QUESTION 3: Alphas Company had the following events during FY 2017: Mar. 1 – Accepted Bravo Company’s...

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Accounting

QUESTION 3:
Alphas Company had the following events during FY 2017:
Mar. 1 – Accepted Bravo Company’s 4 month, 9% note, assettlement of an outstanding $18,000 accounts receivable for goodssold in the prior year.
Mar. 15 – Sold, $27,200 of equipment (from merchandiseinventory) to Charlie Company and accepted 9 months, 6% note.
Mar. 21 – Loaned Delta Company $22,800 cash and accepted a 90days, 9% note.
June. 19 – Received payment from Delta Company.
July 1 – Received payment from Bravo Company.
Dec. 16 – Received payment from Charlie Company.
Alpha Company uses the periodic system for inventory sales andprepares quarterly adjusting entries. Use this information toprepare the compound General Journal entries (without explanation)for all events related to the notes. Students may add the companynames after the note receivable account names to further identifythe various subsidiary note transactions.
Calculations for any interest must be done on a standard 365 dayyear for notes where the term is set in days. Use whole months (orfractions thereof) for notes with term limits set in months oryears.
General Journal
Date
Accounts
Debit
Credit
Mar. 1
Mar. 15
Mar. 21
Mar. 31
June 19
June 30
July 1
Sept. 30
Dec. 16

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journal entries date particulars lf debit credit 1 mar bravo note receivable ac dr 18000 to account receivable ac 18000 being accepted note of bravos compant 9 note 15 mar charlie note receivable ac dr 27200 to sales account receivable ac 27200 being sold of equipment to charlie 21 mar delta note receivable ac dr 22800 to cash ac 22800 accepted 9 See Answer

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Date	Accounts	Debit	Credit
Mar. 1


Mar. 15


Mar. 21


Mar. 31


June 19




June 30


July 1



Sept. 30


Dec. 16