Question
Exercise 9-12 a-b Sunland Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not
Exercise 9-12 a-b Sunland Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $13,800 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 $19,600, 180 day, 12% note in exchange for Joe Fernetti's outstanding accounts receivable. 31 Accrued interest revenue on all notes receivable. Your answer is partially correct. Try again. ournalize the transactions for Sunland Supply Co. (Ignore entries for cost of goods sold.) (Credit account titles are automatically indented when amount entered. Do not indent manually. Use 360 days for calculation. Round answers to 0 decimal places, e.g. 5,275. Record journal entries in the orde presented in the problem.) Date Account Titles and Explanation Nov. 1 Notes Receivable Cash Dec. 11 Notes Receivable Sales Revenue Dec. 16 Notes Receivable Accounts Receivable Dec. 31 Interest Receivable Interest Revenue Debit Credit 13800 24750 19600 346.54 13800 24750 19600 346.54 Your answer is partially correct. Try again. Record the collection of the Lopez note at its maturity in 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation.) Date Account Titles and Explanation Nov. 1 Cash Interest Receivable Interest Revenue Debit Credit Notes Receivable Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT
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