Notes receivable entries The following data relate to notes receivable and interest for Owens Co., a financial services company. (All notes are dated as of the day they are received.) Mar. 8. Received a $33,000, 5%, 60-day note on account. 31. Received an $80,000, 7%, 90-day note on account. May 7. Received $33,275 on note of March 8. 16. Received a $72,000, 7%, 90-day note on account. June 11. Received a $36,000, 6%, 45-day note on account. 29. Received $81,400 on note of March 31. July 26. Received $36,270 on note of June 11. Aug. 4. Received a $48,000, 9%, 120-day note on account. 14. Received $73,260 on note of May 16. Dec. 2. Received $49,440 on note of August 4. Instructions Journalize the entries to record the transactions.

BuyFind

Corporate Financial Accounting

15th Edition
Carl Warren + 1 other
Publisher: Cengage Learning
ISBN: 9781337398169
BuyFind

Corporate Financial Accounting

15th Edition
Carl Warren + 1 other
Publisher: Cengage Learning
ISBN: 9781337398169

Solutions

Chapter 8, Problem 8.5BPR
Textbook Problem

Notes receivable entries

The following data relate to notes receivable and interest for Owens Co., a financial services company. (All notes are dated as of the day they are received.)

Mar. 8. Received a $33,000, 5%, 60-day note on account.
  31. Received an $80,000, 7%, 90-day note on account.
May 7. Received $33,275 on note of March 8.
  16. Received a $72,000, 7%, 90-day note on account.
June 11. Received a $36,000, 6%, 45-day note on account.
  29. Received $81,400 on note of March 31.
July 26. Received $36,270 on note of June 11.
Aug. 4. Received a $48,000, 9%, 120-day note on account.
  14. Received $73,260 on note of May 16.
Dec. 2. Received $49,440 on note of August 4.

Instructions

Journalize the entries to record the transactions.

Expert Solution

Want to see the full answer?

Check out a sample textbook solution.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times vary by subject and question complexity. Median response time is 34 minutes and may be longer for new subjects.

Chapter 8 Solutions

Corporate Financial Accounting
Ch. 8 - Direct write-off method Journalize the following...Ch. 8 - Allowance method Journalize the following...Ch. 8 - Percent of sales method At the end of the current...Ch. 8 - Analysis of receivables method At the end of the...Ch. 8 - Note receivable Prefix Supply Company received a...Ch. 8 - Accounts receivable turnover and days sales in...Ch. 8 - Classifications of receivables The Boeing Company...Ch. 8 - Nature of uncollectible accounts MGM Resorts...Ch. 8 - Entries for uncollectible accounts, using direct...Ch. 8 - Entries for uncollectible receivables, using...Ch. 8 - Entries to write off accounts receivable Creative...Ch. 8 - Providing for doubtful accounts At the end of the...Ch. 8 - Number of days past due Toot Auto Supply...Ch. 8 - Aging of receivables schedule The accounts...Ch. 8 - Estimating allowance for doubtful accounts Evers...Ch. 8 - Adjustment for uncollectible accounts Using data...Ch. 8 - Estimating doubtful accounts Outlaw Bike Co. is a...Ch. 8 - Entry for uncollectible accounts Using the data in...Ch. 8 - Entries for bad debt expense under the direct...Ch. 8 - Entries for bad debt expense under the direct...Ch. 8 - Effect of doubtful accounts on net income During...Ch. 8 - Effect of doubtful accounts on net income Using...Ch. 8 - Entries for bad debt expense under the direct...Ch. 8 - Entries for bad debt expense under the direct...Ch. 8 - Determine due date and interest on notes Determine...Ch. 8 - Entries for notes receivable Valley Designs issued...Ch. 8 - Entries for notes receivable The series of five...Ch. 8 - Entries for notes receivable, including year-end...Ch. 8 - Entries for receipt and dishonor of note...Ch. 8 - Entries for receipt and dishonor of notes...Ch. 8 - Receivables on the balance sheet List any errors...Ch. 8 - Allowance method entries The following...Ch. 8 - Aging of receivables; estimating allowance for...Ch. 8 - Compare two methods of accounting for...Ch. 8 - Details of notes receivable and related entries...Ch. 8 - Notes receivable entries The following data relate...Ch. 8 - Sales and notes receivable transactions The...Ch. 8 - Allowance method entries The following...Ch. 8 - Aging of receivables; estimating allowance for...Ch. 8 - Compare two methods of accounting for...Ch. 8 - Details of notes receivable and related entries...Ch. 8 - Notes receivable entries The following data relate...Ch. 8 - Sales and notes receivable transactions The...Ch. 8 - Accounts Receivable Turnover and Number of Days...Ch. 8 - Analyze Ralph Lauren Ralph Lauren Corporation (RL)...Ch. 8 - Analyze L Brands L Brands, Inc. (LB) sells womens...Ch. 8 - Compare Ralph Lauren and L Brands Use the data in...Ch. 8 - Analyze DISH Network DISH Network Corporation...Ch. 8 - Ethics In Action Bud Lighting Co. is a retailer of...Ch. 8 - Ethics in Action Bev Wynn, vice p resident of...Ch. 8 - Communication On January 1, Xtreme Co. began...Ch. 8 - Estimate uncollectible accounts For several years,...

Additional Business Textbook Solutions

Find more solutions based on key concepts
How are the four areas of operations control interrelated?

Foundations of Business (MindTap Course List)

BREAKEVEN AND LEVERAGE Wingler Communications Corporation (WCC) produces premium stereo headphones that sell fo...

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)