Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

2 of 4 -70.34 Current Attempt in Progress Bramble Supply Co. has the following transactions related to notes receivable during the last 2 months of

2 of 4 -70.34 Current Attempt in Progress Bramble Supply Co. has the following transactions related to notes receivable during the last 2 months of 2022. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $13,200 cash to Manny Lopez on a 12 month, 10% note. Dec. 11 Sold goods to Ralph Kremer, Inc., receiving a $24,750, 90-day, 8% note. 16 Received a $29,100, 180 day, 8% note to settle an open account from Joe Fernetti. 31 Accrued interest revenue on all notes receivable. Journalize the transactions for Bramble Supply Co. (Ignore entries for cost of goods sold.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation. Round answers to O decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit: CHAPS 2034 Question 2 of 4 del lecca 5.275 in the andered th Ca Z W LLL T x D 0 4 J L C V B A N M 4 x 1915 001 Question 2 of 4 Your answer is partially correct. 0.27/0.34 E Record the collection of the Lopez note at its maturity in 2023 (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Nov. 1 Cash Interest Revenue terest Receivable Notes Receivable eTextbook and Media - List of Accounts Debit Credit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cima Official Learning System Fundamentals Of Business Mathematics

Authors: Graham Eaton

4th Edition

1856177831, 978-1856177832

More Books

Students also viewed these Accounting questions