Journalize the following transactions of Cramer Art Supply, Inc., which ends its accounting year on September 30:
Question:
Journalize the following transactions of Cramer Art Supply, Inc., which ends its accounting year on September 30:
May 1 Loaned $2500 cash to Dan Maier on a one-year, 10% note.
Sep 7 Sold goods to Colorful Creations, Corp., receiving a 90-day, 8% note for $3,350. 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 and round to the nearest dollar.
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Journal DATE ACCOUNTS AND EXPLANATIONS POST REF Dr Cr May1 Note receivable x D Maier 2500 Cash 25...View the full answer
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