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The following data relate to notes receivable and interest for CGH Cable Co., a cable manufacturer and supplier. (All notes are dated as of the day they are received.) Apr. 10. Received a $135,600, 5%, 60-day note on account. May 15. Received a $252,900, 7%, 120-day note on account. June 9. Received $136,730 on note of April 10. Aug. 22. Received a $110,800, 3%, 45-day note on account. Sept. 12. Received $258,801 on note of May 15. 30. Received a $183,600, 8%, 60-day note on account. Oct. 6. Received $111,216 on note of August 22. 18. Received a 142,200, 5%, 60-day note on account. Nov. 29. Received $186,048 on note of September 30. Dec. 17. Received $143,385 on note of October 18.

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Jamar Ferry
Jamar FerryLv2
28 Sep 2019

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Jan. 3 Loaned $21,600 cash to Trina Gelhaus, receiving a 90-day,7% note. Feb. 10 Sold merchandise on account to Bradford & Co.,$26,400. The cost of the goods sold was $15,840. 13 Soldmerchandise on account to Dry Creek Co., $63,600. The cost of goodssold was $57,240. Mar. 12 Accepted a 60-day, 8% note for $26,400from Bradford & Co. on account. 14 Accepted a 60-day, 9% notefor $63,600 from Dry Creek Co. on account. Apr. 3 Received theinterest due from Trina Gelhaus and a new 120-day, 9% note as arenewal of the loan of January 3. (Record both the debit and thecredit to the notes receivable account.) May 11 Received fromBradford & Co. the amount due on the note of March 12. 13 DryCreek Co. dishonored its note dated March 14. July 12 Received fromDry Creek Co. the amount owed on the dishonored note, plus interestfor 60 days at 12% computed on the maturity value of the note. Aug.1 Received from Trina Gelhaus the amount due on her note of April3. Oct. 5 Sold merchandise on account, terms 2/10, n/30, toHalloran Co., $12,500. Record the sale net of the 2% discount. Thecost of the goods sold was $7,500. 15 Received from Halloran Co.the amount of the invoice of October 5, less 2% discount.

The following selected transactions are from OhlmeyerCompany.

2012

Dec. 16 Accepted a $10,800, 60-day, 8% note dated this day ingranting Danny Todd a time extension on his past-due accountreceivable.

Dec. 31 Made an adjusting entry to record the accrued intereston the Todd note.

2013

Feb. 14 Received Todays payment of principal and interest on thenote dated December 16.

Mar. 2 Accepted an $6,100, 8%, 90-day note dated this day ingranting a time extension on the past-due account receivable fromMidnight Co.

Mar.17 Accepted a $2,400, 30-day, 7% note dated this day ingranting Ava Privet a time extension on her past-due accountreceivable.

Apr. 16 Privet dishonored her note when presented for payment.June 2 Midnight Co. refuses to pay the note that was due toOhlmeyer Co. on

May 31. Prepare the journal entry to charge the dishonored noteplus accrued interest to Midnight Co.s accounts receivable.

July 17 Received payment from Midnight Co. for the maturityvalue of its dishonored note plus interest for 46 days beyondmaturity at 8%.

Aug. 7 Accepted an $7,450, 90-day, 10% note dated this day ingranting a time extension on the past-due account receivable ofMulan Co. Sept. 3 Accepted a $2,100, 60-day, 10% note dated thisday in granting Noah Carson a time extension on his past-dueaccount receivable.

Nov. 2 Received payment of principal plus interest from Carsonfor the September 3 note.

Nov. 5 Received payment of principal plus interest from Mulanfor the August 7 note.

Dec. 1 Wrote off the Privet account against Allowance forDoubtful Accounts

The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer Co. sells and installs home and business security systems. Jan. 3. Loaned $21,600 cash to Trina Gelhaus, receiving a 90-day, 8% note. Feb. 10. Sold merchandise on account to Bradford & Co., $25,200. The cost of the merchandise sold was $15,120. 13. Sold merchandise on account to Dry Creek Co., $55,200. The cost of merchandise sold was $49,680. Mar. 12. Accepted a 60-day, 8% note for $25,200 from Bradford & Co. on account. 14. Accepted a 60-day, 9% note for $55,200 from Dry Creek Co. on account. Apr. 3. Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account.) May 11. Received from Bradford & Co. the amount due on the note of March 12. 13. Dry Creek Co. dishonored its note dated March 14. July 12. Received from Dry Creek Co. the amount owed on the dishonored note, plus interest for 60 days at 12% computed on the maturity value of the note. Aug. 1. Received from Trina Gelhaus the amount due on her note of April 3. Oct. 5. Sold merchandise on account to Halloran Co., $14,500, net/30. The cost of the merchandise sold was $8,700. 15. Received from Halloran Co. the amount of the invoice of October 5.

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