Troope Supply Co. has the following transactions related to notes receivable during the last 3 months of
Question:
Troope Supply Co. has the following transactions related to notes receivable during the last 3 months of 2025.
Journalize entries for notes receivable transactions.
Oct. 1 Loaned \(\$ 16,000\) cash to Juan Vasquez on a 1 -year, \(10 \%\) note.
Dec. 11 Sold goods to A. Palmer, Inc., receiving a \(\$ 6,750,90\)-day, \(8 \%\) note.
16 Received a $6,400, 6-month, \(9 \%\) note in exchange for J. Nicholas's outstanding accounts receivable.
31 Accrued interest revenue on all notes receivable.
Instructions
a. Journalize the transactions for Troope Supply Co.
b. Record the collection of the Vasquez note at its maturity in 2026 .
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Step by Step Answer:
a b Oct 1 Dec 11 Dec 16 31 Notes Receivable Cash Notes Receivable Sales ...View the full answer
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Related Book For 
Financial Accounting Tools For Business Decision Making
ISBN: 9781119791089
10th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Jill E. Mitchell
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