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 $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 Receivable144,000
Accounts Receivable144,000
May 15 Notes Receivable270,000
Accounts Receivable270,000
June 9 Cash145,200
Notes Receivable144,000
Interest Revenue1,200
Aug. 22 Notes Receivable150,000
Accounts Receivable150,000
Sept. 12 Cash276,300
Notes Receivable270,000
Interest Revenue6,300
30 Notes Receivable210,000
Accounts Receivable210,000
Oct. 6 Cash150,750
Notes Receivable150,000
Interest Revenue750
18 Notes Receivable120,000
Accounts Receivable120,000
Nov. 29 Cash212,800
Notes Receivable210,000
Interest Revenue2,800
Dec. 17 Cash121,000
Notes Receivable120,000
Interest Revenue1,000
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