Notes Receivable Entries

The following data relate to notes receivable and interest for Owens Co., a financial services company. (All notes are dated as of the day they are received.) Assume 360 days in a year.

Mar. 8. Received a $90,000, 6%, 60-day note on account. 31. Received a $9,600, 7%, 90-day note on account. May 7. Received $90,900 on note of March 8. 16. Received a $67,200, 8%, 90-day note on account. June 11. Received a $42,000, 9%, 30-day note on account. 29. Received $9,768 on note of March 31. July 26. Received $42,315 on note of June 11. Aug. 4. Received a $3,600, 10%, 30-day note on account. 14. Received $68,544 on note of May 16. Dec. 2. Received $3,630 on note of August 4.

Required:

Journalize the entries to record the transactions. For a compound transactions, if an amount box does not require an entry, leave it blank.

Mar. 8

Accounts Payable Accounts Receivable Cash Interest Receivable Notes Payable Notes Receivable

Accounts Payable Accounts Receivable Cash Interest Receivable Notes Payable Notes Receivable

Mar. 31

Accounts Payable Accounts Receivable Cash Interest Receivable Notes Payable Notes Receivable

Accounts Payable Accounts Receivable Cash Interest Receivable Notes Payable Notes Receivable

May 7

Accounts Payable Accounts Receivable Cash Interest Receivable Interest Revenue Notes Receivable

Accounts Payable Accounts Receivable Cash Interest Payable Interest Receivable Notes Receivable

Accounts Payable Accounts Receivable Cash Interest Payable Interest Receivable Interest Revenue

May 16

Accounts Receivable Bad Debt Expense Cash Interest Revenue Notes Payable Notes Receivable

Accounts Payable Accounts Receivable Bad Debt Expense Cash Interest Revenue Notes Receivable

June 11

Accounts Receivable Bad Debt Expense Cash Interest Revenue Notes Payable Notes Receivable

Accounts Receivable Bad Debt Expense Cash Interest Revenue Notes Payable Notes Receivable

June 29

Accounts Payable Accounts Receivable Cash Interest Expense Interest Revenue Notes Receivable

Accounts Receivable Cash Interest Receivable Notes Payable Notes Receivable Unearned Interest

Accounts Receivable Allowance for Doubtful Accounts Cash Interest Expense Interest Receivable Interest Revenue

July 26

Accounts Receivable Bad Debt Expense Cash Interest Receivable Interest Revenue Notes Receivable

Accounts Payable Accounts Receivable Cash Interest Receivable Notes Payable Notes Receivable

Accounts Payable Accounts Receivable Cash Interest Receivable Interest Revenue Unearned Interest

Aug. 4

Accounts Receivable Bad Debt Expense Cash Notes Payable Notes Receivable Sales

Accounts Payable Accounts Receivable Cash Interest Revenue Notes Receivable Sales

Aug. 14

Accounts Payable Accounts Receivable Cash Interest Payable Interest Receivable Notes Receivable

Accounts Receivable Allowance for Doubtful Accounts Cash Interest Receivable Notes Payable Notes Receivable

Accounts Payable Accounts Receivable Cash Interest Payable Interest Receivable Interest Revenue

Dec. 2

Accounts Payable Accounts Receivable Bad Debt Expense Cash Interest Revenue Notes Receivable

Accounts Receivable Allowance for Doubtful Accounts Cash Interest Receivable Notes Payable Notes Receivable

Accounts Payable Accounts Receivable Cash Interest Payable Interest Receivable Interest Revenue