Test 18A Journalize the following transactions for CPE Company. The journals are shown on pages 214 and 215 of this test. Refer to the loan payment schedule below when journalizing the December 1 transaction. Source documents are abbreviated as: receipt, R; memorandum, M. v QUESTION ASSETS Transactions Loan Payment Schedule COA Transactions: July Issued twenty 20-year, 6.5%, $5,000.00 bonds.. R334. Signed a 5-year, 6.0% note, $70,000.00. R335. 15 Issued 8,000 shares of $10.00 par value common stock at par value. R342. 20 Signed a 150-day, 10.5% note to Alaver Company for an extension of time on its account payable, $8,000.00. M64. 22 Sold 340 shares of 5.0%, $100.00 par value preferred stock at par value. R349. 30 Drew $12,300.00 on its line of credit. R364. Dec. 1 Paid cash for the December payment on the July 1 note payable, S1,353.30. C666. 2 Paid cash for the monthly payment on its line of credit: principal, $2,000.00, plus interest, $97.57. C668. 6. Issued 4,000 shares of $10.00 par value common stock at $16.00 per share. R443. 17 Paid cash for the maturity value of the July 20 note to Alaver Company, $8,000.00, plus interest. C676. 31 Paid cash for the semiannual interest on bonds. C692. PAGE 7 CASH RECEIPTS JOURNAL GENERAL ACCOUNTS SALES TAX SALES POST. DOC. NO. REF. DATE ACCOUNT TITLE RECEIVABLE SALES CREDIT PAYABLE DISCOUNT CASH DEBIT DEBIT CREDIT CREDIT CREDIT DEBIT Jul 1 R334 1 2 2
Test 18A Journalize the following transactions for CPE Company. The journals are shown on pages 214 and 215 of this test. Refer to the loan payment schedule below when journalizing the December 1 transaction. Source documents are abbreviated as: receipt, R; memorandum, M. v QUESTION ASSETS Transactions Loan Payment Schedule COA Transactions: July Issued twenty 20-year, 6.5%, $5,000.00 bonds.. R334. Signed a 5-year, 6.0% note, $70,000.00. R335. 15 Issued 8,000 shares of $10.00 par value common stock at par value. R342. 20 Signed a 150-day, 10.5% note to Alaver Company for an extension of time on its account payable, $8,000.00. M64. 22 Sold 340 shares of 5.0%, $100.00 par value preferred stock at par value. R349. 30 Drew $12,300.00 on its line of credit. R364. Dec. 1 Paid cash for the December payment on the July 1 note payable, S1,353.30. C666. 2 Paid cash for the monthly payment on its line of credit: principal, $2,000.00, plus interest, $97.57. C668. 6. Issued 4,000 shares of $10.00 par value common stock at $16.00 per share. R443. 17 Paid cash for the maturity value of the July 20 note to Alaver Company, $8,000.00, plus interest. C676. 31 Paid cash for the semiannual interest on bonds. C692. PAGE 7 CASH RECEIPTS JOURNAL GENERAL ACCOUNTS SALES TAX SALES POST. DOC. NO. REF. DATE ACCOUNT TITLE RECEIVABLE SALES CREDIT PAYABLE DISCOUNT CASH DEBIT DEBIT CREDIT CREDIT CREDIT DEBIT Jul 1 R334 1 2 2
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter18: Acquiring Capital For Growth And Development
Section18.1: Short-term Debt Financing
Problem 1OYO
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Transcribed Image Text:Test 18A
Journalize the following transactions for CPE Company. The journals are shown on pages 214 and 215 of this test. Refer to the loan payment schedule
below when journalizing the December 1 transaction. Source documents are abbreviated as: receipt, R; memorandum, M.
v QUESTION ASSETS
Transactions
Loan Payment Schedule
COA
Transactions:
July
Issued twenty 20-year, 6.5%, $5,000.00 bonds.. R334.
Signed a 5-year, 6.0% note, $70,000.00. R335.
15
Issued 8,000 shares of $10.00 par value common stock at par value. R342.
20
Signed a 150-day, 10.5% note to Alaver Company for an extension of time on its account payable, $8,000.00. M64.
22
Sold 340 shares of 5.0%, $100.00 par value preferred stock at par value. R349.
30
Drew $12,300.00 on its line of credit. R364.
Dec.
1
Paid cash for the December payment on the July 1 note payable, S1,353.30. C666.
2
Paid cash for the monthly payment on its line of credit: principal, $2,000.00, plus interest, $97.57. C668.
6.
Issued 4,000 shares of $10.00 par value common stock at $16.00 per share. R443.
17
Paid cash for the maturity value of the July 20 note to Alaver Company, $8,000.00, plus interest. C676.
31
Paid cash for the semiannual interest on bonds. C692.
PAGE 7
CASH RECEIPTS JOURNAL
GENERAL
ACCOUNTS
SALES TAX
SALES
POST.
DOC. NO.
REF.
DATE
ACCOUNT TITLE
RECEIVABLE
SALES CREDIT
PAYABLE
DISCOUNT
CASH DEBIT
DEBIT
CREDIT
CREDIT
CREDIT
DEBIT
Jul 1
R334
1
2
2
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