MESSAGE MY INSTRUCTOR-FULL SCREEN pRi NTERVERSION || BACK Elburn Supply Co. has

Question

MESSAGE MY INSTRUCTOR-FULL SCREEN pRi NTERVERSION || BACK 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 $12,600 cash to Manny Lopez on a 12-month, 10% note. sold goods to Ralph Kremer, Inc., receiving a $24,750, 90-day, 8% note. Received a $22,800, 180 day, 10% note in exchange for Joe Ferretti's outstanding accounts receivable. Accrued interest revenue on all notes receivable. t account titles are automatically indented when amount is entered. Do not indent manually o decimal plac ces, e.g. 5,275. Record journal entries in the order presented in the problem.) Use 360 days for calculation. Round answers t Debit Credit Date Account Titles and Explanation 75 rP @^dx 3/2C 0

Explanation / Answer

Journal entry :

b) Journal entry :

Date accounts & explanation debit credit Nov 1 Notes receivable-Manny Lopez 12600      Cash 12600 (To record Loan given) Dec 11 Notes receivable-Ralph Kremer Inc. 24750      Sales revenue 24750 (To record sales) Dec 16 Notes receivable-Joe Fernetti 22800      Account receivable 22800 (To record exchange with account receivable) Dec 31 Interest receivable 415      Interest revenue 415 (To record accured interest)

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