Markley Foods completed the following selected transactions.

2018
Oct 31 .......... Sold goods to Basic Foods, receiving a $30,000, three-month, 5.25% note. (You do not need to make the cost of goods sold journal entry for this transaction.)

Dec 31 ............ Made an adjusting entry to accrue interest on the Basic Foods note.

2019
Jan 31 .......... Collected the Basic Foods note.
Nov 11 ......... Loaned $15,800 cash to Stra†ord Shops, receiving a 90-day, 10.0% note.
Dec 31 ......... Accrued the interest on the Stra†ord Shops note.

Requirements

1. Record the transactions in Markley Foods’ journal. Assume that no sales returns are expected. Round all amounts to the nearest dollar. Explanations are not required.

2. Show what Markley Foods will report on its comparative classified balance sheet at December 31, 2019, and December 31, 2018, for Notes Receivable and Interest Receivable.