Indiana Supply Co. has the following transactions related to notes receivable during the last 2 months of
Question:
Indiana Supply Co. has the following transactions related to notes receivable during the last 2 months of the year:
Nov. 1 Loaned \(\$ 24,000\) cash to A. Gomez on a 1 -year, \(10 \%\) note ceivable transactions.
Dec. 11 Sold goods to R. Wright, Inc., receiving a \(\$ 3,600\), 90 -day, \(12 \%\) note. 16 Received a \(\$ 4,000\), 6-month, \(12 \%\) note on account from B. Barnes.
31 Accrued interest revenue on all notes receivable.
\section*{Instructions}
Journalize the transactions for Indiana Supply Co.
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Related Book For
Financial Accounting Tools For Business Decision Making
ISBN: 9780471169192
1st Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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