Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Notes Receivable Entries The following data relate to notes receivable and interest for Owens Co., a financial services company. Assume a 360-day year. (All notes

image text in transcribed
image text in transcribed
image text in transcribed
Notes Receivable Entries The following data relate to notes receivable and interest for Owens Co., a financial services company. Assume a 360-day year. (All notes are dated as of the day they are received.) Mar. 8. Received a $33,000, 5%, 60-day note on account. 31. Received an $80,000, 7%, 90-day note on account May 7 Received $33,275 on note of March 8. 16. Received a $72,000,7%, 90-day note on account. June 11 Received a $36,000, 6%, 45-day note on account. 29 Received $81,400 on note of March 31 July 26. Received $36,270 on note of June 11. Aug. 4 Received a $48,000, 9%, 120 day note on account Received $73,260 on note of May 16, Dec. 2. Received $49,440 on note of August 4. 14. Required: Journalize the entries to record the transactions, For a compound transactions, it an amount box does not require an entry, leave it blank Mar. 33.000 33,000 Mar. 8 33,000 33,000 Mar. 31 80,000 80,000 May 7 ill ION May 16 72,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Computerized Accounting With Quickbooks 2018

Authors: James B. Rosa, Kathleen Villani

1st Edition

0763882674, 9780763882679

More Books

Students also viewed these Accounting questions

Question

Consider a M/G/1 system with E[S] Answered: 1 week ago

Answered: 1 week ago

Question

What are the HR forecasting techniques?

Answered: 1 week ago

Question

Define succession planning. Why is it important?

Answered: 1 week ago

Question

Distinguish between forecasting HR requirements and availability.

Answered: 1 week ago