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Accounting for Notes Receivable Tammeil Electronics sels computer systems to small businesses. Yarnell engaged in the following activities involving notes receivable: On September 1,
Accounting for Notes Receivable Tammeil Electronics sels computer systems to small businesses. Yarnell engaged in the following activities involving notes receivable: On September 1, Yamell sold a $5,000 system to Rass Company. Ross gave Yarnell a 6-month, 11% note as payment. b. On December 1, Yarnell sold an $7,000 system to Searfoss Inc. Searfoss gave a 9-month, 10% note as payment, On March 1, On March 1, Ross paid the amount due on its nate. On September 1, Searfoss paid the amount due on its note. Required: Prepare the necessary journal and adjusting entries for Yarnell Flectronics to record these transactions. If an amount box does not require an entry, leave it blank. If required, round your answers to two decimal places. Note from Ross Company Sept. 1 (Records) Dec. 31 Feicivalia Mar 1 Spies Revenue (Racord accrued interest income) Cast (Record colection of note receivable)
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