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The following data relate to notes receivable and interest for El Rayo Co., a financial services company. (All notes are dated as of the day they are received.) Mar. 1. Received a $90,000, 6%, 60-day note on account. 25. Received

The following data relate to notes receivable and interest for El Rayo Co., a financial services company. (All notes are dated as of the day they are received.)
Mar. 1. Received a $90,000, 6%, 60-day note on account.
25. Received a $10,000, 4%, 90-day note on account.
Apr. 30. Received $90,900 on note of March 1.
May 16. Received a $36,000, 7%, 90-day note on account.
31. Received a $25,000, 6%, 30-day note on account.
June 23. Received $10,100 on note of March 25.
30. Received $25,125 on note of May 31.
July 1. Received a $28,000, 9%, 30-day note on account.
31. Received $28,210 on note of July 1.
Aug. 14. Received $36,630 on note of May 16.

Instructions
Journalize the entries to record the transactions.

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Mar 1 Notes Receivable 90 000 Accounts Receivable 90 000 25 …View the full answer


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Related Book For  answer-question
Financial Accounting

Financial Accounting

ISBN: 978-1133952428

12th Edition

Authors: Warren, Reeve, Duchac

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Question Details
Chapter # 9
Section: Problem Set B
Problem: 5
Posted Date: May 07, 2012 06:00:00
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