0% found this document useful (0 votes)
315 views1 page

Vain Company Requirement: Prepare Journal Entries On The Books of Assignor Debit Credit

Download as xlsx, pdf, or txt
Download as xlsx, pdf, or txt
Download as xlsx, pdf, or txt
You are on page 1/ 1

Vain Company

Requirement: Prepare journal entries on the books of assignor Debit Credit

Jul-01 Accounts receivable - assigned 800,000


Accounts receivable 800,000

1 Cash (640,000-24,000) 616,000


Service charge )3%*800,000) 24,000
Notes payable - bank 640,000

Aug-01 Interest expense (1%*640,000) 64,000


Notes payable - bank 413,600
Accounts receivable - assigned 420,000

Sep-01 Cash 91,336


Interest expense 2,264
Notes payable - bank 226,400
Accounts receivable - assigned 320,000

Accounts receivable 60,000


Accounts receivable - assigned 60,000

Bank loan 640,000


August 1 payment 413,600
Balance 226,400

Collection by bank 320,000


Less: Payment of loan 226,400
Intereset (1%*226,400) 2,264 228,664
Remittance from bank 91,336

You might also like