Healthy Meal completed the following selected transactions. 2010 Oct 31 Sold goods to Buy Low Foods, receiving

Question:

Healthy Meal completed the following selected transactions.
2010
Oct 31 Sold goods to Buy Low Foods, receiving a $34,000, three-month, 5.25% note.
Dec 31 Made an adjusting entry to accrue interest on the Buy Low Foods note.
2011
Jan 31 Collected the Buy Low Foods note.
Feb 18 Received a 90-day, 7.75%, $7,600 note from Dutton Market on account.
19 Sold the Dutton Market note to Amherst Bank, receiving cash of $7,400. (Debit the difference to financing expense.)
Nov 11 Lent $14,600 cash to Street Provisions, receiving a 90-day, 10.00% note.
Dec 31 Accrued the interest on the Street Provisions note.

Requirements
1. Record the transactions in Healthy Meals journal. Round interest amounts to the nearest dollar. Explanations are not required.
2. Show what Healthy Meal will report on its comparative classified at December 31, 2011, and December 31, 2010.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...