R VERSBON Exercise 9-10 Elburn Supply Co, has the following transactions related
ID: 2336253 • Letter: R
Question
R VERSBON Exercise 9-10 Elburn Supply Co, has the following transactions related to notes receivable during the last 2 months of 2017. The company does not make entries to accrue Interest except at December 31. Nov. 1 Dec. 11 16 31 Loaned $15,000 cash to Manny Lopez on a 12-month, 8% note. Sold goods to Ralph Kremer, Inc., receiving a $30,000, 90-day, 6% note. Received a $26,400, 180 day, 8% note in exchange for lee Fernett's outstanding accounts receivable. Accrued interest revenue on all notes receivable. | Your answer is partially correct. Try again. Dournalize the transactions for Elburn Supply Co. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation. Round answers to O decimal places, e.g. 5,275. Record journa I entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Nov. 1 Notes Receivable Cash Dec. 11Notes Receivable Sales RevenueExplanation / Answer
note: caculation of total interest:
The following is the journal entry for interest revenue adjustment:
the following is the journal entry to record collection of the Lopez note at its maturity:
Lopez ($15,000*8%*2 /12) $200 ralph kremer inc ($30,000*6%*20/360) $100 Joe Fernetti ($26,400*8%*15/360) $88 total interest $388Related Questions
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