Journalize the following transactions of Aegean Inc., which ends its accounting year on April 30: Feb 1

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Journalize the following transactions of Aegean Inc., which ends its accounting year on April 30:

Feb 1 Loaned $40,000 cash to Bob Jewitt on a one-year, 6% note.

Apr 6 Sold goods to Turf Pro, receiving a 90-day, 4% note for $6,000. Ignore cost of goods sold.

30 Made a single entry to accrue interest revenue on both notes. Use a 360-day year for interest computations.

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Financial Accounting

ISBN: 978-0133052152

2nd edition

Authors: Robert Kemp, Jeffrey Waybright

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Question Posted: Apr 29, 2014 02:51 AM

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Journalize the following transactions of Aegean Inc., which ends its accounting year on April 30: Feb 1

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