ACCT 220 Alpha Company had the following events during FY 2017

ACCT 220 Alpha Company had the
following events during FY 2017
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220-alpha-company-had-the-followingevents-during-fy-2017/
Question 3
Alpha Company had the following events during FY 2017:
Date: Event:
Mar. 1 Accepted Bravo Company's 4 month, 9% note, as settlement of an outstanding $18,000
accounts receivable for goods sold in the prior year.
Mar. 15 Sold, $27,200 of equipment (from merchandise inventory) to Charlie Company and accepted a
9 months, 6% note.
Mar. 21 Loaned Delta Company $22,800 cash and accepted a 90 days, 9% note.
June 19 Received payment from Delta Company.
July 1
Received payment from Bravo Company.
Dec. 16 Received payment from Charlie Company.
Alpha Company uses the periodic system for inventory sales and prepares quarterly adjusting entries.
Use this information to prepare the compound General Journal entries (without explanation) for all
events related to the notes. Students may add the company names after the notes receivable account
names to further identify the various subsidiary note transactions.
Calculations for any interest must be done on a standard 360 day year for notes where the term is set
in days. Use whole months (or fractions thereof) for notes with term limits set in months or years.