Record the following transactions for the Scott Company:Transactions:Nov.4Received a $6,500, 90-day, 6% note from Tim’s Co. in payment of the account.Dec.31Accrued interest on the Tim’s Co. note.Feb.2Received the amount due from Tim’s Co. on the note. Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. Assume a 360-day year when calculating interest. CHART OF ACCOUNTSScott CompanyGeneral Ledger ASSETS110Cash111Petty Cash121Accounts Receivable-Batson Co.122Accounts Receivable-Bynum Co.123Accounts Receivable-Calahan Inc.124Accounts Receivable-Dodger Co.125Accounts Receivable-Fronk Co.126Accounts Receivable-Miracle Chemical127Accounts Receivable-Solo Co.128Accounts Receivable-Tim’s Co.129Allowance for Doubtful Accounts131Interest Receivable132Notes Receivable-Tim’s Co.141Inventory145Supplies151Prepaid Insurance181Land191Equipment192Accumulated Depreciation LIABILITIES210Accounts Payable211Salaries Payable213Sales Tax Payable214Interest Payable215Notes Payable EQUITY310Common Stock311Retained Earnings312Dividends REVENUE410Sales610Interest Revenue Journalize the entry for the transaction on November 4. Refer to the Chart of Accounts for exact wording of account titles. JOURNALACCOUNTING EQUATION DATEDESCRIPTIONPOST. REF.DEBITCREDITASSETSLIABILITIESEQUITY1 2 Journalize the entry for the transaction on December 31. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. Assume a 360-day year when calculating interest. PAGE 1 JOURNALACCOUNTING EQUATION DATEDESCRIPTIONPOST. REF.DEBITCREDITASSETSLIABILITIESEQUITY1 2 Journalize the entry for the transaction on February 2. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. Assume a 360-day year when calculating interest. JOURNALACCOUNTING EQUATION DATEDESCRIPTIONPOST. REF.DEBITCREDITASSETSLIABILITIESEQUITY1 2 3 4

Notes receivable is a negotiable instrument. In this one-party agree to pay a certain amount to…

Answered: Record the following transactions for…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...

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Question

Record the following transactions for the Scott Company:

Transactions:
Nov.	4	Received a $6,500, 90-day, 6% note from Tim’s Co. in payment of the account.
Dec.	31	Accrued interest on the Tim’s Co. note.
Feb.	2	Received the amount due from Tim’s Co. on the note.

Required:

Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. Assume a 360-day year when calculating interest.

CHART OF ACCOUNTS

Scott Company

General Ledger

	ASSETS
110	Cash
111	Petty Cash
121	Accounts Receivable-Batson Co.
122	Accounts Receivable-Bynum Co.
123	Accounts Receivable-Calahan Inc.
124	Accounts Receivable-Dodger Co.
125	Accounts Receivable-Fronk Co.
126	Accounts Receivable-Miracle Chemical
127	Accounts Receivable-Solo Co.
128	Accounts Receivable-Tim’s Co.
129	Allowance for Doubtful Accounts
131	Interest Receivable
132	Notes Receivable-Tim’s Co.
141	Inventory
145	Supplies
151	Prepaid Insurance
181	Land
191	Equipment
192	Accumulated Depreciation

	LIABILITIES
210	Accounts Payable
211	Salaries Payable
213	Sales Tax Payable
214	Interest Payable
215	Notes Payable

	EQUITY
310	Common Stock
311	Retained Earnings
312	Dividends

	REVENUE
410	Sales
610	Interest Revenue

Journalize the entry for the transaction on November 4. Refer to the Chart of Accounts for exact wording of account titles.

JOURNAL

ACCOUNTING EQUATION

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1
2

Journalize the entry for the transaction on December 31. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. Assume a 360-day year when calculating interest.

PAGE 1

JOURNAL

ACCOUNTING EQUATION

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1
2

Journalize the entry for the transaction on February 2. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. Assume a 360-day year when calculating interest.

JOURNAL

ACCOUNTING EQUATION

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1
2
3
4

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