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Exercise 9-10 Elburn Supply Co. has the following transactions related to notes receivable during the last 2 months of 2017. The company does not make
Exercise 9-10 Elburn Supply Co. has the following transactions related to notes receivable during the last 2 months of 2017. The company does not make entries to accrue interest except at December 31. Nov. 1 oaned $13,200 cash to Manny Lopez on a 12-month, 10% note. Dec. 11 Sold goods to Ralph Kremer, Inc., receiving a $24 750, 90-day, 8% note. 16 Received a $29,100, 180 day, 8% note in exchange for Joe Fernetti's outstanding accounts receivable 31 Accrued interest revenue on all notes receivable. Journalize the transactions for Elburn Supply Co. (credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation. Round answers to 0 decimal 275. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation sHow LIST oF AccouNTs Record the collection of the Lopez note at its maturity in 2018. (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 sHow LIST OF AccouNTs
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