Splish Brothers Inc. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to accrue interest except at December 31. (Omit cost of goods sold entries.) Nov. 1 Loaned $66,600 cash to C. Bohr on a 12-month, 6% note. Dec. 11 Sold goods to K. R. Pine, Inc., receiving a $7,200, 90-day, 6% note. Dec. 16 Received a $9,600, 180-day, 8% note to settle an open account from A. Murdock. Dec. 31 Accrued interest revenue on all notes receivable.Journalize the transactions.

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05-07-2019
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Splish Brothers Inc. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to accrue interest except at December 31. (Omit cost of goods sold entries.) Nov. 1 Loaned $66,600 cash to C. Bohr on a 12-month, 6% note. Dec. 11 Sold goods to K. R. Pine, Inc., receiving a $7,200, 90-day, 6% note. Dec. 16 Received a $9,600, 180-day, 8% note to settle an open account from A. Murdock. Dec. 31 Accrued interest revenue on all notes receivable.Journalize the transactions.

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AyAyCapitan AyAyCapitan · Answer 1 · 2019-07-05T04:03:15+02:00

Answer:

Nov 1st

note receivable debit 66,600

cash credit 66,600

Dec 11th

note receivable debit 7,200

sales revenue credit 7,200

Dec 16th

note receivable debit 9,600

account receivable credit 9,600

Dec 31th (adjusting entry)

interest receivable debit 714

interest revenue credit 714

Explanation:

(this calculation are done assuming 360 days year)

Nov 1st 66,600 6% interest at Dec 31th = 66,600 x 0.06 * (2/12) = $666

Dec 11th 7,200 90 days note 6% at Dec 31th = 7,200 x 0.06 x (20/360) = $24

Dec 16 9,600 6% 180 days at Dec 31th = 9,600 x 0.06 x (15/360) = $24

Total interest 666+24+24 = 714

abiolataiwo2015 abiolataiwo2015 · Answer 2 · 2021-11-04T13:33:13+01:00

The appropriate Journal entries to record Splish Brothers Inc transactions are:

Splish Brothers Inc Journal entries

1-Nov

Debit Notes Receivable - C. Bohr $66,600

Credit Cash $66,600

(To record the money lend on note receivable)

11-Dec

Debit Notes Receivable - K. R. Pine, Inc. $7,200

Credit Cash $7,200

(To record the goods sold and notes receivable received)

16-Dec

Debit Notes Receivable - A. Murdock $9,600

Credit Accounts Receivable - A. Murdock $9,600

(To record notes received for settling account receivable)

31-Dec

Debit Interest Receivable $730

($666+$24+$40)

Credit Interest Revenue $666

($66,600×6%×2/12)

Credit Interest Revenue $24

($7,200×6%×20/360)

Credit Interest Revenue $40

($12,000×8%×15/360)

(To record accrued interest)

Bohr Note from 1st Nov to 31st Dec=2 months

Pine Note from 11th Dec to 31st Dec=20 days

Murdock from 16th Dec to 31st Dec= 15 days

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