Journalize the following transactions of Lawn Pro, Inc., which ends its accounting year on September 30: Jul

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Journalize the following transactions of Lawn Pro, Inc., which ends its accounting year on September 30:

Jul 1 Loaned $1,500 cash to Sue Wallace on a one-year, 10% note.

Sep 6 Sold goods to Turf Masters, receiving a 90-day. 8% note for S2,600. 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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Financial Accounting

ISBN: 978-0134436111

4th edition

Authors: Robert Kemp, Jeffrey Waybright

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Question Posted: Nov 17, 2017 09:02 AM

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Journalize the following transactions of Lawn Pro, Inc., which ends its accounting year on September 30: Jul

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Journal DATE ACCOUNTS AND EXPLANATIONS POST REF Dr Cr July 1 Note receivable x S Wallace ...View the full answer

Financial Accounting

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