Olsen Company, which has a December 31 year end, completed the following transactions during 2021 and 2022:
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Question:
Olsen Company, which has a December 31 year end, completed the following transactions during 2021 and 2022:
2021
Oct. 8 Completed service for Parson Company, receiving a 60-day, 8% note for $5,000.
Oct. 31 Completed service for Kerri Company receiving a 90-day, 7% note for $7,500.
Dec. 7 Parson Company defaulted on the note.
Dec. 31 Accrued interest on the Kerri Company note.
2022
Jan. 29 Collected in full from Kerri Company.
Required Prepare the journal entries to record the above transactions (round to 2 decimal places).
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