Hughes Foods completed the following selected transactions.
2016
Oct 31 Sold goods to BiLo's Foods, receiving a $36,000, three-month, 4.5% note. (You do not need to make the cost of goods sold journal entry for this transaction.) Dec 31 Made an adjusting entry to accrue interest on the BiLo's Foods note.
2017
Jan 31 Collected the BiLo's Foods note.
Feb 18 Received a 90-day, 7.00%, $7,000 note from Dutton Market on account.
19 Sold the Dutton Market note to Seabrook Bank, receiving cash of $6,800. (Debit the difference to financing expense.)
Nov 11 Loaned $15,600 cash to Sauble Co., receiving a 90-day, 9.50% note.
Dec 31 Accrued the interest on the Sauble Co. note.
Requirements
1. Record the transactions in Hughes Foods'journal. Assume that no sales returns are expected. Round all amounts to the nearest dollar. Explanations are not required.
2. Show what Hughes Foods will report on its comparative classified balance sheet at December 31, 2017, and December 31, 2016.