Question: Problem 5-86A (Algorithmic) Accounting for Notes Receivable Yarnell Electronics sells computer systems to small businesses. Yarnell engaged in the following activities involving notes receivable: a.
Problem 5-86A (Algorithmic) Accounting for Notes Receivable Yarnell Electronics sells computer systems to small businesses. Yarnell engaged in the following activities involving notes receivable: a. On November 1, 2019, Yamell sold a $5,000 system to Ross Company. Ross gave Yarnell a 6-month, 11% note as payment. b. On December 1, 2019, Yarnell sold an $7,600 system to Searfoss Inc. Searfoss gave Yarell a 9-month, 10% note as payment. C. On May 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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