Journalize the entries to record the transactions.

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 11RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...
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The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer Co. sells and installs home and business security systems

Jan. 3. Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8% note.

Feb. 10. Sold merchandise on account to Bradford & Co., $24,000. The cost of the mer-chandise sold was $14,400.

13. Sold merchandise on account to Dry Creek Co., $60,000. The cost of merchan-dise sold was $54,000.

Mar. 12. Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on account.

14. Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on account.

Apr. 3. Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account.

May 11. Received from Bradford & Co. the amount due on the note of March 12.

13. Dry Creek Co. dishonored its note dated March 14.

July 12. Received from Dry Creek Co. the amount owed on the dishonored note, plus interest for 60 days at 12% computed on the maturity value of the note.

Aug. 1. Received from Trina Gelhaus the amount due on her note of April 3.

Oct. 5. Sold merchandise on account to Halloran Co., $13,500. The cost of the merchandise sold was $8,100.

15. Received from Halloran Co. the amount of the invoice of October 5.

Instructions

Journalize the entries to record the transactions.

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