Garrett Meals completed the following selected transactions:

2018
Oct 31 ............. Sold goods to Rose Foods, receiving a $32,000, three-month 5.5% note. (You do do not need to make the cost of goods sold journal entry for this transaction.)

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

2017
Jan 31 .............. Collected the Rose Foods note.

Nov 11 ............ Loaned $15,800 to Franklin Shops, receiving a 90-day, 9.75% note.

Dec 31 ............. Accrued the interest on the Franklin Shops note.

Requirements

1. Record the transactions in Garrett Meals’ journal. Assume that no sales returns are expected. Round all amounts to the nearest dollar. Explanations are not required.

2. Show what Garrett Meals will report on its comparative classified balance sheet at December 31, 2019, and December 31, 2018, for Notes Receivable and Interest Receivable.