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Instructions The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer Co. sells and installs home and business
Instructions The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer Co. sells and installs home and business security systems. Jan 3 Feb. 10 13 Mar. 12 14 Apr. 3 Loaned $14.400 cash to Trina Gelhaus, receiving a 90-day, 8% note. Sold merchandise on account to Bradford & Co. $21,600. The cost of the merchandise sold was $12.960 Sold merchandise on account to Dry Creek Co., 550,400. The cost of merchandise sold was $53,480. Accepted a 60-day, 8% note for $21,800 from Bradford & Co. on account. Accepted a 60-day. 9% note for $50,400 from Dry Creek Co. on account. Received the interest due from Trina Gelhaus and a new 120-day. 3% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account. Use a compound journal entry with debits before credits.) Received from Bradford & Co the amount due on the note of March 12. Dry Creek Co. dishonored its note dated March 14. Received from Dry Creek Co. the amount owed on the dishonored note, plus interest for 30 days at 12% computed on the maturity value of the note. Received from Trina Gelhaus the amount due on her note of April 3. Sold merchandise on account to Halloran Co., 514,400. The cost of the merchandise sold was 88,840. Received from Halloran Co. the amount of the invoice of October 5. May 11 13 July 12 Aug 1 Oct 5 15 Required: Journalize the entries to record the transactions Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered Assume a 360-day year when calculating interest. Round your answers to the nearest whole dollar. Journal Journalize the entries to record the transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered Assume a 360-day year when calculating interest Round your answers to the nearest whole dollar. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF DEBIT CREDIT ASSETS LIABILITIES EQUITY 2 5 10 20 22 22 25 27 29 34
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