Question
The following data relate to notes receivable and interest for CGH Cable Co., a cable manufacturer and supplier. (All notes are dated as of the
The following data relate to notes receivable and interest for CGH Cable Co., a cable manufacturer and supplier. (All notes are dated as of the day they are received.) Apr. 10. Received a $144,000, 5%, 60-day note on account. May 15. Received a $270,000, 7%, 120-day note on account. June 9. Received $145,200 on note of April 10. Aug. 22. Sept. 12. 30. Oct. 6. 18. Nov. 29. Dec. 17. Received a $150,000, 4%, 45-day note on account. Received $276,300 on note of May 15. Received a $210,000, 8%, 60-day note on account. Received $150,750 on note of August 22. Received a 120,000, 5%, 60-day note on account Received $212.800 on note of September 30. Received $121,000 on note of October 18 Required: Joumalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account tities. Assume a 360-day year when calculating interest Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year when calculating interest. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST REF DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 Instructions Journal 9 10 11 12 15 24 4 17 18 29 I Instructions Journal 13 14 15 16 17 19 20 21 22 21 I 24 25
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