Entries for Notes Receivble, Including Year- End Entries

The following selected transactions were completed by Easy- Zip Co., a supplier of zippers for clothing:

2013

Dec. 16. Received from Lake Shore Clothing & Bags Co. on account ,a $21,000, 90- day, 8% note dated December16.

31. Recorded an adjusting entry for accrued interest on the note of December 16.

31. Recorded the closing entry for interest revenue.

2014

March 16. Received payment of note and interest from Lake Shore Clothing &Bags Co.

Journalize the entries to record the transactions. For a compound transaction, Assume 360 days in a year.

2013, Dec.16 Notes Receivable ________________

Accounts Receivable- Lake Shore& Bags Co. ___________

Dec. 31 - Adjusting Interest Receivable _____________

Interest Revenue ___________

Dec. 31- Cllosing Interest Revenue ______________

Income Summary ___________

2014, Mar.16 Cash _____________

Note Receivable _____________

Interest Receivable _____________

Interest Revenue _____________