Sheffield Corp. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to accrue interest except at December 31.
Nov. 1 Loaned $72,000 cash to C. Bohr on a 12-month, 11% note.
Dec. 11 Sold goods to K. R. Pine, Inc., receiving a $3,600, 90-day, 6% note.
16 Received a $11,700, 180-day, 7% note to settle an open account from A. Murdock.
31 Accrued interest revenue on all notes receivable.
Required:
Journalize the transactions for Sheffield Corp.
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Sheffield Corp. has the following transactions related to notes receivable during the last 2 months...
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