Homework Answers
| Oct 1 | 9% Note receivable | 8,000 | |
| Accounts Receivable | 8,000 | ||
| Dec 31 | Interest receivable | 180 | |
| Interest revenue (8,000*9%*3/12) | 180 |
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Bramble Corp. has the following transactions related to notes receivable during 2022. Oct. 1 Exchanged Goforth...
Exercise 8-10 Sheffield Corp. has the following transactions related to notes receivable during the last 2...
Exercise 8-10 Sheffield Corp. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to accrue interest except at December 31. (Omit cost of goods sold entries.) Nov. 1 Loaned $62,400 cash to C. Bohr on a 12-month, 796 note. Dec. 11 Sold goods to K. R. Pine, Inc., receiving a $1,800, 90-day, 796 note. Dec. 16 Received a $9,600, 180-day, 8% note to settle an open account...
Moore Distributors has the following transactions related to notes receivable during the last two months of...
Moore Distributors has the following transactions related to notes receivable during the last two months of the year. Dec. 1 Loaned $18,000 cash to E. Kinder on a 1-year, 6% note. 16 Sold goods to J. Jones, receiving a $7,200, 60-day, 7% note. 31 Accrued interest revenue on all notes receivable. Journalize the transactions for Moore Distributors. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Use 360 days for calculation. Record journal entries...
Exercise 8-12 a-b Elburn Supply Co. has the following transactions related to notes receivable during the...
Exercise 8-12 a-b Elburn Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. Nov, 1 Dec. 11 Loaned $30,000 cash to Manny Lopez on a 12 month, 10% note. Sold goods to Ralph Kremer, Inc., receiving a $6,750, 90-day, 8% note. Received a $4,000, 180 day, 9% note in exchange for Joe Fernetti's outstanding accounts receivable. 16 31 Accrued...
Moses Supply Co. has the following transactions related to notes receivable during the last 2 months...
Moses Supply Co. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $60,000 cash to C. Bohr on a 12-month, 7% note. Dec. 11 Sold goods to K. R. Pine, Inc., receiving a $3,600,90-day, 8% note. 16 Received a $12,000, 180-day, 9% note to settle an open account from A. Murdock. 31 Accrued interest revenue on all...
*Exercise 9-12 a-b Skysong Supply Co. has the following transactions related to notes receivable during the last 2 mont...
*Exercise 9-12 a-b Skysong Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. Nov. 1 Dec. 11 16 31 Loaned $27,600 cash to Manny Lopez on a 12-month, 10% note. Sold goods to Ralph Kremer, Inc., receiving a $81,000, 90-day, 8% note. Received a $82,080, 180 day, 10% note in exchange for Joe Fernetti's outstanding accounts receivable. Accrued interest...
These transactions took place for Bramble Corp. 2021 May 1 Received a $7,000, 12-month, 6% note...
These transactions took place for Bramble Corp. 2021 May 1 Received a $7,000, 12-month, 6% note in exchange for an outstanding account receivable from R. Stoney. Dec. 31 Accrued interest revenue on the R. Stoney note. 2022 May 1 Received principal plus interest on the R. Stoney note. (No interest has been accrued since December 31, 2021.) Record the transactions in the general journal. The company does not make entries to accrue interest except at December 31.(Credit account titles are...
Current Attempt in Progress Oriole Co. has the following transactions related to notes receivable during the...
Current Attempt in Progress Oriole Co. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $54,600 cash to C. Bohr on a 12-month, 7% note. Dec. 11 Sold goods to K. R. Pine, Inc., receiving a $1,800, 90-day, 7% note. 16 Received a $14,400, 180-day, 6% note to settle an open account from A Murdock 31 Accrued...
Moses Supply Co. has the following transactions related to notes receivable during the last 2 months...
Moses Supply Co. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $60,000 cash to C. Bohr on a 12-month, 7% note. Dec. 11 Sold goods to K. R. Pine, Inc., receiving a $3,600, 90-day, 8% note. 16 Received a $12,000, 180-day, 9% note to settle an open account from A Murdock. 31 Accrued interest revenue on...
