Science Technology and Society, Exercises of Mathematics

Download Science Technology and Society and more Exercises Mathematics in PDF only on Docsity! Neophyte Company Required: Debit Credit May-01 Notes receivable 200,000 Accounts receivable 200,000 Notes receivable 300,000 Accounts receivable 300,000 Jul-30 Accounts receivable 206,000 Notes receivable 200,000 Interest income (200,000*12%*90/360) 6,000 Aug-01 Cash 306,075 Loss on notes discounting 2,925 Notes receivable 300,000 Interest income 9,000 Principal 300,000 Interest (300k*12%*6/12) 18,000 Maturity value 318,000 Less: Discount (318,000*15%*3/12 11,925 Net proceeds 306,075 Principal 300,000 Interest (300k*12%*3/12) 9,000 Carrying amount of NR 309,000 Net proceeds 306,075 Less: Carrying amount of NR 309,000 Loss on discounting -2,925 Sep-01 Notes receivable 132,000 Accounts receivable 120,000 Interest income 12,000 28 Cash 210,120 Accounts receivable 206,000 Interest income (206k*12%*60/360) 4,120 Oct-01 Notes receivable 500,000 Sales 500,000