Metlock Supply Co. has the following transactions related to notes receivable during the last 2 months...
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Metlock Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. Nov. 1 Dec. 11 16 31 Loaned $18,500 cash to Manny Lopez on a 12-month, 12% note, Sold goods to Ralph Kremer, Inc., receiving a $45,000, 90-day, 10% note. Received a $47,600, 180 day, 12% note in exchange for Joe Fernetti's outstanding accounts receivable. Accrued interest revenue on all notes receivable. Journalize the transactions for Metlock Supply Co. (Ignore entries for cost of goods sold.) Metlock Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. Nov. 1 Dec. 11 16 31 Loaned $18,500 cash to Manny Lopez on a 12-month, 12% note, Sold goods to Ralph Kremer, Inc., receiving a $45,000, 90-day, 10% note. Received a $47,600, 180 day, 12% note in exchange for Joe Fernetti's outstanding accounts receivable. Accrued interest revenue on all notes receivable. Journalize the transactions for Metlock Supply Co. (Ignore entries for cost of goods sold.)
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JOURNAL ENTRY Date Account Title and Explanation Debit Cred... View the full answer
Related Book For
Interpreting and Analyzing Financial Statements
ISBN: 978-0132746243
6th edition
Authors: Karen P. Schoenebeck, Mark P. Holtzman
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