Question

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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  • CreatedApril 29, 2014
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