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yes... tell me..
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
do u get it
bills receivable account dr. Brashaw co. account
ok and is there some numbers that go after it
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.........
Can u help me with this one received a 225,00, 60-day, 9% note dated March 18 from Soto Co.on account
are u doing the chapter on interest rates?or journal entries?
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.....
then the entry would be....
are u sure about the amount?????22500???
if amount is 22500, then the interest works upto 375 rupees.... then the entry is bills receivable account dr. 25375
no its 25000
to soto co. 25000 to interest account 375
i have calculated the interest on 25000 only.......check out the answer ......are u convinced?did u understand?
one more The note dated March 1 from Bradshaw Co. is dishonored, and the customers account is charged for the note, including intrests
reverse the entry............i.e.
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?
so how much is notaries payable
that will be given in the problem, if the amount is not given then u can leave the entry blank......
r u preparing for 12th class,commerce?