D 1 Exercise 4 - Your Company uses the 360 day convention. a) On 11/25/21 Your Co. loaned F Co. $44000 on a 8% 45 day note. Record the journal entries at issuance, year end, and maturity. Assume interest is paid at maturity and the 360 day convention is used. PR Credit General Journal Date Account/Explanation 11/25/21 Note Receivable Cash (F Co. $44000 8% 45 day note) Debit 44,000.00 44,000.00 12/31/21 Interest Receivable Interest Revenue (Accrue interest) 3 X X X X X X 3 (Maturity of note) can nr 20 do noto Record the inurnal entries b) On 12/12/21 Your Co. loaned B Co. $16000 on a 9% 30 day note. Record the journal entries at issuance, year end, and maturity. Assume interest is paid at maturity and the 360 day convention is used. General Journal Date Account/Explanation PR Debit Credit 12/12/21 |(B Co. $16000 9% 30 day note) 12/31/21 (Accrue interest) (Maturity of note) c) On 11/16/21 Your Co. loaned G Co. $40000 on a 11% 90 day note. Record the journal entries at issuance, year end, and maturity. Assume interest is paid at maturity and the 360 day convention is used. General Journal Date Account/Explanation PR Debit Credit 11/16/21 (G Co. $40000 11% 90 day note) 12/31/21 (Accrue interest) (Maturity of note) C D E F H d) On 12720/21 Your Co. loaned I Co. $36000 on a 12% 90 day note. Record the journal entries at issuance, year end, and maturity. Assume interest is paid at maturity and the 360 day convention is used. General Journal Account/Explanation PR Debit Credit Date 12/20/21 xx (1 Co. $36000 12% 90 day note) 12/31/21 xx (Accrue interest) xxxx (Maturity of note) e) On 10/12/21 Your Co. loaned A Co. $40000 on a 9% 90 day note. Record the journal entries at issuance, year end, and maturity. Assume interest is paid at maturity and the 360 day convention is used. General Journal Date Account/Explanation PR Debit Credit 10/12/21 (A Co. $40000 9% 90 day note) 12/31/21 (Accrue interest) X (Maturity of note) On 10/20/21 Your Co loaned Fro S20000 nn a 7% 90 day note. Record the journal entries f) On 10/20/21 Your Co. loaned E Co. $20000 on a 7% 90 day note. Record the journal entries at issuance, year end, and maturity. Assume interest is paid at maturity and the 360 day convention is used. General Journal Date Account/Explanation PR Debit Credit 10/20/21 xx (E Co. $20000 7% 90 day note) 12/31/21 xx (Accrue interest) xxxx (Maturity of note) B) On 11/14/21 Your Co. loaned C Co. $28800 on a 8% 60 day note. Record the journal entries at issuance, year end, and maturity. Assume interest is paid at maturity and the 360 day convention is used. General Journal Date Account/Explanation PR Debit Credit 11/14/21 X (C Co. $28800 8% 60 day note) 12/31/21 X X (Accrue interest) X X X X X (Maturity of note) th) on 12/5/21 Your Co. loaned D Co. $25200 on a 10% 30 day note. Record the journal entries 138 39 41 43 44 45 46 #7 h) On 12/5/21 Your Co. loaned D Co. $25200 on a 10% 30 day note. Record the journal entries at issuance, year end, and maturity. Assume interest is paid at maturity and the 360 day convention is used. General Journal Date Account/Explanation PR Debit Credit 12/5/21 (D Co. $25200 10% 30 day note) 19 12/31/21 NO OOO Nm (Accrue interest) x 1 2 3 4 5 6 7 (Maturity of note) 9 (Maturity of note) 57 58 59 0 i) On 10/23/21 Your Co. loaned H Co. $28000 on a 6% 90 day note. Record the journal entries at issuance, year end, and maturity. Assume interest is paid at maturity and the 360 day convention is used. General Journal Date Account/Explanation PR Debit Credit 10/23/21 2 3 4 5 5 X X x x (H Co. $28000 6% 90 day note) 12/31/21 X X X X (Accrue interest) X X X xxxx X X X X (Maturity of note)
