does anyone know accounting

Question

anonymous · Answer

yes... tell me..

toxicsugar22 · Answer

ok

toxicsugar22 · Answer

Can u help me 

Journalize the following transactions 

Mar. 1 Received a 30,000, 60-day, 6% note dated march 1 from Brasahaw Co. on account

toxicsugar22 · Answer

do u get it

anonymous · Answer

one sec

anonymous · Answer

bills receivable account dr. 
       Brashaw co. account

anonymous · Answer

ok?

toxicsugar22 · Answer

ok and is there some numbers that go after  it

anonymous · Answer

for now u will debit the b/r account with only 30000 since u have received only 30000 from the brasahaw co....the interest part of the entry will be when u actually receive the money.........

anonymous · Answer

fine??????

toxicsugar22 · Answer

Can u help me with this one

received a 225,00, 60-day, 9% note dated March 18 from Soto Co.on account

anonymous · Answer

are u doing the chapter on interest rates?or journal entries?

toxicsugar22 · Answer

yes

anonymous · Answer

then i think u need to calculate the interest portion of the amount as u wuold be entitled to the interest also once th bill becomes due.....

anonymous · Answer

then the entry would be....

anonymous · Answer

are u sure about the amount?????22500???

toxicsugar22 · Answer

sryy 25000

anonymous · Answer

if amount is 22500, then  the interest works upto 375 rupees....
then the entry is 
bills receivable account dr.   25375

toxicsugar22 · Answer

no its 25000

anonymous · Answer

to soto co. 25000
          to interest account 375

anonymous · Answer

i have calculated the interest on 25000 only.......check out the answer ......are u convinced?did u understand?

toxicsugar22 · Answer

yes

toxicsugar22 · Answer

one more 

The note dated March 1 from Bradshaw Co. is dishonored, and the customers account is charged for the note, including intrests

anonymous · Answer

reverse the entry............i.e.

anonymous · Answer

bradshaw co. dr....(amount)
       to bills receivable account....(amount)
       to notaries payable..............(amount)
you should have included the interest amount in the bill amount itself in the original entry.......i mean in the journal itself therefore bradshaw is liable to pay the interest amount also...did u understand?

toxicsugar22 · Answer

so how much is notaries payable

anonymous · Answer

that will be given in the problem, if the amount is not given then u can leave the entry blank......

anonymous · Answer

understood?

toxicsugar22 · Answer

ok

anonymous · Answer

r u preparing for 12th class,commerce?