Journalize the following transactions of Coral, Inc., which ends its accounting year on April 30: Feb 1

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Journalize the following transactions of Coral, Inc., which ends its accounting year on April 30:

Feb 1 Loaned $15,000 cash to Carroll Fadal on a one-year, 10% note.

Apr 6 Sold goods to Lawn Pro, receiving a 90-day, 4% note for $6,000.

30 Made a single compound entry to accrue interest revenue on both notes. Use a 360-day year for interest computations.

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Financial Accounting

ISBN: 978-0132889711

1st Canadian Edition

Authors: Jeffrey Waybright, Liang Hsuan Chen, Rhonda Pyper

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Question Posted: Jul 08, 2015 02:35 AM

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Journalize the following transactions of Coral, Inc., which ends its accounting year on April 30: Feb 1

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Journal DATE ACCOUNTS AND EXPLANATIONS POST REF DR CR Feb 1 NoteReceivableC Fadal 15000 ...View the full answer

Financial Accounting

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