at Fresnos ×/ D CH 8 Assignment × D Check Your Wor C | ? ezto.mheducation.com/hm
ID: 2512253 • Letter: A
Question
at Fresnos ×/ D CH 8 Assignment × D Check Your Wor C | ? ezto.mheducation.com/hm.tpx The following transactions took place for Parker's Grocery Jan. 1 Loaned $55,000 to a cashier of the company and received back a one-year, 9 percent note. b. June c. Dec. 31 Received interest on the note. (No interest has been recorded since June 30.) d. Dec. 31 Received principal on the note. ed interest on the note. Required: Prepare the journal entries that Parker's Grocery would record for the above transactions. (f no entry is required for a transactionlevent, select "No Journal Entry Required" in the first acqnt field.) View transaction list Journal entry worksheet 3 Record the receipt of a note on January 1 for a $55,000 loan to an employee. Note: Enter debits before credits. Date General Journal DebitC Credit Jan 01 Record entry Clear entry View general journal P[1) (3).pptx TEAM EVALUATION F...docxCH8PP(1) (2)pptx CH 8 PP(1) (1)pptExplanation / Answer
Answer
Notes receivables amount
$55000
Interest rate
9%
Annual Interest [55000 x 9%]
$4950
Interest till 30 June [6 months] [4950 x6/12]
$2475
Interest from 1 July to 31 Dec [4950 x6/12]
$2475
Date
General Journal
Debit
Credit
01-Jan
Notes Receivables
$ 55,000.00
Cash
$ 55,000.00
(notes received)
30-Jun
Interest receivables
$ 2,475.00
Interest Revenue
$ 2,475.00
(Accrued interest on that note)
31-Dec
Cash
$ 4,950.00
Interest revenue
$ 2,475.00
Interest receivables
$ 2,475.00
(receipt of interest)
31-Dec
Cash
$ 55,000.00
Notes Receivables
$ 55,000.00
(Principal received)
Notes receivables amount
$55000
Interest rate
9%
Annual Interest [55000 x 9%]
$4950
Interest till 30 June [6 months] [4950 x6/12]
$2475
Interest from 1 July to 31 Dec [4950 x6/12]
$2475
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