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 $115,800, 5%, 60-day note on account. May 15. Received a $243,000, 7%, 120-day note on account. June 9. Received $116,765 on note of April 10. Aug. 22. Received a $146,800, 4%, 45-day note on account. Sept. 12. Received $248,670 on note of May 15. 30. Received a $218,400, 7%, 60-day note on account. Oct. 6. Received $147,534 on note of August 22. 18. Received a 102,600, 4%, 60-day note on account. Nov. 29. Received $220,948 on note of September 30. Dec. 17. Received $103,284 on note of October 18. Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started