Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 60 4,500 8.00 6.80 7.25 7.00 120 950 95 1,250 a (l

60 4,500 8.00 6.80 7.25 7.00 120 950 95 1,250 A (LO2) note - Nov.0...

70.2K

Verified Solution

Question

Accounting

image
60 4,500 8.00 6.80 7.25 7.00 120 950 95 1,250 A (LO2) note - Nov.0 102 2,900 90 DETERMINING DUE DATE Determine the due date for the following, notes (Assume there are 28 days in February Date of Note August 12 September 1 January 3 March 18 June 11 May 17 Term of Note Due Date 90 days 60 120 200 38 03) st Rev.: $100 JOURNAL ENTRIES (NOTE RECEIVED, RENEWED, AND COLLECTED) Prepare general journal entries for the following transactions: Jan. 16 Received a 30-day, 6% note in payment for merchandise sale of S20,000 Feb. 15 Received $100 (interest) on the old (January 16) note; the old note is renewed for 30 days at 7%. Received a 60-day, 6% note in payment for accounts receivable balance of $8,000. Mar. 17 Received principal and interest on the new (February 15) note 19 May 18 Received $80 (interest) plus $1,000 principal on the old (March 19) notu the old note is renewed for 60 days (from May 18) at 6%. -17 Receiv

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students