Question

Places x Pellissi x < https:// X 3 Pelliss te * Assign * Zeus in x Apollox ourses/29183/assignments/2832696?module_item_id=9543273 View Policies Current Attempt in Progress Sandhill Co. has the following transactions related to notes receivable during the last 2 months of th not make entries to accrue interest except at December 31. Nov. 1 Loaned $64,800 cash to C. Bohr on a 12-month, 7% note. Dec. 11 Sold goods to K. R. Pine, Inc., receiving a $1,800, 90-day, 8% note. 16 Received a $19,200, 180-day, 12% note to settle an open account from A. Murdock. 31 Accrued interest revenue on all notes receivable. Journalize the transactions for Sandhill Co. (Omit cost of goods sold entries.) (Credit account titles when amount is entered. Do not indent manually. Record journal entries in the order presented in the pro calculation.) Date Account Titles and Explanation Debit

Answer 1

		in $
1-Nov-18	Loaned 64,800 to C. Bohr on 12 Month	64,800
	at 7% note	7%
	Monthly Interest	378
		in $
		Dr	Cr
1-Nov-18	Notes Receivable	64,800
	Cash		64,800
	Loaned 64,800 to C. Bohr on 12 Month,7% Note
31-Dec-18	Interest Receivable	756
	Interest Received		756
	Accrued Interest on Note for the year - 15 days
31-Oct-19	Cash	69,336
	To Notes Receivable		64,800
	To Interest Receivable		756
	To Interest Received		3,780
	Received Interest for last year & current year till 31st Oct with the Loan amount
		in $
16-Dec-18	Received 19,200 cash from A. Murdock, 180 days	19,200
	at 12% note	12%
	Monthly Interest	192
		in $
		Dr	Cr
16-Dec-18	Cash	19,200
	Notes Payable		19,200
	Received 19,200 from A. Murdock, 180 days at 12% Note
31-Dec-18	Interest Expense	96
	Interest Payable		96
	Accrued Interest on Note for the year - 15 days
15-Jun-19	Notes Payable	19,200
	Interest Payable	96
	Interest Expense	1,056
	To Cash		20,352
	Paid Interest for last year & current year till 15th Jun with the Loan amount