The following selected transactions occurred during 2018 and 2019 for Baltic Importers. The company ends its accounting

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The following selected transactions occurred during 2018 and 2019 for Baltic Importers. The company ends its accounting year on September 30.
2018
Jul. 1 Loaned $16,000 cash to Bud Shyne on a one-year, 8% note.
Sep. 6 Sold goods to Lawn Pro, receiving a 90-day, 6% note for $11,000.
Ignore Cost of Goods Sold.
30 Made a single entry to accrue interest revenue on both notes.
? Collected the maturity value of the Lawn Pro note.
2019
Jul. 1 Collected the maturity value of the Shyne note.
Journalize all required entries. Make sure to determine the missing maturity date. Round to the nearest dollar.
Maturity
Maturity is the date on which the life of a transaction or financial instrument ends, after which it must either be renewed, or it will cease to exist. The term is commonly used for deposits, foreign exchange spot, and forward transactions, interest...
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Horngrens Financial And Managerial Accounting The Financial Chapters

ISBN: 9780134486840

6th Edition

Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura

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