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Entries for Notes Receivable, Including Year- End Entries The following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing :
Entries for Notes Receivable, Including Year- End Entries The following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing : 2017 Dec. 10 Received from Unitarian Clothing & Bags Co., on account, a $90,000, 90-day, 9% note dated December 10. Dec. 31 Recorded an adjusting entry for accrued interest on the note of December 10. Dec. 31 Recorded the closing entry for interest revenue. 2018 note and interest from Unitarian Clothing & Bags Co. Mar. 10. Received payment 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. Assume February has 28 days in 2018 required, round the interest to the nearest cent. Notes Receivable 2017, Dec. 10 90,000 Accounts Receiva ble-Unitarian Clothing and Bags Co. 90,000 Interest Receivable 2017, Dec. 31-Adjusting 2,025 Interest Revenue 2,025 Interest Revenue 202.5 2017, Dec. 31-Closing Income Summary 202.5 Cash 2018, Mar. 10 Notes Receivable 90,000 Interest Receiva ble Interest Revenue
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