Question

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.) Assume 360 days in a year.

Mar. 8.		Received a $72,000, 9%, 60-day note on account.
31.		Received a $8,400, 8%, 90-day note on account.
May 7.		Received $73,080 on note of March 8.
16.		Received a $58,800, 7%, 90-day note on account.
June 11.		Received a $18,000, 6%, 30-day note on account.
29.		Received $8,568 on note of March 31.
July 11.		Received $18,090 on note of May 31.
Aug. 4.		Received a $2,400, 12%, 30-day note on account.
Aug. 14.		Received $59,829 on note of May 16.
Sep. 3.		Received $2,424 on note of Aug. 4.

Required:

Journalize the entries to record the transactions. For a compound transactions, if an amount box does not require an entry, leave it blank.

Mar. 8	Notes Receivable
	Accounts Receivable
Mar. 31	Notes Receivable
	Accounts Receivable
May 7	Cash
	Notes Receivable
	Interest Revenue
May 16	Notes Receivable
	Accounts Receivable
June 11	Notes Receivable
	Accounts Receivable
June 29	Cash
	Notes Receivable
	Interest Revenue
July 11	Cash
	Notes Receivable
	Interest Revenue
Aug. 4	Notes Receivable
	Accounts Receivable
Aug. 14	Cash
	Notes Receivable
	Interest Revenue
Sep. 3	Cash
	Notes Receivable
	Interest Revenue

Answer 1

Mar. 8	Notes Receivable	72000
	Accounts Receivable		72000
Mar. 31	Notes Receivable	8400
	Accounts Receivable		8400
May-7	Cash	73080
	Notes Receivable		72000
	Interest Revenue		1080
May-16	Notes Receivable	58800
	Accounts Receivable		58800
Jun-11	Notes Receivable	18000
	Accounts Receivable		18000
Jun-29	Cash	8568
	Notes Receivable		8400
	Interest Revenue		168
July-11	Cash	18090
	Notes Receivable		18000
	Interest Revenue		90
Aug. 4	Notes Receivable	2400
	Accounts Receivable		2400
Aug. 14	Cash	59829
	Notes Receivable		58800
	Interest Revenue		1029
Sep. 3	Cash	2424
	Notes Receivable		2400
	Interest Revenue		24