The following data relate to notes receivable and interest for Clyde Park Optic Co., a cable manufacturer
Question:
The following data relate to notes receivable and interest for Clyde Park Optic Co., a cable manufacturer and supplier. (All notes are dated as of the day they are received.)
June 4. Received an $18,800, 9%, 60‐day note on account
July 15. Received a $27,000, 10%, 120‐day note on account
Aug. 3. Received $19,082 on note of June 4
Sept. 1. Received a $24,000, 9%, 60‐day note on account
Oct. 31. Received $24,360 on note of September 1
Nov. 5. Received a $9,600, 7%, 30‐day note on account
12. Received $27,900 on note of July 15
30. Received a $15,000, 10%, 30‐day note on account
Dec. 5. Received $9,656 on note of November 5
30. Received $15,125 on note of November 30
Journalize entries to record the transactions.
Step by Step Answer:
Financial Accounting An Integrated Statements Approach
ISBN: 978-0324312119
2nd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren