Moses Supply Co. has the following transactions related to notes receivable during the last 2 months of
Question:
Moses Supply Co. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to accrue interest except at December 31.
Nov. 1Loaned $60,000 cash to C. Bohr on a 12-month, 7% note. Dec. 11Sold goods to K. R. Pine, Inc., receiving a $3,600, 90-day, 8% note.
16 Received a $12,000, 180-day, 9% note to settle an open account from A. Murdock.
31 Accrued interest revenue on all notes receivable.
Instructions
Journalize the transactions for Moses Supply Co. (Omit cost of goods sold entries.)
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Nov 1 Notes Receivable 60000 Cash 60000 Dec 11 Notes Receivable 3600 Sales Revenue 3600 ...View the full answer
Answered By
Asim farooq
I have done MS finance and expertise in the field of Accounting, finance, cost accounting, security analysis and portfolio management and management, MS office is at my fingertips, I want my client to take advantage of my practical knowledge. I have been mentoring my client on a freelancer website from last two years, Currently I am working in Telecom company as a financial analyst and before that working as an accountant with Pepsi for one year. I also join a nonprofit organization as a finance assistant to my job duties are making payment to client after tax calculation, I have started my professional career from teaching I was teaching to a master's level student for two years in the evening.
My Expert Service
Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities
65+ Reviews
86+ Question Solved
Related Book For 
Accounting Tools for Business Decision Making
ISBN: 978-1118096895
6th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Question Posted:
