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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 numeric field Tov. 21. Received from McKenna Outer Wear Co., on account, a $96,000, 60-day, 3% note dated November 21 in settlement of a past due account. Dec. 31. Recorded an adjusting entry for accrued interest on the note of November 21. 2014 Jan. 20. Received payment of note and interest from McKenna Outer Wear Co. Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank. Assume a 360-day year when calculating interest. 2043, Nov. 21 Notes Receivable 96,000 Accounts Receivable-McKenna Outer Wear Co. 96,000 Dec. 31 Interest Receivable 320 Interest Revenue 320 2014, Jan. 20 Cash 96,480 Notes Payable x 320 1110 Interest Receivable 160 Interest Revenue 96,000 X Feedback
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