Question
1. Prepare journal entries to record the following transactions entered into by Denver Company: 2019 June 1 Denver Co. loaned a $120,000, 6%, 11 months
1. Prepare journal entries to record the following transactions entered into by Denver Company:
2019
June 1 Denver Co. loaned a $120,000, 6%, 11 months note to Barney Frank
April 1 Sold goods to Minny Co. receiving a $18,000, 12 months, 6% note
Dec. 31 Accrued interest on all of the notes receivable.
2020
April 1 Minny Co. dishonored its note. But Denver still expects a payment in the future.
May 1 Barney Frank dishonored his note. But Denver still expects a payment in the future.
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Contemporary Auditing Real Issues And Cases
Authors: Michael C. Knapp, Loreen Knapp
5th Edition
032418834X, 978-0324188349
