Question: Passara Supply Corp. has the following selected transactions for notes receivable. Nov. 1 Loaned $48,000 cash to A. Bouchard on a one-year, 8% note. Dec.

Passara Supply Corp. has the following selected transactions for notes receivable.

Nov. 1 Loaned $48,000 cash to A. Bouchard on a one-year, 8% note.

Dec. 1 Sold goods to Wright, Inc., receiving a two-month, 6%, $8,400 note. The goods cost $5,000.

15 Received a six-month, 7%, $16,000 note in exchange for an account from Aquilina Corporation.

Feb. 1 Collected the amount owing on the Wright note.

28 Accrued interest on all notes receivable at year end. Interest is calculated to the nearest half month and is due at maturity.

28 Analyzed each note and estimated that uncollectible notes at year end totalled $16,000.

Instructions

Record the above transactions for Passara Supply Corp. Round calculations to the nearest dollar.

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