Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The folowing were selected from among the transacions completed by Caltemeyer Co, during the current year. Caldemeyer Co. sells and instals home and bus ness

image text in transcribed
image text in transcribed
image text in transcribed
The folowing were selected from among the transacions completed by Caltemeyer Co, during the current year. Caldemeyer Co. sells and instals home and bus ness security syssems Jan 3 Loaned $13,200 cesh to Trina Gelhaus, receiving a so-day. 6\% note. Fob. 10 Sold merchandise on accourt ta Bradlord 8Co,$27,600. The cost of the merchandise sold was $16,560 : 13. Sold merchandise on account to Dry Creek Co, 502,400 . The cost of merchandise sold was 356,160 Mat, 12. Acceped a 60 day, 6% note for $27,600 from Bradiord 4 Co, on account. 14. Accepted a 60-day. 99 note tor 562.400 trom Dry Creek Co, on accocunt. Ape: 3 Received the interest due trom Trina Gelhaus and a new 120 -day. 10 h note as a rechewal of the loan of Janusy 3. (Rrecord both the debt and the credd to the noses rectivable cocount. Use a compound journat entry with dobits before credits) Moy 11 Receined from Bradrard 8Co, the amcunt due on the note of March 12 . 13 Dry Creek Co. dishenoted ts nole dsled March 14. Jily 12 Recoived from Dry Creek Co. the amourt owed on the dshonoved noth, plus interest for 60 dinys at 12% computed on the maturity value of the note. Aug. I Received trom Trina Geihaus the amount tue on her note of April 3. Oct. 5. Sold mochandise on accourt to Haloran Co, 514,000. The cost ot the merchandse sold was 38,040. Apr. 3 Received the interest due from Trina Gelhaus and a new 120-day, 10% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account. Use a compound joumal entry with debits before credits.) May 11 Received from Bradford \& Co, the amount due on the note of March 12. 13 Dry Creek Co, dishonored its note dated March 14. July 12 Recelved from Dry Creek Co, the amount owed on the dishonored note, plus interest for 60 days at 12% computed on the maturity value of the note. Aug. 1 Recelved trom Trina Gelhaus the amount due on her note of April 3. Oct. 5 Sold merchandise on account to Halloran Co. $14,900. The cost of the merchandise sold was $8,940. 15 Received from Halloran Co, the amount of the invoice of October 5. Required: Journalize the entries to record the transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for joumal explanations. Every line on a joumal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Assume a 360-day year when calculating interest. Aound your answers to the nearest whole dollar. answers to the nearest whole doliar

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

Auditing Mantras Forensic Accounting Important Standards On Auditing

Authors: Buffy Mielcarek

1st Edition

B09PP4SKL1, 979-8796281437

More Books

Students also viewed these Accounting questions

Question

Property 16 Edith St, Hunterville NSW 2325 3 809m 2 House

Answered: 1 week ago

Question

6. Conclude with the same strength as in the introduction

Answered: 1 week ago

Question

7. Prepare an effective outline

Answered: 1 week ago