Question: Best Foods completed the following selected transactions 2014 Oct 31

Best Foods completed the following selected transactions.
Oct 31 Sold goods to Stan’s Foods, receiving a $24,000, three-month, 6% note.
Dec 31 Made an adjusting entry to accrue interest on the Stan’s Foods note.
Jan 31 Collected the Stan’s Foods note.
Feb 18 Received a 90-day, 7.75%, $6,800 note from Dutton Market on account.
19 Sold the Dutton Market note to United Bank, receiving cash of $6,600. (Debit the difference to financing expense.)
Nov 11 Loaned $15,000 cash to Kosher Foods Co., receiving a 90-day, 4.75% note.
Dec 31 Accrued the interest on the Kosher Foods Co. note.

1. Record the transactions in Best Foods’ journal. Round interest amounts to the nearest dollar. Explanations are not required.
2. Show what Best Foods will report on its comparative classified balance sheet at December 31, 2015, and December 31, 2014.

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  • CreatedJuly 25, 2014
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