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    amf188's Avatar
    amf188 Posts: 1, Reputation: 1
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    #1

    Jun 21, 2010, 08:39 AM
    Cogg hill practice set answers
    In the Cogg Hill CAmping Practice Set on business paper #32, I''m am unsure of what amount to put. I know which accoutns to credit and debit. Do I put the whole amoutn within the persons account or do I have to do something with 12%... the actual statement on the document is - record the receipt of a 60-day, 12% note receivable from Mrs. K. Gragg in settlement of her account receivable.
    SHANTI69's Avatar
    SHANTI69 Posts: 6, Reputation: 0
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    #2

    Jan 23, 2011, 06:49 PM
    This website will help you http://www.practiceset123.webs.com
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #3

    Jan 23, 2011, 06:55 PM

    When you record a note receivable or payable the interest does not mean anything for the initial journal entry to record the amount of receivable or payable. The percentage rate for the interest only comes into play is when you have to compute the amount interest receivable or payable during the period.
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