Question

Moses Supply Co. 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 $60,000 cash to C. Bohr on a 12-month, 7% note. Dec. 11 Sold goods to K. R. Pine, Inc., receiving a $3,600,90-day, 8% note. 16 Received a $12,000, 180-day, 9% note to settle an open account from A. Murdock. 31 Accrued interest revenue on all notes receivable. Journalize the transactions for Moses Supply Co. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Use 360 days for calculation.) Date Account Titles and Explanation Debit Credit

Answer 1

Journal entries

date	account and explanation	Debit	Credit
Nov 1	Notes receivable-C.Bohr	60000
	Cash		60000
Dec 11	Notes receivable-K.R.Pine Inc	3600
	Sales revenue		3600
Dec 16	Notes receivable-A.Murdock	12000
	Account receivable		12000
Dec 31	Interest receivable	761
	Interest revenue (		761