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can you solve this with showing the calculation i am confused about it Ceradyne Supply Corp. has the following selected transactions for notes receivable. Nov.
can you solve this with showing the calculation i am confused about it
Ceradyne Supply Corp. has the following selected transactions for notes receivable. Nov. 1 1 Dec. 15 Lent $129,600 cash to A. Bouchard on a one-year, 9% note. Sold goods to Wright Inc., receiving a two-month, 6%, $29,000 note. Interest is due at maturity. The goods cost $18,024. Received a six-month, 6%, $31,680 note in exchange for an account from Aquilina Corporation. Interest is due at maturity. Collected the amount owing on the Wright note. Accrued interest on all notes receivable at year end. Assume that interest is calculated to the nearest half month. Analyzed each note and estimated that uncollectible notes at year end totalled $23,724. Feb. 1 28 28 Record the above transactions for Ceradyne Supply Corp. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Round answers to the nearest whole dollar, e.g. 5,275.) Date Account Titles and Explanation Debit Credit (To record sales) (To record cost of merchandise sold) (To accrue interest) (To record estimate of uncollectible accounts)Step by Step Solution
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