Sales and Notes Receivable Transactions Required: Journalize the entries to reco
ID: 2459614 • Letter: S
Question
Sales and Notes Receivable Transactions
Required:
Journalize the entries to record the transactions. Assume 360 days in a year. For a compound entry, if an amount box does not require an entry, leave it blank.
Jan. 3
Feb. 10-sale
Feb. 10-cost
Feb. 13-sale
Feb. 13-cost
Mar. 12
Mar. 14
Apr. 3
May 11
May 13
July 12
Aug. 1
Oct. 5-sale
Oct. 5-cost
Oct. 15
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Hint(s)
Journalize the entries to record the transactions. Assume 360 days in a year. For a compound entry, if an amount box does not require an entry, leave it blank.
Jan. 3
Feb. 10-sale
Feb. 10-cost
Feb. 13-sale
Feb. 13-cost
Mar. 12
Mar. 14
Apr. 3
May 11
May 13
July 12
Aug. 1
Oct. 5-sale
Oct. 5-cost
Oct. 15
Explanation / Answer
Date Account Title Debit Credit $ $ Jan 3 Note receivable 18,000 Cash 18,000 Feb 10 Accounts receivable 24,000 Sales 24,000 Cost of goods sold 14,400 Merchandise inventory 14,400 Feb 13 Accounts receivable 60,000 Sales 60,000 Cost of goods sold 54,000 Merchandise Inventory 54,000 March 12 Note receivable 24,000 Accounts receivable 24,000 March 14 Note receivable 60,000 Accounts receivable 60,000 April 3 Cash 360 Interest revenue 360 May 11 Cash 24,280 Note receivable 24,000 Interest revenue 280 May 13 No entry required July 12 Cash 62,118 Note receivable 60,000 Interest revenue 2,118 Aug 1 Cash 18,540 Note receivable 18,000 Interest revenue 540 October 5 Accounts receivable 13,500 Sales 13,500 Cost of goods sold 8,100 Merchandise inventory 8,100 October 15 Cash 13,230 Sales discount 270 Accounts receivable 13,500
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