Additional Brief Exercise 10 Trent Distributors has the following transactions related to notes receivable during the la...
Additional Brief Exercise 10
Trent Distributors has the following transactions related to notes receivable during the last two months of the year. Dec. 1 Loaned $16,000 cash to E. Kinder on a 1-year, 6% note. 16 Sold goods to J. Jones, receiving a $4,800, 60-day, 7% note. 31 Accrued interest revenue on all notes receivable.
Journalize the transactions for Trent Distributors. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Homework Answers
| Debit | Credit | |||
| Dec 1 | Notes Receivable | 16000 | ||
| Cash | 16000 | |||
| Dec 16 | Notes Receivable | 4800 | ||
| Sales Revenue | 4800 | |||
| Dec 31 | Interest Receivable | 94 | ||
| Interest Revenue | 94 | |||
| Workings: | ||||
| Kinder note | 80 | =16000*6%*30/360 | ||
| Jones note | 14 | =4800*7%*15/360 | ||
| Interest Receivable | 94 |
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