solutions ch07 - AIM 3331-OU1 Chapter 7 BRIEF EXERCISE 7-6...

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AIM 3331-OU1 Chapter 7 BRIEF EXERCISE 7-6 11/1/07 Notes Receivable. .................................................... 20,000 Sales. ............................................................ 20,000 12/31/07 Interest Receivable. .................................................. 200 Interest Revenue. ......................................... 200 ($20,000 X 6% X 2/12) 5/1/08 Cash ..................................................................... 20,600 Notes Receivable. ........................................ 20,000 Interest Receivable. ...................................... 200 Interest Revenue. ......................................... 400 ($400 = $20,000 X 6% X 4/12) BRIEF EXERCISE 7-7 Notes Receivable. ........................................................................... 20,000 Discount on Notes Receivable. ........................................... 4,056 Cash. ................................................................................... 15,944 Discount on Notes Receivable. ....................................................... 1,913 Interest Revenue. ................................................................ 1,913 $15,944 X 12% = $1,913 Discount on Notes Receivable. ....................................................... 2,143 Interest Revenue. ................................................................ 2,143 ($15,944 + $1,913) X 12% = $2,143 Cash. ............................................................................................... ........................................................................................................ 20,000 1
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AIM 3331-OU1 Chapter 7 Notes Receivable. ............................................................... 20,000 EXERCISE 7-5 (15–20 minutes) (a) (1) June 3 Accounts Receivable—Chester. ......................................... 3,000 Sales. .......................................................................
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This note was uploaded on 08/06/2009 for the course BUSINESS 4444 taught by Professor Dr.dale during the Spring '09 term at University of Texas at Dallas, Richardson.

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solutions ch07 - AIM 3331-OU1 Chapter 7 BRIEF EXERCISE 7-6...

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