1 Transactions for Company X in June 2003 3 On June 2 the Company paid $165,000 to NEF. Inc. for management fees that were accrued in May. 54 15 On June 6, the Company paid $28.900 in audit fees and $12,400 in legal fees, neither of which were previously accrued. 66 67 On June 10, the Company borrowed $1,250,000 from JP Morgan Chase at an interest rate of 2.75%. Financing fees of $12,500 were 68 paid. The loan is due on December 10. 60 70 On June 17, the Company paid $820,600 to Broadway Apartments out of the $1,000,000 previously recorded as due to Broadway 71 Apartments. 72 73 On June 25, the CFO determined that of the 5525,680 in notes receivable, 5% were uncollectible. 74 75 On June 30, the Company received $2,905 in interest income on its investments. 76 17 On June 30, the Accountant recorded the accrued interest due on the money borrowed on June 10. 78 79 On June 30, the Accountant recorded the amortization of the financing fees related to the money borrowed on June 10. Company X 80 uses the straight-line method of amortization. 81 6 Instructions: Using the following Chart of Accounts, please record the journal entries (including the 7 Account Number and Account Description) for the transactions listed below: 8 Account 9 Number Account Description 10 11 10100 12 10200 Cash-Operating Cash-Investments 13 20100 Notes Receivable 14 20155 Allowance for Uncollectible Notes Receivable 15 20200 Other receivables 16 20250 17 20300 Accrued Interest Receivable Receivable from Affiliates 18 30001 Investment in Avalon Apartments 19 30002 Investment in Broadway Apartments 20 30003 21 40200 Investment in Mapleleaf Apartments Deferred Acquisition Costs 22 40250 23 40300 24 40350 25 40400 26 40450 27 40500 28 40550 29 50100 Notes Payable-Bank 30 50150 Accumulated Amortization - Acquisition Costs Deferred Management Fees Accumulated Amortization - Management Fees Deferred Financing Costs Accumulated Amortization - Financing Fees Organization Costs Accumulated Amortization - Organization Costs Accrued Interest Payable - Bank 31 50200 Notes Payable - NEF Inc. 32 50250 Accrued Interest-NEF, Inc. 33 50650 Asset Management Fees Payable 34 50700 35 50900 36 50950 Other Payables 37 60001 38 60002 Management Fees Payable - NEF, Inc. Payable to Affiliates Payable to Avalon Apartments Payable to Broadway Apartments 39 60003 Payable to Mapleleaf Apartments 40 70100 Capital Contributions - General Partner 41 70200 Capital Contributions - Limited Partner 42 70300 43 70400 44 80100 Interest Income 45 80200 46 80300 47 90100 48 90160 49 90190 50 90200 51 90225 52 90250 53 90275 54 90280 55 90300 56 90350 57 90400 58 90540 Prior Year Profit and Loss Syndication Costs Miscellaneous Income Equity in Losses from Investments in Projects Interest Expense - Notes Payable Bank Interest Expense - Notes Payable NEF, Inc. Asset Management Fees Organization Expense Miscellaneous Expense Amortization of Deferred Acquisition Cost Professional Fees Financing Fees - NEF, Inc. Amortization of Capitalized Interest Amortization of Deferred Management Fees Amortization of Deferred Financing Costs Bad Debt Expense Debt Credit