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.)
RCES Exercise 8-10 Skysong, Inc. has the following transactions related to notes receivable during the last...
RCES Exercise 8-10 Skysong, Inc. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to accrue interest except at December 31. (Omit cost of goods sold entries.) Nov. 1 Loaned $55,200 cash to C. Bohr on a 12-month, 6% note. Dec. 11 Sold goods to K. R. Pine, Inc., receiving a $3,600, 90-day, 6% note. Dec. 16 Received a $16,800, 180-day, 11% note to settle an open...
Exercise 8-10 Sheffield Corp. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to accrue interest except at December 31. (Omit cost of goods sold entries.) Nov. 1 Loaned $62,400 cash to C. Bohr on a 12-month, 796 note. Dec. 11 Sold goods to K. R. Pine, Inc., receiving a $1,800, 90-day, 796 note. Dec. 16 Received a $9,600, 180-day, 8% note to settle an open account...
Moore Distributors has the following transactions related to notes receivable during the last two months of the year. Dec. 1 Loaned $18,000 cash to E. Kinder on a 1-year, 6% note. 16 Sold goods to J. Jones, receiving a $7,200, 60-day, 7% note. 31 Accrued interest revenue on all notes receivable. Journalize the transactions for Moore Distributors. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Use 360 days for calculation. Record journal entries...
Exercise 8-12 a-b Elburn Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. Nov, 1 Dec. 11 Loaned $30,000 cash to Manny Lopez on a 12 month, 10% note. Sold goods to Ralph Kremer, Inc., receiving a $6,750, 90-day, 8% note. Received a $4,000, 180 day, 9% note in exchange for Joe Fernetti's outstanding accounts receivable. 16 31 Accrued...
Moses Supply Co. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $60,000 cash to C. Bohr on a 12-month, 7% note. Dec. 11 Sold goods to K. R. Pine, Inc., receiving a $3,600,90-day, 8% note. 16 Received a $12,000, 180-day, 9% note to settle an open account from A. Murdock. 31 Accrued interest revenue on all...
*Exercise 9-12 a-b Skysong Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. Nov. 1 Dec. 11 16 31 Loaned $27,600 cash to Manny Lopez on a 12-month, 10% note. Sold goods to Ralph Kremer, Inc., receiving a $81,000, 90-day, 8% note. Received a $82,080, 180 day, 10% note in exchange for Joe Fernetti's outstanding accounts receivable. Accrued interest...
These transactions took place for Bramble Corp. 2021 May 1 Received a $7,000, 12-month, 6% note in exchange for an outstanding account receivable from R. Stoney. Dec. 31 Accrued interest revenue on the R. Stoney note. 2022 May 1 Received principal plus interest on the R. Stoney note. (No interest has been accrued since December 31, 2021.) Record the transactions in the general journal. The company does not make entries to accrue interest except at December 31.(Credit account titles are...
Current Attempt in Progress Oriole Co. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $54,600 cash to C. Bohr on a 12-month, 7% note. Dec. 11 Sold goods to K. R. Pine, Inc., receiving a $1,800, 90-day, 7% note. 16 Received a $14,400, 180-day, 6% note to settle an open account from A Murdock 31 Accrued...
Moses Supply Co. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $60,000 cash to C. Bohr on a 12-month, 7% note. Dec. 11 Sold goods to K. R. Pine, Inc., receiving a $3,600, 90-day, 8% note. 16 Received a $12,000, 180-day, 9% note to settle an open account from A Murdock. 31 Accrued interest revenue on...
RCES Exercise 8-10 Skysong, Inc. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to accrue interest except at December 31. (Omit cost of goods sold entries.) Nov. 1 Loaned $55,200 cash to C. Bohr on a 12-month, 6% note. Dec. 11 Sold goods to K. R. Pine, Inc., receiving a $3,600, 90-day, 6% note. Dec. 16 Received a $16,800, 180-day, 11% note to settle an open...
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