24. From the following trial balance prepare trading account, profit and loss account, and balance sheet.
| TRIAL BALANCE | ||
| Proprietor (Investment) | $7,500.00 | |
| Bill Payable | 3,000.00 | |
| Accounts Payable | 1,550.00 | |
| Bank | $1,254.84 | |
| Accounts Receivable | 2,685.11 | |
| Bills Receivable | 3,860.00 | |
| Merchandise Inventory | 6,277.76 | |
| Furniture and Fixtures | 750.00 | |
| Purchases | 7,605.78 | |
| Expense | 1,416.30 | |
| Discount on Sales | 112.65 | |
| Interest | 44.20 | |
| Sales | 11,990.70 | |
| Cash | 122.46 | |
| ————— | ————— | |
| $24,084.90 | $24,084.90 | |
| Inventory at end of period $6,807.09. | ||
25. Give examples of the proper journal entries when the following transactions occur in respect to notes receivable:
When a note is received;
When a note is paid;
When a note is collected by the bank.
26. Complete the explanations of the following entries, and state under what circumstances they would be made:
| Bank | $199.00 | |
| Interest | 1.00 | |
| Bills Discounted | $200.00 | |
| Bills Discounted | 200.00 | |
| Bank | 200.00 | |
| Bills Receivable | 5.00 | |
| Bills Discounted | 1,000.00 | |
| Bank | 1,005.00 |
27. Make the proper journal entries under the following circumstances:
When a note is past due;
When a note is renewed;
When a renewed note has been discounted.
28. We buy from Marshall Field & Company a bill of dry goods, amounting to $978.40, and give them our note @ 60 days in payment. What entry?
29. Marshall Field & Company discount our note, and it is presented for payment by the Continental National Bank. We give our check in payment of the note, with interest @ 5%. How much do we pay, and what is the entry?