Question

Quick Running Shoes reports the following Click the icon to view the information) Journalize all entries required for Quick Running Shoes (Record debits first, then credits. Select the explanation on the last line of the journal entry table) Feb. 6. 2018Recorded credit sales of $107.000. Ignore Cost of Goods Sold Date Accounts and Explanation Debit Credit 2018 Feb. 6 Accounts Receivable Sales Revenue Record credit sales Jul 1, 2018: Loaned $12,000 to Karen Parker, an executive with the company, on a one-year, 8% note Date Accounts and Explanation Debit Credit 2018 Jul 1 Note Receivable Karen Parker Sales Revenue Recorded loan to employee 0 More Info Dec 31, 2018: Accrued interest rev Date Accounts 2018 Dec 31 interest Receivable Interest Revenue 2018 Feb. 6 Recorded credit sales of $107.000. Ignore Cost of Goods Sold Jul 1 Leaned $12,000 to Karen Parker, an executive with the company, on a one-year, 8% note. Dec 31 Accrued interest revenue on the Parker note Accrued interest revend Jul 1, 2019: Collected the maturity 2019 Jul. 1 Collected the maturity value of the Parker note Date Accounts 2019 Jul 1 Print Done Cash Interest Receivable Interest Revenue Note Receivable Karen Parker Collected not receivable plus interest

Answer 1

Journal entry

date	General Journal	Debit	Credit
Feb 6	Account receivable	107000
	Sales revenue		107000
	(To credit sales)
Jul 1	Notes receivable	12000
	Cash		12000
	(To record loan given)
Dec 31	Interest receivable (12000*8%*6/12)	480
	Interest revenue		480
	(To record accrued interest)
July 1	Cash	12960
	Notes receivable		12000
	Interest receivable		480
	Interest revenue		480
	(To record collection)