Problem 14-2A College Accounting 12edition I need a solution for this one. I nee
ID: 2466054 • Letter: P
Question
Problem 14-2A College Accounting 12edition I need a solution for this one. I need to figure out how to record in general journal. I need to also figure out how to record each note receivable in the notes receivable register. all notes are payable at all state bank and fill in the date paid after journaliz9ijng the receipt of payment of the note or fill in renewed or discounted when appropriate. need solutions please. Here are some of the transactions carried out by Geary Company this year. Jan 7 Sold merchandise on account to edge imports; 2/10, n/30; $2,835, feb 6 recieved a 30-day, 6percent note, dated this day, for $2,835 from Edge Imports on Account. March 8 Received payment from edge imports for the amount owed on its note of February 6. April 25 sold merchandise on account to katie's gift shop; 2/10, n/30; $3,460. May 25 received a 45 day, 5.75 percent note, dated May 25, for $3,460from Katie's Gift shop on account. July 9 katie's gift shop paid the interest on its note of may 25 and renewed the obligation by issuing a new 60-day, 6 percent note for $3,460, dated July 9. Sept. 7 Received a check from Katie's gift shop for the amount owed on its note of july 9. September 15 sold merchandise to reinhold, inc., for $4,898, receiving a 30-day, 6.25 percent note, dated this day (not preiously recorded.) Sept 25 discounted the note recived rom reinhold, inc, at all state bank; discount rate, 7 percent.
Explanation / Answer
Date Account Title & Description Ref Debit Credit Jan 7 edge imports 2835 merchndise (inventory) 2835 Feb 6 Note recieveble (6%) 2835 Edge imports 2835 Apr 25 For Katie gift shop 3460 Merchandise (Inventory) 3460 May 25 Note recievable 3460 On Katie gift shop balance 3460 June 9 Payment cash extented 3529 note recievable 3460 interest revenue 69 July 9 Interest recieved 198.95 katie gift shop 198.95 Note recieveable 207.6 goods purch extended (may 25) 207.6 Sept 7 Interest recieved 207.6 Katie gift shop (July 9) 207.6 Sept 15 Note recieveable 4.898 interest 306.12 Merchandise sold 5204.12 Sept 25 Discounted account 342.12 Note discounted 342.12