Prepare general journal entries for the following transactions: Jan. 16 Received a 30-day, 9% note in payment
Question:
Prepare general journal entries for the following transactions:
Jan. 16 Received a 30-day, 9% note in payment for merchandise sale of $20,000.
Feb. 15 Received $150 (interest) on the old (January 16) note; the old note is renewed for 30 days at 11%.
Mar. 17 Received principal and interest on the new (February 15) note.
19 Received a 60-day, 9% note in payment for accounts receivable balance of $8,000.
May 18 Received $120 (interest) plus $1,000 principal on the old (March 19) note; the old note is renewed for 60 days (from May 18) at 9%.
July 17 Received principal and interest on the new (May 18) note.
Accounts ReceivableAccounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
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DATE 20 Jan 16 Notes Receivable Sales Feb 15 Cash Mar 17 ...View the full answer
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