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.
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.
129Allowance for Doubtful Accounts
192Accumulated Depreciation-Store Equipment
194Accumulated Depreciation-Office Equipment
213Sales Tax Payable
510Cost of Merchandise Sold
520Sales Salaries Expense
522Depreciation Expense-Store Equipmen
530Office Salaries Expense
532Depreciation Expense-Office Equipment
534Office Supplies Expense
535Store Supplies Expense
536Credit Card Expense
537Cash Short and Over
538Bad Debt 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