Journal entries for the events:
Date | Account title and explanation | Debit | Credit | |
a | May 1, 2018 | Notes receivable | $3,600,000 | |
Sales revenue | $3,600,000 | |||
[To record sales revenue] | ||||
b | Dec 31,2018 | Interest receivable | $72,000 | |
Interest revenue (3,600,000 x 3% x 8/12) | $72,000 | |||
[To record accrued interest earned] | ||||
d | Mar 1,2019 | Cash | $3,690,000 | |
Notes receivable | $3,600,000 | |||
Interest receivable | $72,000 | |||
Interest revenue (3,600,000 x 3% x 2/12) | $18,000 | |||
[To record collection of notes receivable] | ||||
e | Jan 15,2019 | Notes receivable | $3,673,300 | |
Sales revenue | $3,673,300 | |||
[To record sales revenue] |
%E9-16 (similar to) Question Help P y nownies due on m arch On May 1, 2017...