Question

Ebert’s Printing Company completed the following transactions during the year ended December 31: June 16 Received a 60-day, 5.5 percent note, dated
June 16, for $ 2,160 from Carlo’s Office Supply for the sale of merchandise. (The sale was not previously recorded.)
26 Received a 30-day, 6.5 percent note, dated June 26, for $ 3,680 from Dillon, Inc., a charge customer, for a sale previously recorded.
July 7 Received a 90-day, 5.5 percent note, dated July 7, for $ 4,160 from Carter Office Supply, a charge customer, for a sale previously recorded.
26 Received a check from Dillon, Inc., in payment of principal and interest on its note.
Aug. 15 Received payment of interest from Carlo’s Office Supply for its note of June 16 and a new 30-day, 6 percent note, dated August 15, for $ 2,160 (two entries).
22 Received a 90-day, 6.5 percent note, dated August 22, for $ 2,745 from E. Mason and Company, a charge customer, for a sale previously recorded.
Sept. 14 Carlo’s Office Supply paid its note dated August 15, principal plus interest.
14 Discounted the note received from E. Mason and Company at Harris Bank; discount rate, 7 percent.
Oct. 5 Received a check from Carter Office Supply in payment of principal and interest on its note. Dec.
16 Received a 60- day, 6.5 percent note, dated December 16, for $ 6,367 from Lambert and Roberts Company, a charge customer, for a sale previously recorded.
19 Received a 45-day, 6.75 percent note, dated December 19, for $ 1,432 from B. Jenkins, an employee, for a personal loan.

Required
1. Record these transactions in the general journal (pages 47– 49).
2. Show the calculation of each due date.
3. On December 31, record the adjusting entry to account for accrued interest receivable for the Lambert and Roberts Company and B. Jenkins notes, which are not due to be paid until the next fiscal period.
4. On January 1, record the reversing entry. (Assume that closing entries have been made.)
5. On February 2, record the receipt of payment from B. Jenkins.


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  • CreatedOctober 21, 2014
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