Notes receivable entries OBJ. 6 The following data relate to notes receivable and interest for CGH Cable

Question:

Notes receivable entries OBJ. 6 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.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Financial And Managerial Accounting

ISBN: 9781305267831,9781305267848

13th Edition

Authors: Carl S. Warren , James M. Reeve , Jonathan Duchac

Question Posted: