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Raecker, Inc., completed the following transactions during the current year. Source documents are abbrevi - ated as follows: check, C; receipt, R . Transactions: Aug.
Raecker, Inc., completed the following transactions during the current year. Source documents are abbrevi ated as follows: check, C; receipt, R Transactions: Aug. Signed a day, note with City National Bank for $ R Sept. Signed a day, note with First American Bank for $ R Oct. Signed a day, note with Commercial State Bank for $ R Instructions: Journalize the transactions on page of a cash receipts journal. Calculate the maturity dates for each note. Calculate the total amount of interest due at maturity for each note. Journalize the following transactions on page of a cash payments journal. Use the maturity dates and the interest amounts calculated in the preceding steps. Paid cash for the maturity value of the City National Bank note. C Paid cash for the maturity value of the First American Bank note. C Paid cash for the maturity value of the Commercial State Bank note. C
Raecker, Inc., completed the following transactions during the current year. Source documents are abbrevi
ated as follows: check, C; receipt, R
Transactions:
Aug. Signed a day, note with City National Bank for $ R
Sept. Signed a day, note with First American Bank for $ R
Oct. Signed a day, note with Commercial State Bank for $ R
Instructions:
Journalize the transactions on page of a cash receipts journal.
Calculate the maturity dates for each note.
Calculate the total amount of interest due at maturity for each note.
Journalize the following transactions on page of a cash payments journal. Use the maturity dates and
the interest amounts calculated in the preceding steps.
Paid cash for the maturity value of the City National Bank note. C
Paid cash for the maturity value of the First American Bank note. C
Paid cash for the maturity value of the Commercial State Bank note. C
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