Chapter 1 Problem 6-20
May 1 Notes receivable 200,000
Accounts receivable 200,000
1 Notes receivable 300,000
Accounts receivable 300,000
July 30 Accounts receivable 206,000
Notes receivable 200,000
Interest income (200,000 x 12% x 90/360) 6,000
Aug. 1 Cash 306,075
Note receivable discounted 300,000
Interest income 6,075
Principal 300,000
Interest (300,000 x 12% x 6/12) 18,000
Maturity value 318,000
Less: Discount (318,000 x 15% x 3/12) 11,925
Net proceeds 306,075
Sept. 1 Notes receivable 132,000
Accounts receivable 120,000
Interest income 12,000
28 Cash 210,120
Accounts receivable 206,000
Interest income (206,000 x 12% x 60/360) 4,120
Oct. 1 Notes receivable 500,000
Sales 500,000
Nov. 1 Accounts receivable (318,000 + 12,000) 330,000
Cash 330,000
Notes receivable discounted 300,000
Notes receivable 300,000
Dec. 30 Cash 515,000
Notes receivable 500,000
Interest income (500,000 x 12% x 90/360 15,000
31 Cash 336,600
Accounts receivable 330,000
Interest income (330,000 x 12% x 2/12) 6,600
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