Question

Make entries in a notes receivable register to document the following events. All notes are payable at Cameron National Bank. Show the computation of the interest and due dates.
Mar. 12 Received a 60-day, 5 percent note from Orr Company for $ 4,000.
25 Received a 3-month, 6 percent note from Denise Velez for a $ 1,200 employee loan.
Apr. 6 Escobar Company dishonored its note of February 5 for $ 2,680 at 5.5 percent, for 60 days.
May 6 Escobar Company paid its dishonored note, plus additional interest for 30 days at 6.5 percent.
11 Received interest and $ 1,000 partial payment from Orr Company on its $ 4,000, 60-day, 5 percent interest note of March 12.
11 Orr Company renews the note by issuing a new note, 30 days, 6 percent, dated May 11, for $ 3,000.



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  • CreatedOctober 21, 2014
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