Quick Meals completed the following selected transactions: 2010 Nov 30 Sold goods to Bragg Market, receiving a

Question:

Quick Meals completed the following selected transactions:

2010

Nov 30 Sold goods to Bragg Market, receiving a $32,000, three-month, 4.00% note.

Dec 31 Made an adjusting entry to accrue interest on the Bragg Market note.

2011

Feb 28 Collected the Bragg Market note.

Mar 1 Received a 90-day, 8.00%, $7,200 note from Don’s Market on account.

1 Sold the Don s Market note to Chelmsford Bank, receiving cash of $7,000. (Debit the difference to financing expense.)

Dec 16 Lent $15,400 cash to Stratford Provisions, receiving a 90-day, 9.50% note.

Dec 31 Accrued the interest on the Stratford Provisions note.

Requirements

1. Record the transactions in Quick Meals journal. Round all amounts to the nearest dollar. Explanations are not required.

2. Show what Quick Meals will report on its comparative classified balance sheet at December 31, 2011, and December 31, 2010.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...