Topic: Payroll and Promissory Notes Exercise 3-4 - Promissory NotesJournalize the following transactions of Constantino General Services.JuneReceived a 25-day 10% note as settlement for merchandise sold, P52,500.Issued a P36,000 45-day 6% note for money borrowed.23 Received a 60-day 16% note for P120,000 from an employee for money borrowed.25 Received a P45,000, 30-day non-interest-bearing note from a credit customer.26 Collected the note that matures today.130 Issued a P20, 000, 60-day 10% note for merchandise bought.July21 Paid the note that matures today.25 Collected the note that matures today.August22 Collected the note issued by the employee.29 Paid the note that matures today.- End -

July 26- Interest Receivable = 52,500 x 10% x (60/365) = 360 July 21- Interest Expense = 36,000 x 6%…

Journalize the following transactions of Constantino General Services. June Received a 25-day 10% note as settlement for merchandise sold, P52,500. Issued a P36,000 45-day 6% note for money borrowed. 1 23 Received a 60-day 16% note for P120,000 from an employee for money borrowed. Received a P45,000, 30-day non-interest-bearing note from a credit customer. 26 Collected the note that matures today. 25 30 Issued a P20, 000, 60-day 10% note for merchandise bought. July Paid the note that matures today. Collected the note that matures today. 21 25 August 22 Collected the note issued by the employee. Paid the note that matures today. 29

Journalize the following transactions of Constantino General Services. June Received a 25-day 10% note as settlement for merchandise sold, P52,500. Issued a P36,000 45-day 6% note for money borrowed. 1 23 Received a 60-day 16% note for P120,000 from an employee for money borrowed. Received a P45,000, 30-day non-interest-bearing note from a credit customer. 26 Collected the note that matures today. 25 30 Issued a P20, 000, 60-day 10% note for merchandise bought. July Paid the note that matures today. Collected the note that matures today. 21 25 August 22 Collected the note issued by the employee. Paid the note that matures today. 29

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter17: Accounting For Notes And Interest

Section: Chapter Questions

Problem 8SEA: JOURNAL ENTRIES (NOTE ISSUED FOR BANK LOAN) Prepare general journal entries for the following...

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