Question

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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  • CreatedApril 29, 2014
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