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Question

The following data relate to notes receivable and interest for CGH Cable Co., a cable manufacturer and supplier.

(All notes are dated as of the day they are received.)

Apr. 10.Received a $144,000, 5%, 60-day note on account.

May 15.Received a $270,000, 7%, 120-day note on account.

June 9.Received $145,200 on note of April 10

Aug. 22.Received a $150,000, 4%, 45-day note on account.

Sept. 12.Received $276,300 on note of May 15.

30.Received a $210,000, 8%, 60-day note on account.

Oct. 6.Received $150,750 on note of August 22.

18.Received a 120,000, 5%, 60-day note on account.

Nov. 29.Received $212,800 on note of September 30.

Dec. 17.Received $121,000 on note of October 18.

Required:

Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year when calculating interest.


CHART OF ACCOUNTS

CGH Cable Co.

General Ledger

ASSETS

110Cash

111Petty Cash

120Accounts Receivable

129Allowance for Doubtful Accounts

132Notes Receivable

141Merchandise Inventory

145Office Supplies

146Store Supplies

151Prepaid Insurance

181Land

191Store Equipment

192Accumulated Depreciation-Store Equipment

193Office Equipment

194Accumulated Depreciation-Office Equipment

LIABILITIES

210Accounts Payable

211Salaries Payable

213Sales Tax Payable

214Interest Payable

215Notes Payable

EQUITY

310Owner, Capital

311Owner, Drawing

312Income Summary

REVENUE

410Sales

610Interest Revenue

EXPENSES

510Cost of Merchandise Sold

520Sales Salaries Expense

521Advertising Expense

522Depreciation Expense-Store Equipmen

t523Delivery Expense

524Repairs Expense

529Selling Expenses

530Office Salaries Expense

531Rent Expense

532Depreciation Expense-Office Equipment

533Insurance Expense

534Office Supplies Expense

535Store Supplies Expense

536Credit Card Expense

537Cash Short and Over

538Bad Debt Expense

539Miscellaneous Expense

710Interest Expense


urnalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year when calculating interest.


JOURNAL ACCOUNTING EQUATION

DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY

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