Question

Record the following transactions in the journal of Bingham Phone Accessories. Explanations are not required.
2012
Dec 19 Received a $3,000, 60-day, 12% note on account from Arnold Collins.
31 Made an adjusting entry to accrue interest on the Collins note.
31 Made a closing entry for interest revenue.
2013
Feb 17 Collected the maturity value of the Collins note.
Jun 1 Loaned $10,000 cash to Electra Mann, receiving a six-month, 11 % note.
Oct 31 Received a $1,500, 60-day, 12% note from Mark Phillips on his past-due account receivable.
Dec 1 Collected the maturity value of the Electra Mann note.


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  • CreatedJuly 08, 2015
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