Question

Current Attempt in Progress Oriole 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 $54,600 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, 7% note. 16 Received a $14,400, 180-day, 6% note to settle an open account from A Murdock 31 Accrued interest revenue on all notes receivable. Journalize the transactions for Oriole 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 title and explanation	Debit	Credit
Nov 1	Notes receivable-C.Bohr	54600
	Cash		54600
Dec 11	Notes receivable-K.R.Pine	1800
	Sales revenue		1800
Dec 16	Notes receivable-A.Murdock	14400
	Account receivable		14400
Dec 31	Interest receivable (54600*7%*60/360+1800*7%*20/360+14400*6%*15/360)	680
	Interest revenue		680