Nash Supply Co. has the following transactions related to notes receivable during the last 2 months...
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Nash 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 Loaned $15,000 cash to Manny Lopez on a 12-month, 8% note. Dec. 11 Sold goods to Ralph Kremer, Inc., receiving a $30,000, 90-day, 6% note. 16 Received a $26,400, 180 day, 8% note in exchange for Joe Fernetti's outstanding accounts receivable. 31 Accrued interest revenue on all notes receivable. Your answer is partially correct. Journalize the transa ons for Nash Supply Co. (Ignore entries for cost of goods sold.) (Credit account titles are aut matically indented when amount is entered. Do not indent manually. Use 360 days for calculation. Round answers to O decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Notes Receivable 15000 Cash Notes Receivable 30000 Sales Revenue Notes Receivable 26400 398.86 (a) Nov. 1 Dec. 11 Dec. 16 Dec. 31 Accounts Receivable Interest Receivable Interest Revenue 15000 30000 26400 398.86 Nash 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 Loaned $15,000 cash to Manny Lopez on a 12-month, 8% note. Dec. 11 Sold goods to Ralph Kremer, Inc., receiving a $30,000, 90-day, 6% note. 16 Received a $26,400, 180 day, 8% note in exchange for Joe Fernetti's outstanding accounts receivable. 31 Accrued interest revenue on all notes receivable. Your answer is partially correct. Journalize the transa ons for Nash Supply Co. (Ignore entries for cost of goods sold.) (Credit account titles are aut matically indented when amount is entered. Do not indent manually. Use 360 days for calculation. Round answers to O decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Notes Receivable 15000 Cash Notes Receivable 30000 Sales Revenue Notes Receivable 26400 398.86 (a) Nov. 1 Dec. 11 Dec. 16 Dec. 31 Accounts Receivable Interest Receivable Interest Revenue 15000 30000 26400 398.86
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Account Titles and Explanation Date Debit Credit Nov01 Notes r... View the full answer
Related Book For
Accounting Principles
ISBN: 978-1119411482
13th edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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