Journalize the following transactions of Cramer, Inc , which ends its accounting year on June 30 Apr 1 Jun 6 30 Loaned $20,000 cash to R Simpson on a one year, 8 note Sold goods to Friday, Corp , receiving a 90 day, 10 note for $3,000 Made a single compound entry to accrue interest revenue on both ...

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Journalize the following transactions of Cramer, Inc., which ends its accounting year on June 30: Apr 1

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Financial Accounting

ISBN: 9780136060482

1st Edition

Authors: Jeffrey Waybright, Robert Kemp

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Question Posted: May 11, 2024 11:04 PM

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Journalize the following transactions of Cramer, Inc., which ends its accounting year on June 30: Apr 1

Question:

Apr 1 Jun 6 30 Loaned $20,000 cash to R. Simpson on a one-year, 8% note. Sold goods to Friday, Corp., receiving a 90-day, 10% note for $3,000. Made a single compound entry to accrue interest revenue on both notes. Use a 360-day year for interest computations.

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Financial Accounting

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