FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:Journal Entries (Note Received, Renewed, and Collected)
Jan.
Received a 30-day, 6% note in payment for merchandise sale of $20,000.
16
Feb. Received $100 (interest) on the old (January 16) note; the old note is renewed for 30
15
days at 7%.
Mar.
Received principal and interest on the new (February 15) note.
17
19 Received a 60-day, 6% note in payment for accounts receivable balance of $8,000.
May Received $80 (interest) plus $1,000 principal on the old (March 19) note; the old note
18 renewed for 60 days (from May 18) at 6%.
July
Received principal and interest on the new (May 18) note.
17
Prepare general journal entries for the transactions. Assume 360 days in a year.
Page: 1
DOC. POST.
NO. REF.
DATE
ACCOUNT TITLE
DEBIT CREDIT
20--
1
Jan. 16
2
3
4
Feb. 15
4
6.
6
8
Mar. 17
9
10
10
11
11
12
12
13 Mar. 19
13
14
14
15
15
16 May 18
16
17
17
18
18
19
19
20
20
21 July 17
21
22
22
23
23
24
24
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