WileyPlus Brief Exercise 9-9

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Exercise 9-9

Colaw Stores accepts both its own and national credit cards. During the year, the following selected summary transactions occurred.

Jan. 15		Made Colaw credit card sales totaling $18,000. (There were no balances prior to January 15.)
20		Made Visa credit card sales (service charge fee 2%) totaling $4,500.
Feb. 10		Collected $10,000 on Colaw credit card sales.
15		Added finance charges of 1.5% to Colaw credit card account balances.

(a) Journalize the transactions for Colaw Stores. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Jan. 15

Jan. 20


Feb. 10

Feb. 15

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(b)

Record the collection of the Lopez note at its maturity in 2015. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation.)

Date	Account Titles and Explanation	Debit	Credit

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Exercise 9-10 (Part level Submission)

Elburn Supply Co. has the following transactions related to notes receivable during the last 2 months of 2014. The company does not make entries to accrue interest except at December 31.

Nov. 1		Loaned $30,000 cash to Manny Lopez on a 12-month, 10% note.
Dec. 11		Sold goods to Ralph Kremer, Inc., receiving a $6,750, 90-day, 8% note.
16		Received a $4,000, 180 day, 9% note in exchange for Joe Fernetti’s outstanding accounts receivable.
31		Accrued interest revenue on all notes receivable.

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(a)


	Your answer is partially correct. Try again.

Journalize the transactions for Elburn Supply Co. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation. Round answers to 0 decimal places, e.g. 5,275.)

Date	Account Titles and Explanation	Debit	Credit
res_EAT_1356351536952_0_5049475226780609_002	Other Operating Expenses	30000
	Cash		30000
res_EAT_1356351536952_0_5049475226780609_020	Notes Receivable	6750
	Sales Revenue		6750
res_EAT_1356351536952_0_5049475226780609_038	Notes Receivable	4000
	Accounts Receivable		4000
res_EAT_1356351536952_0_5049475226780609_056	Interest Receivable	545
	Interest Revenue		545

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(b)

Record the collection of the Lopez note at its maturity in 2015. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation.)

Date	Account Titles and Explanation	Debit	Credit

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Show List of Accounts

4000

res_EAT_135635

Dec. 31

Interest Re

545

Interest Re

545

res_EAT_135635

Nov. 1

Other Operating E

30000

Cash

30000

res_EAT_135635

Dec. 11

Notes Rece

6750

Sales Reve

6750

res_EAT_135635

Dec. 16

Notes Rece

4000

Accounts R