Journalize the following transactions of Cramer, Inc., which ends its accounting year on June 30: Apr 1

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

Apr 1 Loaned $20,000 cash to R. Simpson on a one-year, 8% note.

Jun 6 Sold goods to Friday, Corp., receiving a 90-day, 10% note for $3,000.

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 02:34 AM

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Journalize the following transactions of Cramer, Inc., which ends its accounting year on June 30: Apr 1

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Journal DATE ACCOUNTS ANDEXPLANATIONS POST REF DR CR Apr 1 NoteReceivableR Simpson 20...View the full answer

Financial Accounting

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