CALCULATOR PRINTER VERSION BACK NEXT Exercise 8-11 These transactions took place

Question

CALCULATOR PRINTER VERSION BACK NEXT Exercise 8-11 These transactions took place for Swifty Corporation 2016 May 1 Received a $3,300, 12-month, 696 note in exchange for an outstanding account recevablerom R. Stone Dec. 31 Accrued interest revenue on the R. Stoney note. 2017 May 1 Received principal plus interest on the R. Stoney note. (No interest has been accrued since December 31, 2016.) Record the transactions in the general journal. The company does not make entries to accrue interest except at December 31.(Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem) Account Titles and Explanation Debit Credit May 1, 2017 Dec. 31, 2016 Click if you would like to Show Work for this question: Open Show Work

Explanation / Answer

Answer:

Date

description

debit $

Credit $

2016

1-May

Notes receivable

3300

Account receivable-R stony

3300

31-Dec

Interest receivable

132

Interest revenue

132

(3300*6%*8/12)

2017

1-May

Cash

3498

Notes receivable

3300

Interest receivable

132

Interest revenue (3300*6%*4/12)

66

Date

description

debit $

Credit $

2016

1-May

Notes receivable

3300

Account receivable-R stony

3300

31-Dec

Interest receivable

132

Interest revenue

132

(3300*6%*8/12)

2017

1-May

Cash

3498

Notes receivable

3300

Interest receivable

132

Interest revenue (3300*6%*4/12)

66

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