Question: - Lyryx Learning Inc . Google Chrome Lifallyryx.com/student servlets/LabServlet?ccid= 10460 Question 2 [30 points] Prepare journal entries to record Bentley Inc.'s transactions. Round all values

- Lyryx Learning Inc . Google Chrome Lifallyryx.com/student servlets/LabServlet?ccid= 10460 Question 2 [30 points] Prepare journal entries to record Bentley Inc.'s transactions. Round all values to the nearest cent. a. November 1, 2022: Accepted a $8,800, 3-month, 10% note dated this day in granting Travis Goodall a time extension on the past-due account. b December 31, 2022: Made an adjusting entry to record the accrued interest on the Travis Goodall note. c. December 31, 2022 Closed the interest revenue account. d. January 31, 2023: Travis Goodall's payment for the principal and interest from the note dated November 1 was received. e. May 1. 2023: Bentley Inc. Accepted a note from Shawna Cameron for $2,800, 5-month. 10% dated this day granting a time extension on the past-due account. f. Determine the date that transaction (e) matures and record the entry to show the collection. Enter the transaction letter as the description when entering the transactions in the journal Dates must be entered in the format dd/mmm (i.e., January 15 would be 15/Jan). General Journal Page GJ1 Date Account/Explanation F Debit Credit
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
