Question: The following data relate to notes receivable and interest for Optic Co., a cable manufacturer and supplier. (All notes are dated as of the day

The following data relate to notes receivable and interest for Optic Co., a cable manufacturer and supplier. (All notes are dated as of the day they are received.)
June 10. Received a $15,000, 9%, 60-day note on account.
July 13. Received a $54,000, 10%, 120-day note on account.
Aug. 9. Received $15,225 on note of June 10.
Sept. 4. Received a $24,000, 9%, 60-day note on account.
Nov. 3. Received $24,360 on note of September 4.
5. Received a $24,000, 7%, 30-day note on account.
10. Received $55,800 on note of July 13.
30. Received a $15,000, 10%, 30-day note on account.
Dec. 5. Received $24,140 on note of November 5.
30. Received $15,125 on note of November 30.
Instructions
Journalize entries to record the transactions.

Step by Step Solution

★★★★★

3.44 Rating (173 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Date 10Jun Notes Receivable Cash 13Jul Notes Receivable Cas... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

46-B-A-C-R (150).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

The following data relate to notes receivable and interest for Vidovich Co., a financial services company. (All notes are dated as of the day they are received.) Mar. 1 Received a $13,000, 9%, 60-day...

The following data relate to notes receivable and interest for Vidovich Co., a financial services company. (All notes are dated as of the day they are received.) Mar. 6. Received an $18,000, 9%,...

The following data relate to notes receivable and interest for Generic Optic Co., a cable manufacturer and supplier. (All notes are dated as of the day they are received.) June 1 Received a $15,800,...

The following data relate to notes receivable and interest for Viking Co., a cable manufacturer and supplier. (All notes are dated as of the day they are received.) June 3. Received a $24,000, 4%,...

The following data relate to notes receivable and interest for Owens Co., a financial services company. Assume a 360- day year. (All notes are dated as of the day they are received.) Mar. 8. Received...

Now Online Beach X + make Assignment/takeAssignment Main doinvoker-takeAssignmentSessionLocator Buinprogress=false Calculator Printem Instructions Journal Chart of Accounts Instructions The following...

need full answers 29 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...

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....

Notes lervible Entries The following data relate to notes receivable and interest for Owens Co., a financial services company, Assume a 360-day year. (All notes are dated as of the day they are...

Design a system to keep a complete list of all bikes and their details including bike number, type, size, make, model, daily charge rate, deposit keep a record of all customers and their past hire...

Consider the system consisting of a pair of Einstein solids in thermal contact. Imagine that it is initially in a macropartition that has a multiplicity of 8.8 x 10^123. The adjacent macropartition...

6.65 A survey on gender status reveals that 56% of the families have more males than females. Assuming that this percentage is still valid, what is the probability that among 1000 randomly selected...

Random samples are drawn independently from two normally distributed populations, and the following statistics are obtained: Group 1 Group 2 n1=24 n2-21 X=262.4 X2=266.2 si=216.1 = 357.2 (The first...

Describe the procedures for correcting errors in accounting records. Provide an example. How is the trial balance used to discover errors? Provide an example. How would you find errors in recording...

You borrow 20,000 JOD at 14% and agree to make equal annual end - of - year payments over 4 years. The size of the payments is......: Select one: O a. 33,778.1 JOD Ob. 6,864.12 JOD O c. 4,064.13 JOD...

abc trading company of singapore purchases spices in bulk from around the world, packages them into consumer size quantities and sells them through sales affiliates in hong kong and the united...

Jessie bought a share of stock for $100. She borrowed $50 from her broker. There is a 25 percent maintenance margin requirement established by the brokerage firm she does business with. The price of...

At the end of the current month, Ross Heimlich prepared a trial balance for Main Street Motor Co. The credit side of the trial balance exceeds the debit side by a significant amount. Ross has decided...

The following discussion took place between Heather Sims, the office manager of Sedgemoor Data Company, and a new accountant, Ed Hahn. Ed: Ive been thinking about our method of recording entries. It...

The following excerpt is from a conversation between Peter Kaiser, the president and chief operating officer of Sprocket Construction Co., and his neighbor, Doris Nesmith: Doris: Peter, Im taking a...

Intro Southwest Airlines just bought a new jet for $23,000,000. The jet falls into the 7- year MACRS category, with the following depreciation rates (half-year convention): Year 1 2 3 4 5 6 7 8 Depr....

26). a. b. What is the difference between a traditional IRA and a Roth IRA? Choose the correct answer below. O A. In the traditional IRA, you are taxed on your deposits and your withdrawals. In a...

Summers Corp. currently has an EPS of $3.30, and the benchmark PE for the company is 32. Earnings are expected to grow at 5 percent per year. a. What is your estimate of the current stock price? (Do...