Question

narks Window Help 75% learn.wileyplus.com oridan Co. has the following transactions related to notes receivable during the last 2 months of the year. The compan crue interest except at December 31. eridan Co. Has The Following v. 1 Loaned $55,800 cash to C. Bohr on a 12-month, 5% note. 20. 11 Sold goods to K. R. Pine, Inc., receiving a $5,400, 90-day, 6% 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. ournalize the transactions for Sheridan Co. (Omit cost of goods sold entries) (Credit account titles are automatically inc stored. Do not indent manually. Record journal entries in the order presented in the problem. Use 360 days for cala Account Titles and Explanation Date Nov. 13 Debit Credit 55800 Cash 55800 Dec. 11 : Notes Receivable Sales Revenue 5400 Dec. 16 Notes Receivable Accounts Receivable Dec. 31 Interest Receivable Interest Revenue

Answer 1

Nov 1	Notes Receivable	55800
	Cash		55800
Dec 11	Notes Receivable	5400
	Sales Revenue		5400
Dec 16	Notes Receivable	19200
	Accounts Receivable		19200
Dec 31	Interest Receivable	579
	Interest Revenue		579
	Workings:
	C. Bohr Note	465		=55800*5%*2/12
	K.R.Pine Inc. Note	18		=5400*6%*20/360
	A. Murdock Note	96		=19200*12%*15/360
	Interest Receivable	579