Question
Water Closet Co. wholesales bathroom fixtures. During the current year ending December 31, Water Closet received the following notes: Date Face Amount Term Interest Rate
Water Closet Co. wholesales bathroom fixtures. During the current year ending December 31, Water Closet received the following notes:
| Date | Face Amount | Term | Interest Rate | |
| 1. | Mar. 6 | $75,000 | 60 days | 4% |
| 2. | Apr. 7 | 40,000 | 45 days | 6% |
| 3. | Aug. 12 | 36,000 | 120 days | 5% |
| 4. | Oct. 22 | 27,000 | 30 days | 8% |
| 5. | Nov. 19 | 48,000 | 90 days | 3% |
| 6. | Dec. 15 | 72,000 | 45 days | 5% |
JOURNAL
ACCOUNTING EQUATION
Score: 91/99
| DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | ||||
|---|---|---|---|---|---|---|---|---|
| 1 | Jan. 29 | Cash |
| 72,450 |
|
|
|
|
| 2 |
| Notes Receivable |
|
| 72,000 |
|
|
|
| 3 |
| Interest Receivable |
|
| __________ |
|
|
|
| 4 |
| Interest Revenue |
|
| __________ |
|
|
|
| 5 | Feb. 17 | Cash |
| 48,360 |
|
|
|
|
| 6 |
| Notes Receivable |
|
| 48,000 |
|
|
|
| 7 |
| Interest Receivable |
|
| __________ |
|
|
|
| 8 |
| Interest Revenue |
|
| __________ |
|
|
|
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Auditor Independence Auditing Corporate Governance And Market Confidence
Authors: Ismail Adelopo
1st Edition
1409434702, 978-1409434702
