Question: 9. Note Receivables #2 - Parrah Materials has the following 2016 transactions for notes receivable: Nov. 1 Parrah Materials loaned $18,000 cash to R. Wainright

9. Note Receivables #2 - Parrah Materials has the following 2016 transactions for notes receivable: Nov. 1 Parrah Materials loaned $18,000 cash to R. Wainright on a 9 month, 8% note. Dec. 1 Sold goods to Jenkins Carpets, receiving a $3,500, 3-month, 6% note. Parrah's cost on the merchandise was $2,100. 15 Received an $8,000, 6-month, 7% note on account from Barnesky Limited. 31 Accrued interest revenue on all notes receivable. Interest is due at maturity. Mar. 1 Collected the amount owing on the Jenkins Carpets' note. Record the transactions for Parrah Materials. Round all calculations to the nearest dollar. Date GENERAL JOURNAL Account Titles and Explanation PR Debit Credit
 9. Note Receivables #2 - Parrah Materials has the following 2016

9. Note Receivables \\#2 - Parrah Materials has the following 2016 transactions for notes receivable: Nov. 1 Parrah Materials loaned \\( \\$ 18,000 \\) cash to \\( R \\). Wainright on a 9 month, \8 note. Dec. 1 Sold goods to Jenkins Carpets, receiving a \\( \\$ 3,500,3 \\)-month, \6 note. Parrah's cost on the merchandise was \\( \\$ 2,100 \\). 15 Received an \\( \\$ 8,000,6 \\)-month, \7 note on account from Barnesky Limited. 31 Accrued interest revenue on all notes receivable. Interest is due at maturity. Mar. 1 Collected the amount owing on the Jenkins Carpets' note. Record the transactions for Parrah Materials. Round all calculations to the nearest dollar. GENERAL JOURNAL

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!