Notes Receivable and Notes Receivable Discounted
P7-9Â Â Â Â Â Â Â Â The following notes receivable transactions occurred for the Harris Company during the last three months of the current year. (Assume all notes are dated the day the transaction occurred.)
Oct.     9          Received a $5,000, 12%, 60-day note from K. Weedon, a customer. Oct.  12            Received a $6,000, 10%, 90-day note from M. Black, a customer. Oct.  15            Discounted the Weedon note with recourse at the bank at 14%.
Nov.  11                Discounted the Black note with recourse at the bank at 15%.
Nov.  16          Received an $8,000, 12%, 60-day note from B. Butcher, a customer. Nov.  20            Received a $6,000, 11%, 120-day note from D. Goldman, a  customer. Dec.          1            Received a $9,000, 13%, 60-day note from S. Lambert, a customer.
Dec.    8          Received notice that the Weedon note was paid at maturity.
Dec.  10                 Discounted the Goldman note with recourse at the bank at  13%.
Â
Answers
Status NEW
Posted 26 Apr 2017 08:04 AM
My Price 7.00
-----------
Attachments
file 1493194619-1311795_1_636286872406208394_Notes-Discounted-Journal-.xlsx preview (358 words )
13-----------117-----------95&-----------amp-----------;am-----------p;i-----------nfo-----------Id=-----------406-----------819-----------P7------------9 ----------- Â-----------  ----------- Â-----------  ----------- N-----------ote-----------s -----------Rec-----------eiv-----------abl-----------e -----------and----------- N-----------ote-----------s -----------Rec-----------eiv-----------abl-----------e -----------Dis-----------cou-----------nte-----------d -----------The----------- fo-----------llo-----------win-----------g n-----------ote-----------s r-----------ece-----------iva-----------ble----------- tr-----------ans-----------act-----------ion-----------s o-----------ccu-----------rre-----------d f-----------or -----------the----------- Ha-----------rri-----------s C-----------omp-----------any----------- du-----------rin-----------g t-----------he -----------las-----------t t-----------hre-----------e m-----------ont-----------hs -----------of -----------the----------- cu-----------rre-----------nt -----------yea-----------r. -----------(As-----------sum-----------e a-----------ll -----------not-----------es -----------are----------- da-----------ted----------- th-----------e d-----------ay -----------the----------- tr-----------ans-----------act-----------ion----------- oc-----------cur-----------red-----------.)O-----------ct.----------- Â-----------  ----------- Â----------- 9----------- Â-----------  ----------- Â-----------  ----------- Â-----------  ----------- -----------Rec-----------eiv-----------ed -----------a $-----------5,0-----------00,----------- 12-----------%, -----------60------------day----------- no-----------te -----------fro-----------m K-----------. W-----------eed-----------on,----------- a -----------cus-----------tom-----------er.----------- Oc-----------t.Â----------- Â----------- 12----------- Â-----------  ----------- Â-----------  ----------- Â-----------  ----------- Â-----------  -----------
Not Rated(0)