Apr. 10. Received a $144,000, 5%, 60-day note on account.
May 15. Received a $270,000, 7%, 120-day note on account.
June 9. Received $145,200 on note of April 10.
Aug. 22. Received a $150,000, 4%, 45-day note on account.
Sept.
12. Received $276,300 on note of May 15.
30. Received a $210,000, 8%, 60-day note on account.
Oct.
6. Received $150,750 on note of August 22.
18. Received a 120,000, 5%, 60-day note on account.
Nov. 29. Received $212,800 on note of September 30.
Dec. 17. Received $121,000 on note of October 18.
Instructions
Journalize the entries to record the transactions.
Answer:
Apr. 10 Notes Receivable 144,000
Accounts Receivable 144,000
May 15 Notes Receivable 270,000
Accounts Receivable 270,000
June 9 Cash 145,200
Notes Receivable 144,000
Interest Revenue 1,200
Aug. 22 Notes Receivable 150,000
Accounts Receivable 150,000
Sept. 12 Cash 276,300
Notes Receivable 270,000
Interest Revenue 6,300
30 Notes Receivable 210,000
Accounts Receivable 210,000
Oct. 6 Cash 150,750
Notes Receivable 150,000
Interest Revenue 750
18 Notes Receivable 120,000
Accounts Receivable 120,000
Nov. 29 Cash 212,800
Notes Receivable 210,000
Interest Revenue 2,800
Dec. 17 Cash 121,000
Notes Receivable 120,000
Interest Revenue 1,000