Question: Marx Supply Corp. has the following selected transactions for notes receivable. Nov. 1 Lent $115,000 cash to A. Bouchard on a one-year, 9% note. Dec.
Marx Supply Corp. has the following selected transactions for notes receivable.
| Nov. 1 | Lent $115,000 cash to A. Bouchard on a one-year, 9% note. | ||
| Dec. 1 | Sold goods to Wright, Inc., receiving a two-month, 6%, $22,300 note. The goods cost $13,000. | ||
| 15 | Received a six-month, 6%, $23,700 note in exchange for an account from Aquilina Corporation. | ||
| Feb. 1 | Collected the amount owing on the Wright note. | ||
| 28 | Accrued interest on all notes receivable at year end. Interest is calculated to the nearest half month and is due at maturity. | ||
| 28 | Analyzed each note and estimated that uncollectible notes at year end totalled $18,200. |
Record the above transactions for Marx Supply Corp.
Can someone help me figure out FEB 28 transaction ( the accrued intrest transaction)? I figured out everthing except that one. Thanks in advance.
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