selected from among the transactions completed during the current year by Danix Co., an appliance wholesale company: Jan. 21. Sold merchandise on account to Black Tie Co., $41,700. The cost of merchandise sold was $25,020. Mar. 18. Accepted a 60-day, 9% note for $41,700 from Black Tie Co. on account. May 17. Received from Black Tie Co. the amount due on the note of March 18. June 15. Sold merchandise on account...
Sales and Notes Receivable Transactions The following were selected from among the transactions completed during the...
Sales and Notes Receivable Transactions The following were selected from among the transactions completed during the current year by Danix Co., an appliance wholesale company: Jan. 21. Sold merchandise on account to Black Tie Co., $41,700. The cost of merchandise sold was $25,020. Mar. 18. Accepted a 60-day, 9% note for $41,700 from Black Tie Co. on account. May 17. Received from Black Tie Co. the amount due on the note of March 18. June 15. Sold merchandise on account...
Sales and Notes Receivable Transactions The following were selected from among the transactions completed during the...
Sales and Notes Receivable Transactions The following were selected from among the transactions completed during the current year by Danix Co., an appliance wholesale company: Jan. 21. Sold merchandise on account to Black Tie Co., $39,900. The cost of merchandise sold was $23,940. Mar. 18. Accepted a 60-day, 8% note for $39,900 from Black Tie Co. on account. May 17. Received from Black Tie Co. the amount due on the note of March 18. June 15. Sold merchandise on account...
Sales and Notes Receivable Transactions The following were selected from among the transactions completed during the...
Sales and Notes Receivable Transactions The following were selected from among the transactions completed during the current year by Danix Co., an appliance wholesale company: Jan. 21. Sold merchandise on account to Black Tie Co., $28,000. The cost of merchandise sold was $16,800. Mar. 18. Accepted a 60-day, 6% note for $28,000 from Black Tie Co. on account. May 17. Received from Black Tie Co. the amount due on the note of March 18. June 15. Sold merchandise on account...
Sales and Notes Receivable Transactions The following were selected from among the transactions completed during the...
Sales and Notes Receivable Transactions The following were selected from among the transactions completed during the current year by Danix Co., an appliance wholesale company: Jan. 21. Sold merchandise on account to Black Tie Co., $31,800. The cost of merchandise sold was $19,080. Mar. 18. Accepted a 60-day, 6% note for $31,800 from Black Tie Co. on account. May 17. Received from Black Tie Co. the amount due on the note of March 18. June 15. Sold merchandise on account...
Sales and Notes Receivable Transactions The following were selected from among the transactions completed during the...
Sales and Notes Receivable Transactions The following were selected from among the transactions completed during the current year by Danix Co., an appliance wholesale company: Jan. 21. Sold merchandise on account to Black Tie Co., $28,000. The cost of goods sold was $16,800. Mar. 18. Accepted a 60-day, 6% note for $28,000 from Black Tie Co. on account. May 17. Received from Black Tie Co. the amount due on the note of March 18. June 15. Sold merchandise on account,...
Sales and Notes Receivable Transactions The following were selected from among the transactions completed during the...
Sales and Notes Receivable Transactions The following were selected from among the transactions completed during the current year by Danix Co., an appliance wholesale company: Jan. 13. Sold merchandise on account to Black Tie Co., $40,200. The cost of goods sold was $24,120. Mar. 10. Accepted a 60-day, 8% note for $40,200 from Black Tie Co. on account. May 9. Received from Black Tie Co. the amount due on the note of March 10. June 10. Sold merchandise on account,...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT