Exercise 9-10

Elburn Supply Co. has the following transactions related to notes receivable during the last 2 months of 2014. The company does not make entries to accrue interest except at December 31.

Exercise 9-10 Elburn Supply Co. has the following transactions related to notes receivable during the last 2 months of 2014. The company does not make entries to accrue interest except at December 31. Nov. 1 Dec. 11 16 31 Loaned $24,000 cash to Manny Lopez on a 12-month, 8% note. Sold goods to Ralph Kremer, Inc., receiving a $57,000, 90-day, 6% note. Received a $34,600, 180 day, 12% note in exchange for Joe Fernetti's outstanding accounts receivable. Accrued interest revenue on all notes receivable. Journalize the transactions for Elburn Supply Co. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation. Round answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT Record the collection of the Lopez note at its maturity in 2015. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation.) Date Account Titles and Explanation SHOW LIST OF ACCOUNTS Debit Credit LINK TO TEXT By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor. Exercise 9-10 Elburn Supply Co. has the following transactions related to notes receivable during the last 2 months of 2014. The company does not make entries to accrue interest except at December 31. Nov. Loaned $24,000 cash to Manny Lopez on a 12-month, 8% note. 1 Dec. Sold goods to Ralph Kremer, Inc., receiving a $57,000, 90-day, 6% note. 11 Received a $34,600, 180 day, 12% note in exchange for Joe Fernetti's outstanding accounts 16 receivable. 31 Accrued interest revenue on all notes receivable. Journalize the transactions for Elburn Supply Co. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation. Round answers to 0 decimal places, e.g. 5,275.) Date Nov. 1 Account Titles and Explanation Notes Receiv Debit 24000 Cash Dec. 11 Notes Receiv 24000 57000 Sales Revenu Dec. 16 Notes Receiv 57000 34600 Accounts Rec Dec. 31 Interest Recei Interest Reven Credit 34600 683 683 SHOW LIST OF ACCOUNTS LINK TO TEXT Record the collection of the Lopez note at its maturity in 2015. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation.) Date Account Titles and Explanation Debit Credit Exercise 9-10 Elburn Supply Co. has the following transactions related to notes receivable during the last 2 months of 2014. The company does not make entries to accrue interest except at December 31. Nov. Loaned $24,000 cash to Manny Lopez on a 12-month, 8% note. 1 Dec. Sold goods to Ralph Kremer, Inc., receiving a $57,000, 90-day, 6% note. 11 Received a $34,600, 180 day, 12% note in exchange for Joe Fernetti's outstanding accounts 16 receivable. 31 Accrued interest revenue on all notes receivable. Journalize the transactions for Elburn Supply Co. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation. Round answers to 0 decimal places, e.g. 5,275.) Date Nov. 1 Account Titles and Explanation Notes Receiv Debit 24000 Cash Dec. 11 Notes Receiv 24000 57000 Sales Revenu Dec. 16 Notes Receiv 57000 34600 Accounts Rec Dec. 31 Interest Recei Interest Reven Credit 34600 683 683 SHOW LIST OF ACCOUNTS LINK TO TEXT Record the collection of the Lopez note at its maturity in 2015. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation.) Date Account Titles and Explanation Debit Credit