Assume that General Mills Canada, famous for Cheerios, Chex snacks, and Yoplait yogurt, completed the following selected

Question:

Assume that General Mills Canada, famous for Cheerios, Chex snacks, and Yoplait yogurt, completed the following selected transactions:

2016

Nov. 30 Sold goods to Sobeys Inc., receiving a $50,000, three-month, 5% note.

Dec. 31 Made an adjusting entry to accrue interest on the Sobeys note.

2017

Feb. 28 Collected the Sobeys note.

Mar. 1 Received a 90-day, 5%, $6,000 note from Louis Joli Goût on account.

1 Sold the Louis note to Caisse Populaire, receiving cash of $5,900.

Dec. 16 Loaned $25,000 cash to Betty Crocker Brands, receiving a 90-day, 8% note.

31 Accrued the interest on the Betty Crocker Brands note.

Requirements

1. Record the transactions in General Mills's journal. Round interest amounts to the nearest dollar. Explanations are not required.

2. Show what General Mills will report on its comparative classified balance sheet at December

31, 2016, and December 31, 2017?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...