Transactions: Nov. 14 Received a $4,800.00, 90-day, 9% note from Alan Albertson in payment of his account.
Dec. 31 Accrued interest on the Albertson note.
Feb. 12 Received the amount due from Albertson on his note.
Required:
Journalize the above transactions for Lucite Company. 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
CHART OF ACCOUNTS
Lucite Company
General Ledger
ASSETS
110 Cash
111 Petty Cash
121 Accounts Receivable-Alan Albertson
122 Accounts Receivable-Jim Dobbs
123 Accounts Receivable-John Groves
124 Accounts Receivable-Jan Lehn
125 Accounts Receivable-Jacob Marley
126 Accounts Receivable-Mr. Potts
127 Accounts Receivable-Chad Thomas
128 Accounts Receivable-Andrew Warren
129 Allowance for Doubtful Accounts
131 Interest Receivable
132 Notes Receivable-Alan Albertson
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
EXPENSES
510 Cost of Goods Sold
520 Salaries Expense
521 Advertising Expense
522 Depreciation Expense
523 Delivery Expense
524 Repairs Expense
531 Rent Expense
533 Insurance Expense
534 Supplies Expense
536 Credit Card Expense
537 Cash Short and Over
538 Bad Debt Expense
539 Miscellaneous Expense
710 Interest Expense
General Journal
Journalize the entry for the transaction on November 14. Refer to the Chart of Accounts for exact wording of account titles.
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JOURNAL
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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.
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JOURNAL
ACCOUNTING EQUATION
DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY
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Journalize the entry for the transaction on February 12. 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.
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JOURNAL
ACCOUNTING EQUATION
DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY
1
2
3
4