Jasmine\'s Supply Co. has the following transactions related to notes receivable

Question

Jasmine's Supply Co. has the following transactions related to notes receivable during the last 2 months of 2016 Nov. 1 Loaned $24,000 cash to Simone Buil on a 1-year, 796 note. Dec. 11 Sold goods to Dac Jo, Inc., receiving a $12,000, 90-day, 3% note. 16 31 Received an $18,000, 6-month, 896 note in exchange for Jason Tanner's outstanding accounts receivable Accrued interest revenue on all notes receivable. ??urnalize the transactions for Jasmine's Supp y Co. (Credit account titles are automatica y in lented when the amount is entere Don tid et manual- Date Account Titles and Explanation Debit Credit Nov. 1 Dec. 11 Dec. 16 Dec. 31 Record the collection of the Buil note at its maturity in 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Date Account Titles and Explanation Debit Credit Nov. 1

Explanation / Answer

Journal entry :

Date accounts & explanation debit credit Nov 1 Notes receivable-Simone Buil 24000      Cash 24000 (To record loan given) Dec 11 Notes receivable-Dac Jo Inc 12000     Sales revenue 12000 (To record sales revenue) Dec 16 Notes receivable-Jason Tanner 18000     Account receivable 18000 (To record note in exchange of account receivable) Dec 31 Interest receivable 360     Interest revenue 360 (To record accured revenue) Nov 1 Cash 25680    Notes receivable-Simone Buil 24000     Interest receivable 280     Interest revenue 1400 (To record collection)

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