Print by:KENYETTE WILLIAMS ACCT 2101-SP18-20502-Section IA-Online-Crews /Homewor

Question

Print by:KENYETTE WILLIAMS ACCT 2101-SP18-20502-Section IA-Online-Crews /Homework- Chapter B Exercise 8-12 Monty Corp. has the folowing transactions related to notes receivable during the last 2 months of 2019. The company does not make entries to accrue interest except at December 31 Loaned $18,000 cash to Manny Lopez on 12 month, 8% note. Sold goods to Ralph Kremer, Inc., receiving a S36,000, 90-day, 6% note. Nov. 1 Dec. 11 16 Received a S2 1,600, 180 day, 12% note in exchange for le Ferrett's outstanding acounts receivable. 31 Accrued interest revenue on all notes receivable. lournalize the transactions for Monty Corp. (Credit account titles are automaticaly 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 journal entries in the order presented in the problem.) Record the collection of the Lopez note ot its maturity in 2020.(Credit account titles are automaticality indented when amount is entered. Do not Indent manually) Question Attempts:O of 5 used

Explanation / Answer

Journal entry :

b) Journal entry :

Date accounts & explanation debit credit Nov 1 Notes receivable-Manny Lopez 18000      Cash 18000 (To record Loan given) Dec 11 Notes receivable-Ralph Kremer Inc. 36000      Sales revenue 36000 (To record sales) Dec 16 Notes receivable-Joe Fernetti 21600      Account receivable 21600 (To record exchange with account receivable) Dec 31 Interest receivable 468      Interest revenue 468 (To record accured interest)

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