toxicsugar22
  • toxicsugar22
does anyone know accounting
Mathematics
schrodinger
  • schrodinger
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anonymous
  • anonymous
yes... tell me..
toxicsugar22
  • toxicsugar22
ok
toxicsugar22
  • toxicsugar22
Can u help me Journalize the following transactions Mar. 1 Received a 30,000, 60-day, 6% note dated march 1 from Brasahaw Co. on account

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toxicsugar22
  • toxicsugar22
do u get it
anonymous
  • anonymous
one sec
anonymous
  • anonymous
bills receivable account dr. Brashaw co. account
anonymous
  • anonymous
ok?
toxicsugar22
  • toxicsugar22
ok and is there some numbers that go after it
anonymous
  • anonymous
for now u will debit the b/r account with only 30000 since u have received only 30000 from the brasahaw co....the interest part of the entry will be when u actually receive the money.........
anonymous
  • anonymous
fine??????
toxicsugar22
  • toxicsugar22
Can u help me with this one received a 225,00, 60-day, 9% note dated March 18 from Soto Co.on account
anonymous
  • anonymous
are u doing the chapter on interest rates?or journal entries?
toxicsugar22
  • toxicsugar22
yes
anonymous
  • anonymous
then i think u need to calculate the interest portion of the amount as u wuold be entitled to the interest also once th bill becomes due.....
anonymous
  • anonymous
then the entry would be....
anonymous
  • anonymous
are u sure about the amount?????22500???
toxicsugar22
  • toxicsugar22
sryy 25000
anonymous
  • anonymous
if amount is 22500, then the interest works upto 375 rupees.... then the entry is bills receivable account dr. 25375
toxicsugar22
  • toxicsugar22
no its 25000
anonymous
  • anonymous
to soto co. 25000 to interest account 375
anonymous
  • anonymous
i have calculated the interest on 25000 only.......check out the answer ......are u convinced?did u understand?
toxicsugar22
  • toxicsugar22
yes
toxicsugar22
  • toxicsugar22
one more The note dated March 1 from Bradshaw Co. is dishonored, and the customers account is charged for the note, including intrests
anonymous
  • anonymous
reverse the entry............i.e.
anonymous
  • anonymous
bradshaw co. dr....(amount) to bills receivable account....(amount) to notaries payable..............(amount) you should have included the interest amount in the bill amount itself in the original entry.......i mean in the journal itself therefore bradshaw is liable to pay the interest amount also...did u understand?
toxicsugar22
  • toxicsugar22
so how much is notaries payable
anonymous
  • anonymous
that will be given in the problem, if the amount is not given then u can leave the entry blank......
anonymous
  • anonymous
understood?
toxicsugar22
  • toxicsugar22
ok
anonymous
  • anonymous
r u preparing for 12th class,commerce?

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