Journalize the following transactions of Baltic, Inc., which ends its accounting year on September 30: May 1

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Journalize the following transactions of Baltic, Inc., which ends its accounting year on

September 30:

May 1 Loaned $16,000 cash to Steve Franklin on a one-year, 6% note.

Sep 17 Sold goods to Findlay, Corp., receiving a 90-day, 10% note for $12,000. 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 Baltic, Inc., which ends its accounting year on September 30: May 1

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