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Current Attempt in Progress Ace Distributors has the following transactions related to notes receivable during the last month of the year. Dec. 1 Loaned $15,000
Current Attempt in Progress Ace Distributors has the following transactions related to notes receivable during the last month of the year. Dec. 1 Loaned $15,000 cash to K. Hogan on a 1-year, 6% note. 16 Sold goods to F. Manning, receiving a $4,800, 60-day, 7% note. 31 Accrued interest revenue on all notes receivable. Journalize the transactions for Ace Distributors. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round intermediate calculations to 2 decimal places, e.g. 52.75 and final answers to O decimal places e.g. 5,125.) Date Account Titles and Explanation Debit Credit (To record loan made to K. Hogan) Journalize the transactions for Ace Distributors. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round intermediate calculations to 2 decimal places, e.g. 52.75 and final answers to O decimal places e.g. 5,125.) Date Account Titles and Explanation Debit Credit (To record loan made to K. Hogan) A v (To record sale to F. Manning)
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