The following data relate to notes receivable and interest for Owens Co., a financial services company

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.


Answer:

Mar. 8 Notes Receivable 33,000
Accounts Receivable 33,000
31 Notes Receivable 80,000
Accounts Receivable 80,000
May 7 Cash 33,275
Notes Receivable 33,000
Interest Revenue 275
16 Notes Receivable 72,000
Accounts Receivable 72,000
June 11 Notes Receivable 36,000
Accounts Receivable 36,000
29 Cash 81,400
Notes Receivable 80,000
Interest Revenue 1,400
July 26 Cash 36,270
Notes Receivable 36,000
Interest Revenue 270
Aug. 4 Notes Receivable 48,000
Accounts Receivable 48,000
14 Cash 73,260
Notes Receivable 72,000
Interest Revenue 1,260
Dec. 2 Cash 49,440
Notes Receivable 48,000
Interest Revenue 1,440