Question

Journalize the following transactions of Cramer, Inc., which ends its accounting year on June 30:
Apr 1 Loaned $20,000 cash to R. Simpson on a one-year, 8% note.
Jun 6 Sold goods to Friday, Corp., receiving a 90-day, 10% note for $3,000.
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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