Business, 28.03.2020 01:54 emmalucilleblaha1995
Elburn Supply Co. has the following transactions related to notes receivable during the last 2 months of 2015. The company does not make entries to accrue interest except at December 31.
Nov. 1 Loaned $30,000 cash to Manny Lopez on a 12-month, 10% note.
Dec. 11 Sold goods to Ralph Kremer, Inc., receiving a $6,750, 90-day, 8% note.
16 Received a $4,000, 180 day, 9% note in exchange for Joe Fernetti’s outstanding accounts receivable.
31 Accrued interest revenue on all notes receivable.
Journalize the transactions for Elburn Supply Co. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation. Round answers to 0 decimal places, e. g. 5,275.)
Date
Account Titles and Explanation
Debit
Credit
Nov 1st
Dec 11th
Dec 16th
Dec 31st
Record the collection of the Lopez note at its maturity in 2016. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation.)
Date
Account Titles and Explanation
Debit
Credit
Nov 1st
Answers: 3
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Elburn Supply Co. has the following transactions related to notes receivable during the last 2 month...
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