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The following data relate to notes receivable and interest for Optic Co., a cable manufacturer and supplier. (All notes are dated as of the day they are received.)

June 10. Received a $15,000, 9%, 60-day note on account.

July 13. Received a $54,000, 10%, 120-day note on account.

Aug. 9. Received $15,225 on note of June 10.

Sept. 4. Received a $24,000, 9%, 60-day note on account.

Nov. 3. Received $24,360 on note of September 4.

5. Received a $24,000, 7%, 30-day note on account.

10. Received $55,800 on note of July 13.

30. Received a $15,000, 10%, 30-day note on account.

Dec. 5. Received $24,140 on note of November 5.

30. Received $15,125 on note of November 30.

Instructions

Journalize entries to record the transactions. 

Accounting Basics, Accounting

  • Category:- Accounting Basics
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