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Apr.30:Made a single entry to accrue interest revenue on both notes. (Use months for the one-year note interest computation and a 365-day year for the
Apr.30:Made a single entry to accrue interest revenue on both notes. (Use months for the one-year note interest computation and a
365-day year for the 90 day note interest computation. Round to the nearest cent
Homework: CH 8 NR Part 2 O Part 3 of 5 Question 1 Score: 0.54 of 1 point The following selected transactions occurred during 2024 and 2025 for Celtic Importers. The company ends its accounting year on April 30. (Click the icon to view the transactions.) Journalize all required entries. Make sure to determine the missing maturity date. (Record debits first, then credits. Select the explanation on the last line of the joumal entry table.) - X Credit More Info Feb. 1: Loaned $13,000 cash to Carol Smythe on a one-year, 12% note. Date Accounts and Explanation Debit 2024 Feb. 1 Note Receivable Carol Smythe 13,000 Cash 13,000 2024 Feb. 1 Apr. 6 Loaned $13,000 cash to Carol Smythe on a one-year, 12% note. Sold goods to Park Pro, receiving a 90 day, 9% note for $12,000, Ignore Cost of Goods Sold. Made a single entry to accrue interest revenue on both notes Collected the maturity value of the Park Pro note. Apr. 30 Accepted note in exchange for cash. ? Apr. 6: Sold goods to Park Pro, receiving a 90-day, 9% note for $12,000. Ignore Cost of Goods Sold. 2025 Feb. 1 Date Accounts and Explanation Debit Credit Collected the maturity value of the Smythe note. 2024 Apr. 6 12,000 Note ReceivablePark Pro Sales Revenue 12,000 Print Done Sold goods for a note. a Apr. 30: Made a single entry to accrue interest revenue on both notes. (Use months for the one-year note interest computation and a 365-day year for the 90 day note interest computation. Round to the nearest cent.) Date Accounts and Explanation Debit Credit 2024 Apr. 30Step by Step Solution
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