Reference no: EM133079328
Question - Notes Receivable Entries - The following data relate to notes receivable and interest for Owens Co., a financial services company. Assume a 360-day year. (All notes are dated as of the day they are received.)
Mar. 8. Received a $33,000, 5%, 60-day note on account.
Mar. 31. Received an $80,000, 7%, 90-day note on account.
May 7. Received $33,275 on note of March 8.
May 16. Received a $72,000, 7%, 90-day note on account.
June 11. Received a $36,000, 6%, 45-day note on account.
June 29. Received $81,400 on note of March 31.
July 26. Received $36,270 on note of June 11.
Aug. 4. Received a $48,000, 9%, 120-day note on account.
July 14. Received $73,260 on note of May 16.
Dec. 2. Received $49,440 on note of August 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.
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