Question: hello hope I can get help with this problem, I have attached a word document, someone please help me solve part A. I need it

hello hope I can get help with this problem, I have attached a word document, someone please help me solve part A. I need it within the next 20 minutes, please show me solutions in the word document. Thank You

Exercise 8-10 (Part Level Submission) Elburn Supply Co. has the following transactions related to notes receivable during the last 2 months of 2017. The company does not make entries to accrue interest except at December 31. Nov. Loaned $12,600 cash to Manny Lopez on a 12-month, 10% note. 1 Dec. Sold goods to Ralph Kremer, Inc., receiving a $24,750, 90-day, 8% note. 11 Received a $22,800, 180 day, 10% note in exchange for Joe Fernetti's outstanding 16 accounts receivable. 31 Accrued interest revenue on all notes receivable. (a) Your answer is correct. Journalize the transactions for Elburn Supply Co. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation. Round answers to 0 decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.) Dat e Notes Receivable Account Titles and Explanation 12,600 Cash Notes Receivable 12,600 24,750 Debi Credi t t Sales Revenue 24,750 Notes Receivable 22,800 Accounts Receiv 22,800 Interest Receivab 415 Interest Revenue 415 Show List of Accounts Show Solution Show Answer Link to Text (b) Record the collection of the Lopez note at its maturity in 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Dat e Account Titles and Explanation Debi Credi t t Show List of Accounts Link to Text Attempts: 0 of 3 used
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
