Journalizing card sales, note receivable transactions, and accruing interest [10-15 min]
Marathon Running Shoes reports the following:
2012 | |
May 4 | Recorded Estate credit-card sales of $107,000, net of processor fee of 3%. |
Sep 1 | Loaned $17,000 to Jean Porter, an executive with the company, on a one-year, 15% note. |
Dec 31 | Accrued interest revenue on the Porter note. |
2013 |
|
Sep 1 | Collected the maturity value of the Porter note. |
Requirement
1. Journalize all entries required for Marathon Running Shoes.
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