Question: Current Attempt in Progress The following are notes receivable transactions for Ivanhoe Co. May 1 June 30 Received a $13,000, six-month. 6% note from Jioux
Current Attempt in Progress The following are notes receivable transactions for Ivanhoe Co. May 1 June 30 Received a $13,000, six-month. 6% note from Jioux Company in settlement of an account receivable. Interest is due at maturity. Accrued interest on the Jioux note, at Ivanhoe's year end. Adjustments are recorded annually. Lent $2,400 cash to an employee, Noreen Irvine, receiving a two-month, 5% note. Interest is due at the end of each month Received the interest due from Ms. Irvine. July 31 Aug 31 Sept. 30 Nov. 1 Received payment in full from Ms. Irvine. Sioux Company defaulted on its note, Ivanhoe does not expect to collect on the note, Record the transactions for Ivanhoe Co. Ivanhoe Co, uses only one allowance account for both accounts and notes receivable. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts. Round answers to decimal places, es. 5.276, Record journal entries in the order presented in the problem.)
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