accounting-Elburn Supply Co. has the following transactions related to notes

QUESTION

Exercise
9-10
Elburn Supply Co. has the following transactions related to
notes receivable during the last 2 months of 2014. The company does not
make entries to accrue interest except at December 31.

Nov. 1

Loaned $24,000 cash to Manny Lopez on a 12-month, 8%
note.

Dec. 11

Sold goods to Ralph Kremer, Inc., receiving a
$57,000, 90-day, 6% note.

Received a $34,600, 180 day, 12% note in
exchange for Joe Fernettiâs outstanding accounts receivable.

Accrued interest revenue on all notes receivable.

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Journalize the transactions for Elburn Supply Co.(Record journal entries
in the order presented in the problem. Credit account titles are
automatically indented when amount is entered. Do not indent manually.
Use 360 days for calculation. Round answers to 0 decimal places, e.g.
5,275.)

Date

Account Titles
and Explanation

Debit

Credit

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Record the collection of the Lopez note at its maturity in
2015.(Credit
account titles are automatically indented when amount is entered. Do not
indent manually. Use 360 days for calculation.)

Date

Account Titles
and Explanation

Debit

Credit

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.wiley.com/edugen/shared/assignment/test/qview.uni?id=quest2422924entrance1&selected_question=quest2422924&operation=take-question” title=”Show List of Accounts”>SHOW LIST OF ACCOUNTS

.wiley.com/edugen/shared/assignment/test/qview.uni?id=quest2422924entrance1&selected_question=quest2422924&operation=take-question” title=”Link to Text 1″>LINK TO TEXT

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