Question: Problem 5-86A Accounting for Notes Receivable Yamell Electronics sells computer systems to small businesses. Yarnell engaged in the following activities involving notes receivable: a. On
Problem 5-86A Accounting for Notes Receivable Yamell Electronics sells computer systems to small businesses. Yarnell engaged in the following activities involving notes receivable: a. On September 1, 2019, Yamell sold a $10,000 system to Ross Company. Ross gave Yernell a 6-month, 7% note as payment b. On December 1, 2019. Yarnell sold a $6,000 system to Searfoss Inc. Searfoss gave Yarned a 9-month, 9% note as payment. c. On March 1, 2020, Ross paid the amount due on its note. d. On September 1, 2020, Searfoss paid the amount due on its note Required: Prepare the necessary Journal and adjusting entries for Yarnell Electronics to record these transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. If required, round your answers to two decimal places
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