Journalizing note receivable transactions [10-15 min]
The following selected transactions occurred during 2012 for Caspian Importers. The company ends its accounting year on April 30, 2012:
Feb 1 | Loaned $14,000 cash to Brett Dowling on a one-year, 8% note. |
Apr 6 | Sold goods to Putt Masters, receiving a 90-day, 6% note for $9,000. |
30 | Made a single entry to accrue interest revenue on both notes. |
Requirement
1. Journalize all required entries from February 1 through April 30, 2012. Use a 360-day year for interest computations.
We need at least 10 more requests to produce the solution.
0 / 10 have requested this problem solution
The more requests, the faster the answer.