Question
Notes Receivable Entries The following data relate to notes receivable and interest for Owens Co., a financial services company. (All notes are dated as of
Notes Receivable Entries
The following data relate to notes receivable and interest for Owens Co., a financial services company. (All notes are dated as of the day they are received.) Assume 360 days in a year.
Mar. 8. Received a $90,000, 6%, 60-day note on account. 31. Received a $9,600, 7%, 90-day note on account. May 7. Received $90,900 on note of March 8. 16. Received a $67,200, 8%, 90-day note on account. June 11. Received a $42,000, 9%, 30-day note on account. 29. Received $9,768 on note of March 31. July 26. Received $42,315 on note of June 11. Aug. 4. Received a $3,600, 10%, 30-day note on account. 14. Received $68,544 on note of May 16. Dec. 2. Received $3,630 on note of August 4.
Required:
Journalize the entries to record the transactions. For a compound transactions, if an amount box does not require an entry, leave it blank.
Mar. 8
Accounts Payable Accounts Receivable Cash Interest Receivable Notes Payable Notes Receivable
Accounts Payable Accounts Receivable Cash Interest Receivable Notes Payable Notes Receivable
Mar. 31
Accounts Payable Accounts Receivable Cash Interest Receivable Notes Payable Notes Receivable
Accounts Payable Accounts Receivable Cash Interest Receivable Notes Payable Notes Receivable
May 7
Accounts Payable Accounts Receivable Cash Interest Receivable Interest Revenue Notes Receivable
Accounts Payable Accounts Receivable Cash Interest Payable Interest Receivable Notes Receivable
Accounts Payable Accounts Receivable Cash Interest Payable Interest Receivable Interest Revenue
May 16
Accounts Receivable Bad Debt Expense Cash Interest Revenue Notes Payable Notes Receivable
Accounts Payable Accounts Receivable Bad Debt Expense Cash Interest Revenue Notes Receivable
June 11
Accounts Receivable Bad Debt Expense Cash Interest Revenue Notes Payable Notes Receivable
Accounts Receivable Bad Debt Expense Cash Interest Revenue Notes Payable Notes Receivable
June 29
Accounts Payable Accounts Receivable Cash Interest Expense Interest Revenue Notes Receivable
Accounts Receivable Cash Interest Receivable Notes Payable Notes Receivable Unearned Interest
Accounts Receivable Allowance for Doubtful Accounts Cash Interest Expense Interest Receivable Interest Revenue
July 26
Accounts Receivable Bad Debt Expense Cash Interest Receivable Interest Revenue Notes Receivable
Accounts Payable Accounts Receivable Cash Interest Receivable Notes Payable Notes Receivable
Accounts Payable Accounts Receivable Cash Interest Receivable Interest Revenue Unearned Interest
Aug. 4
Accounts Receivable Bad Debt Expense Cash Notes Payable Notes Receivable Sales
Accounts Payable Accounts Receivable Cash Interest Revenue Notes Receivable Sales
Aug. 14
Accounts Payable Accounts Receivable Cash Interest Payable Interest Receivable Notes Receivable
Accounts Receivable Allowance for Doubtful Accounts Cash Interest Receivable Notes Payable Notes Receivable
Accounts Payable Accounts Receivable Cash Interest Payable Interest Receivable Interest Revenue
Dec. 2
Accounts Payable Accounts Receivable Bad Debt Expense Cash Interest Revenue Notes Receivable
Accounts Receivable Allowance for Doubtful Accounts Cash Interest Receivable Notes Payable Notes Receivable
Accounts Payable Accounts Receivable Cash Interest Payable Interest Receivable Interest Revenue
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