Question
In: Accounting
The following data relate to notes receivable and interest for CGH Cable Co., a cable manufacturer...
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.)
| Apr. 10. | Received a $135,600, 5%, 60-day note on account. |
| May 15. | Received a $252,900, 7%, 120-day note on account. |
| June 9. | Received $136,730 on note of April 10. |
| Aug. 22. | Received a $110,800, 3%, 45-day note on account. |
| Sept. 12. | Received $258,801 on note of May 15. |
| 30. | Received a $183,600, 8%, 60-day note on account. |
| Oct. 6. | Received $111,216 on note of August 22. |
| 18. | Received a 142,200, 5%, 60-day note on account. |
| Nov. 29. | Received $186,048 on note of September 30. |
| Dec. 17 |
Received $143,385 on note of October 18. Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year when calculating interest. |
Solutions
ekkarill92 answered 1 year agoRelated Solutions
The following data relate to notes receivable and interest for CGH Cable Co., a cable manufacturer...
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.)
Apr. 10.
Received a $156,000, 4%, 60-day note on account.
May 15.
Received a $266,700, 8%, 120-day note on account.
June 9.
Received $157,040 on note of April 10.
Aug. 22.
Received a $145,200, 5%, 45-day note on account.
Sept. 12.
Received $273,812 on note of May 15.
30.
Received a...
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...
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 $96,000, 8%, 60-day note on account.
31.
Received a $21,600, 9%, 90-day note on account.
May 7.
Received $97,280 on note of March 8.
16.
Received a $58,800, 12%, 90-day note on account.
June 11.
Received a $30,000, 6%, 30-day...
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 $90,000, 6%, 60-day note on account.
31. Received a $9,600, 7%, 90-day note on account.
May 7. Received $90,900 on note of March 8.
16. Received a $67,200, 8%, 90-day note on account.
June 11. Received a $42,000, 9%, 30-day...
The following data relate to notes receivable and interest for Owens Co., a financial services company....
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 $84,000, 6%, 60-day note on account.
31.
Received a $19,200, 7%, 90-day note on account.
May 7.
Received $84,840 on note of March 8.
16.
Received a $68,400, 8%, 90-day note on account.
June 11.
Received a $18,000, 9%, 30-day note on account....
Problem # 3 (Notes Receivable with Unrealistic Interest Rate) On December 31, 2015, Tran Co. performed...
Problem #
3 (Notes Receivable with Unrealistic Interest
Rate) On December 31, 2015, Tran Co. performed
environmental consulting services for Hayden Co. Hayden was short
of cash, and Tran Co. agreed to accept a $100,000
zero-interest-bearing note due December 31, 2017, as payment in
full. Hayden is somewhat of a credit risk and typically borrows
funds at a rate of 15%. Tran is much more creditworthy and has
various lines of credit at 8%.
Instructions
Prepare the journal entry to...
The following are transactions related to notes receivable. In all cases, interest is due at maturity...
The following are transactions related to notes receivable. In
all cases, interest is due at maturity unless indicated
otherwise.
Jan 1 Loaned $5,000
to the company’s general manager, who signed a 6-month, 10% note
due June 30.
Feb 1 A customer who owed
$6,500 settled his account by signing a 3-month, 5% note.
Mar 31 Recorded accrued interest on
all notes in preparation for issue of quarterly financial
statements.
Apr 30 The customer referred to above
defaulted on the note....
On December 31, 2020 Riverbed Company had the following account balances: Notes Receivable $269,500 Interest Receivable...
On December 31, 2020 Riverbed Company had the following account
balances:
Notes Receivable
$269,500
Interest Receivable
4,125
Detail of the Notes Receivable is as follows:
Note 1 - 6-month 9% note dated 10/31/20
55,000
Note 2 - 2-year non-interest bearing note dated 1/1/20
82,500
Note 3 - 5-month interest bearing note dated 9/30/20
132,000
What is the interest rate on Note 3 (5-month interest bearing
note)?
Interest rate on Note 3
Type your answer here %
Oriole Co. has the following transactions related to notes receivable during the last 2 months of...
Oriole Co. 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
Loaned $61,800 cash to C. Bohr on a 12-month, 6% note.
Dec.
11
Sold goods to K. R. Pine, Inc., receiving a $7,200, 90-day, 6%
note.
16
Received a $7,200, 180-day, 9% note to settle an open account
from A. Murdock.
31
Accrued interest revenue on all...
Debit Credit Cash $157,100 accounts receivable 52,000 interest receivable 21,400 notes receivable (due in 90...
Debit Credit
Cash
$157,100
accounts receivable
52,000
interest receivable
21,400
notes receivable (due in 90 days)
171,500
office supplies
16,000
automobiles
173,000
accumulated depreciation-automobile
$85,000
equipment
138,000
accumulated depreciation-equipment
25,000
land
85,000
accounts payable
96,000
interest payable
40,000
salaries payable
17,000
unearned fees
30,000
long term notes payable
154,000
common stock
25,580
retained earnings
230,220
dividends
45,000
fees earned
554,000
interest earned
36,000
interest earned
27,000
depreciation expense-automobiles
18,500
depreciation expense-equipment
183,000
salaries expense
45,000
wages expense
34,000
interest...
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