Question

Exercise 9-12 a-b (Part Level Submission) Tamarisk Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make evtries to accrue interest except at December 31. Nov. 1 Laned $10,000 cash to Manny Lopez on a 12-month. 12% note. Dec. 11 Sold goods to Ralph Kremer, Inc., receiving a $14,400, 90-day, 10% note 16 Received a $13,400. 180 day, 12% note in exchange for Joe Fernetti's outstanding accounts receivable. 31 Accrued interest revenue on all notes receivable.

Answer 1

Particulars Dobit ($) Credit Date 2020 10000 12% Notes Receiuable Nov'! 10,000 Casn (for loan to Manny topez) Dec' " NoTos Rece 14,100 10% gales 14,100 for g0ld to Ralp Rremar, Inc.) Notes Rece Dec''6 12l. 13,400 Accounts Receivable 13,400 (for Alc Rereivble frem Joe fevratti) Intorest Rerei voble Doc 31 345 Interest Inome 345 (fxr interest accrued at year end) testScanne with CamScanner

Wortg Nolin No le - : P= $10,000 121. Nov -1 ti!! Dee- 31 2 montha. %3D $ 200 . 10,000 x 12 Interezt = %3D 100 12. Note -2 P= $ 14,100. 10% Dec 31 20 days . Dec 'l1 til %3D 14,100 X 10 $ 78.33 Intered- : X 20 100 360 Note -3 $13400 P= R: 12'% 15 daup. Dec '16 - Dec'31 Inlerendr 13400 X 12 x 1S 360 = $67 %3D 100 Toral Interest = ( 200 + 78 + 67) $ 345 CS canned with CamScanner %3D