Transactions: Apr. 30 Issued a $198,000, 30-day, 6% note dated April 30 to Misner Co. on account. May 30 Paid Misner Co. the amount owed on the note dated April 30. Required: Journalize the above transaction, assuming a 360-day year is used for interest calculations. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable 115 Inventory 116 Supplies 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation-Office Equipment LIABILITIES 211 Accounts Payable-Batson Company 212 Accounts Payable-Jergens Inc. 213 Accounts Payable-Misner Co. 214 Accounts Payable-Scotland Company 221 Notes Payable-Batson Company 222 Notes Payable-Jergens Inc. 223 Notes Payable-Misner Co. 224 Notes Payable-Scotland Company 231 Interest Payable 241 Salaries Payable 242 Social Security Tax Payable 243 Medicare Tax Payable 244 Employees Federal Income Tax Payable 245 Employees State Income Tax Payable 251 Medical Insurance Payable 252 Vacation Pay Payable 253 Retirement Savings Deductions Payable 254 Union Dues Payable 261 Federal Unemployment Tax Payable 262 State Unemployment Tax Payable 271 Product Warranty Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 520 Salaries Expense 525 Delivery Expense 526 Repairs Expense 531 Rent Expense 533 Insurance Expense 534 Supplies Expense 535 Payroll Tax Expense 536 Vacation Pay Expense 538 Cash Short and Over 539 Product Warranty Expense 541 Depreciation Expense-Building 542 Depreciation Expense-Office Equipment 590 Miscellaneous Expense 710 Interest Expense Journalize the transaction, assuming a 360-day year is used for interest calculations. Refer to the Chart of Accounts for exact wording of account titles. JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5
Transactions: Apr. 30 Issued a $198,000, 30-day, 6% note dated April 30 to Misner Co. on account. May 30 Paid Misner Co. the amount owed on the note dated April 30. Required: Journalize the above transaction, assuming a 360-day year is used for interest calculations. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable 115 Inventory 116 Supplies 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation-Office Equipment LIABILITIES 211 Accounts Payable-Batson Company 212 Accounts Payable-Jergens Inc. 213 Accounts Payable-Misner Co. 214 Accounts Payable-Scotland Company 221 Notes Payable-Batson Company 222 Notes Payable-Jergens Inc. 223 Notes Payable-Misner Co. 224 Notes Payable-Scotland Company 231 Interest Payable 241 Salaries Payable 242 Social Security Tax Payable 243 Medicare Tax Payable 244 Employees Federal Income Tax Payable 245 Employees State Income Tax Payable 251 Medical Insurance Payable 252 Vacation Pay Payable 253 Retirement Savings Deductions Payable 254 Union Dues Payable 261 Federal Unemployment Tax Payable 262 State Unemployment Tax Payable 271 Product Warranty Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 520 Salaries Expense 525 Delivery Expense 526 Repairs Expense 531 Rent Expense 533 Insurance Expense 534 Supplies Expense 535 Payroll Tax Expense 536 Vacation Pay Expense 538 Cash Short and Over 539 Product Warranty Expense 541 Depreciation Expense-Building 542 Depreciation Expense-Office Equipment 590 Miscellaneous Expense 710 Interest Expense Journalize the transaction, assuming a 360-day year is used for interest calculations. Refer to the Chart of Accounts for exact wording of account titles. JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5
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 13P: Notes Receivable Transactions The following notes receivable transactions occurred for Harris...
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Question
Transactions: | ||
Apr. | 30 | Issued a $198,000, 30-day, 6% note dated April 30 to Misner Co. on account. |
May | 30 | Paid Misner Co. the amount owed on the note dated April 30. |
Required: | |
Journalize the above transaction, assuming a 360-day year is used for interest calculations. Refer to the Chart of Accounts for exact wording of account titles. |
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Journalize the transaction, assuming a 360-day year is used for interest calculations. Refer to the Chart of Accounts for exact wording of account titles.
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