Journalize the following transactions for Lucite Company. Assume 360 days per year.
a. November 14: Received a $4,800.00, 90-day, 9% note from Alan Albertson in payment of his account.
b. December 31: Accrued interest on the Albertson note.
c. February 12: Received the amount due from Albertson on his note.
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Ответ:
a.
Date Account Title Debit Credit
Nov. 14 Note Receivable $4,800
Accounts Receivable $4,800
b.
Date Account Title Debit Credit
Dec, 14 Interest Receivable $56.40
Interest revenue $56.40
Working
= 4,800 * 9% * 47 days / 360
= $56.40
47 days is number of days from Nov. 14 to December 31.
c.
Date Account Title Debit Credit
Feb. 12 Cash $4,908
Interest receivable $56.40
Interest revenue $51.60
Notes Receivable $4,800
Working:
Cash = 4,800 + (4,800 * 90/360 * 9%)
= $4,908
Interest revenue = Cash - Interest receivable - Notes receivable
= 4,908 - 56.40 - 4,800
= $51.60
Ответ:
B. Criminal Court
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