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Entries for notes receivable, Including year-end entries Instructions Chart of Accounts Joumal Instructions The following selected transactions were completed by Fasteners Inc. Co., a
Entries for notes receivable, Including year-end entries Instructions Chart of Accounts Joumal Instructions The following selected transactions were completed by Fasteners Inc. Co., a supplier of buttons and zippers for clothing 2013 Nov 21 Dec 2014 Jan Received from McKenna Outer Wear Co., on account, a $54,000, 60 day, 8% note dated November 21 in settlement of a past due account 31 Recorded an adjusting entry for accrued interest on the note of November 21 20 Received payment of note and interest from McKenna Outer Wear Co X Required Journalize the entries to record the transactions. Refer to the chart of accounts for the exact wording of the account sides. CNOW journals do not use tines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. If no entry is required, simply skip to the next transaction. Assume a 360-day year when calculating interest
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