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Entries for Notes Receivable, Including Year-End Entries The following selected transactions were completed by Fasteners Inc. Co., a supplier of buttons and zippers for clothing
Entries for Notes Receivable, Including Year-End Entries The following selected transactions were completed by Fasteners Inc. Co., a supplier of buttons and zippers for clothing 20Y3 Received from McKenna Outer Wear Co., on account, a $66 000, 60-day, 8% note dated November 2 account. Recorded an adjusting entry for accrued interest on the note of November 21. Nov. 21. n settlement of a past due Dec. 31. 20Y4 Jan. 20. Received payment of note and interest from McKenna Outer Wear Co. ournalize the entries to record the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. Assume a 360-day year when calculating interest. Round answers to the nearest dollar amount. 20Y3, Nov. 21 Notes Receivable Accounts Receivable-McKenna Outer Wear Co. Interest Receivable Dec. 31 Interest Revenue 20Y4, Jan. 20 Cash Notes Receivable Interest Receivable Interest Revenue
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