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Entries for notes receivable, including year - end entries Interlocking Devices, a supplier of zippers for clothing, is owned and operated by Jay Dewitt. The

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Entries for notes receivable, including year-end entries
Interlocking Devices, a supplier of zippers for clothing, is owned and operated by Jay Dewitt. The following selected transactions were completed by Interlocking Devices:
20Y7
December 7. Received from Unitarian Clothing & Bags Co., on account, a $60,000,60-day, 8% note dated December 7.
December 31. Recorded an adjusting entry for accrued interest on the note of December 7.
December 31. Recorded the closing entry for interest revenue.
20Y8
February 5. Received payment of note and interest from Unitarian Clothing & Bags Co.
Journalize the entries to record the transactions. Assume 360 days in a year. If an amount box does not require an entry, leave it blank. If required, round the interest to the nearest cent.
20Y7, Dec. 7 Notes Receivable
Accounts Receivable-Unitarian Clothing and Bags Co.
Dec. 31
Interest Revenue
Dec. 31
Interest Expense
Jay Dewitt, Capital
20Y8, Feb. 5
Notes Receivable
Interest Receivable
Interest Revenue
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