Question

The following selected transactions occurred during 2016 and 2017 for Mediterranean Importers. The company ends its accounting year on April 30.
2016
Feb. 1 Loaned $20,000 cash to Candace Smith on a one-year,
6% note.
Apr. 6 Sold goods to Green Masters, receiving a 90-day, 9% note for $10,000. Ignore Cost of Goods Sold.
Apr. 30 Made a single entry to accrue interest revenue on both notes.
? Collected the maturity value of the Green Masters note.
2017
Feb. 1 Collected the maturity value of the Smith note.
Journalize all required entries. Make sure to determine the missing maturity date.


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  • CreatedJune 15, 2015
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