The following selected transactions were completed by Fasteners Inc. Co., a supp

Question

The following selected transactions were completed by Fasteners Inc. Co., a supplier of buttons and zippers for clothing:

Journalize the entries to record the transactions. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year when calculating interest. Round answers to the nearest dollar amount.

Journalize the entries to record the transactions for the year 20Y3. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year when calculating interest. Round answers to the nearest dollar amount.

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Journalize the entries to record the transactions for the year 20Y4. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year when calculating interest. Round answers to the nearest dollar amount.

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ACCOUNTING EQUATION

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20Y3 Nov. 21 Received from McKenna Outer Wear Co., on account, a $54,000, 60-day, 7% note dated November 21 in settlement of a past due account. Dec. 31 Recorded an adjusting entry for accrued interest on the note of November 21. 20Y4 Jan. 20 Received payment of note and interest from McKenna Outer Wear Co.

Explanation / Answer

DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Nov-21 Notes receivable 54000 54000 2 Accounts Receivable-McKenna Outer Wear Co. 54000 -54000 3 Dec-31 Interest Receivable 420 420 4 Interest Revenue 420 420 20Y4 DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Jan-20 Cash 54630 54630 2 Interest Receivable 420 -420 3 Interest Revenue 210 210 4 Notes receivable 54000 -54000

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