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

{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, 2019, and December 31, 2020.

Transcribed Image Text:

2019 Nov. 30 Dec. 31 2020 Feb. 28. Mar 1 Dec. 16 31 Sold goods to Sobeys Inc., receiving a $50,000, three-month, 5% note. Made an adjusting entry to accrue interest on the Sobeys note. Collected the Sobeys note. Received a 90-day, 5%. $6,000 note from Louis Joli Got on account. Soid the Louis note to Caisse Populaire, receiving cash of $5,900. Loaned $25,000 cash to Betty Crocker Brands, receiving a 90-day, 8% note. Accrued the interest on the Betty Crocker Brands note.