Exercise 9-10 (Part Level Submission)

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. 1Loaned $16,500 cash to Manny Lopez on a12-month,8% note.Dec. 11Sold goods to Ralph Kremer, Inc., receiving a $36,000,90-day,6% note.16Received a $25,440,180 day,10% note in exchange for Joe Fernetti's outstanding accounts receivable.31Accrued interest revenue on all notes receivable.

(a)

Journalize the transactions for Elburn Supply Co.