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 Received a $150,000, 4%, 45-day note on account.
Sept. 12 Received $276,300 on note of May 15.
30 Received a $210,000, 8%, 60-day note on account.
Oct. 6 Received $150,750 on note of August 22.
18 Received a 120,000, 5%, 60-day note on account.
Nov. 29 Received $212,800 on note of September 30.
Dec. 17 Received $121,000 on note of October 18.
Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year.
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