Question: Problem 5-86A Accounting for Notes Receivable Yarnell Electronics dels computer systems to small businesses. Yarnell engaged in the following activities involving notes receivable: a on
Problem 5-86A Accounting for Notes Receivable Yarnell Electronics dels computer systems to small businesses. Yarnell engaged in the following activities involving notes receivable: a on September 1, 2019, Yarnell sold a $10,000 system to Ross Company. Ross gave Yarnell 6-month, 7 note as payment. b. On December 1, 2019, Yarnell sold a $6,000 system to Scarfoss Inc. Searfoss gave Yamella 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, it an amount box does not require an entry, leave it blank. If required, round your answers to two decimal places Note from Ross Company: 2019 Sept. 1 Record sale 2019 Dec. 31 Record accrued Interest income 2020 Mar 1 8:59
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
