- Assume that Kraft Foods, completed the following selected transactions. 207 Nov. 30 Sold goods to Safeway, Inc., receiving a $50,000,3-month, 6\% note. Dec. 31 Made an adjusting entry to accrue interest on the Safeway note. 208 Feb. 28 Collected the Safeway note. Mar. 1 Received a 90-day, 7\%, \$6,000 note from Pete's Catering on account. Sold the Pete's Catering note to Lakewood Bank, receiving cash of $5,900. Dec. 16 Loaned $25,000 cash to Nabisco Brands, receiving a 90-day, 12\% note. 31 Accrued the interest on the Nabisco note. Concept check Required 1. Record the transactions in Kraft's journal. Round interest amounts to the nearest dollar. 2. Show what Kraft will report on its comparative classified balance sheet at December 31, 20X8, and December 31,207