Question
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
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 December 7. Received from Unitarian Clothing and Bags Co., on account, a $96,000, 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. 2018 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. Assume 360 days in a year. If required, round the interest to the nearest cent. 2017, Dec. 7 Notes Receivable Accounts Receivable-Unitarian Clothing and Bags Co 96,000 Dec. 31 Interest Reservable Interest Revenue Dec. 31 2018, Feb. 5 1111 11 11 18 13 11 11 1000 Previnus
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