The following selected transactions occurred during 2024 and 2025 for Baltic Importers. The company ends its accounting
Question:
The following selected transactions occurred during 2024 and 2025 for Baltic Importers. The company ends its accounting year on September 30.
Journalize all required entries. Make sure to determine the missing maturity date.
Transcribed Image Text:
2024 Jul. 1 Sep. 6 30 ? 2025 Jul. 1 Loaned $16,000 cash to Bud Shyne on a one-year, 8% note. Sold goods to Lawn Pro, receiving a 90-day, 6% note for $11,000. Ignore Cost of Goods Sold. Made a single entry to accrue interest revenue on both notes. Collected the maturity value of the Lawn Pro note. Collected the maturity value of the Shyne note.
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Date 2024 Jul 1 Notes Receivable Shyne Cash Recorded loan to Bud ...View the full answer
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Horngrens Accounting The Financial Chapters
ISBN: 9780136162186
13th Edition
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