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14 Accepted a 60-day, 9% note for $62,400 from Dry Creek Co. on account Apr. 3 Received the interest due from Trina Gelhaus and a new 120-day, 10% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account Use a compound journal entry with debits belore credits) May 11 Received from Bradford & Co. the amount due on the note of March 12. 13. Dry Creek Co. dishonored its note dated March 14. July 12 Received from Dry Creek Co. the amount owed on the dishonored note, plus interest for 60 days at 12% computed on the maturity value of the note Aug 1. Received from Trina Gelhaus the amount due on her note of April 3. Oct 5 Sold merchandise on account to Halloran Co, $14,900 The cost of the merchandise sold was $8.940 15 Received from Halloran Co. the amount of the invoice of October 5 Required: Journalize the entries to record the transactions Refer to the Chart of Accounts for exact wording of account tiles Assume a 360-day year w calculating interest

14 Accepted a 60-day, 9% note for $62,400 from Dry Creek Co. on account Apr. 3 Received the interest due from Trina Gelhaus and a new 120-day, 10% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account Use a compound journal entry with debits belore credits) May 11 Received from Bradford & Co. the amount due on the note of March 12. 13. Dry Creek Co. dishonored its note dated March 14. July 12 Received from Dry Creek Co. the amount owed on the dishonored note, plus interest for 60 days at 12% computed on the maturity value of the note Aug 1. Received from Trina Gelhaus the amount due on her note of April 3. Oct 5 Sold merchandise on account to Halloran Co, $14,900 The cost of the merchandise sold was $8.940 15 Received from Halloran Co. the amount of the invoice of October 5 Required: Journalize the entries to record the transactions Refer to the Chart of Accounts for exact wording of account tiles Assume a 360-day year w calculating interest

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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14 Accepted a 60-day, 9% note for $62,400 from Dry Creek Co. on account Apr. 3 Received the interest due from Trina Gelhaus and a new 120-day, 10% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account Use a compound journal entry with debits belore credits) May 11 Received from Bradford & Co. the amount due on the note of March 12. 13. Dry Creek Co. dishonored its note dated March 14. July 12 Received from Dry Creek Co. the amount owed on the dishonored note, plus interest for 60 days at 12% computed on the maturity value of the note Aug 1. Received from Trina Gelhaus the amount due on her note of April 3. Oct 5 Sold merchandise on account to Halloran Co, $14,900 The cost of the merchandise sold was $8.940 15 Received from Halloran Co. the amount of the invoice of October 5 Required: Journalize the entries to record the transactions Refer to the Chart of Accounts for exact wording of account tiles Assume a 360-day year w calculating interest
Transcribed Image Text:14 Accepted a 60-day, 9% note for $62,400 from Dry Creek Co. on account Apr. 3 Received the interest due from Trina Gelhaus and a new 120-day, 10% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account Use a compound journal entry with debits belore credits) May 11 Received from Bradford & Co. the amount due on the note of March 12. 13. Dry Creek Co. dishonored its note dated March 14. July 12 Received from Dry Creek Co. the amount owed on the dishonored note, plus interest for 60 days at 12% computed on the maturity value of the note Aug 1. Received from Trina Gelhaus the amount due on her note of April 3. Oct 5 Sold merchandise on account to Halloran Co, $14,900 The cost of the merchandise sold was $8.940 15 Received from Halloran Co. the amount of the invoice of October 5 Required: Journalize the entries to record the transactions Refer to the Chart of Accounts for exact wording of account tiles Assume a 360-day year w calculating interest
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