Flash Running Shoes reports the following: (Click the icon to view the informati

Question

Flash Running Shoes reports the following: (Click the icon to view the information.) Journalize all entries required for Flash Running Shoes. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Apr. 3, 2018: Recorded credit sales of $102,000. Ignore Cost of Goods Sold. Debit Credit Date 2018 Apr 3 Accounts and Explanation More Info 2018 Apr. Oct. 1 3 Recorded credit sales of $102,000. Ignore Cost of Goods Sold Loaned $17,000 to Jess Porter, an executive with the company, on a one-year, 6% note. Accrued interest revenue on the Porter note. Dec. 31 2019 Oct. 1 Collected the maturity value of the Porter note. Print Done

Explanation / Answer

Journal Entries Date Accounts and Titles Dr. ($) Cr. ($) 2018 3-Apr Accounts Receivable        102,000     To Sales       102,000 ( Record sales on Account) 1-Oct Laons and Advances          17,000     To Cash          17,000 ( Record Loaned to Jess Porter of $17,000 for one year at 6%) 31-Dec Accrued Interest                255     To Interest Revenue                255 ( Record Interest Revenue [$17,000 x 6% x3/12]) 2019 1-Oct Accrued Interest                765     To Interest Revenue                765 ( Record Interest Revenue [$17,000 x 6% x9/12] of Jan. 1, 2019 to Sep. 30, 2019) Cash          18,020     To Loans and Advances          17,000     To Accrued Interest            1,020 ( Record Maturity Value received from Porter note)

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