Question

Journalize the following transactions of Coral, Inc., which ends its accounting year on April 30:
Feb 1 Loaned $15,000 cash to Carroll Fadal on a one-year, 10% note.
Apr 6 Sold goods to Lawn Pro, receiving a 90-day, 4% note for $6,000.
30 Made a single compound entry to accrue interest revenue on both notes. Use a 360-day year for interest computations.


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  • CreatedJuly 08, 2015
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