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Exercise 9-12 a-b Whispering 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 Whispering 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. Loaned $22,800 cash to Manny Lopez on a 12-month, 10% note. Sold goods to Ralph Kremer, Inc., receiving a $56,250, 90-day, 890 note Received a $47,400, 180 day, 12% note in exchange for Joe Fern ett's outstanding Nov. 1 Dec. 11 16 31 accounts receivable. Accrued interest revenue on all Journalize the transactions for Whispering Supply Co. (Ignore entries for cost of goods sold.) (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. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Nov. 1 lotes Receivable 22800 Cash 22800 lotes Receivable Dec. 11 56250 Sales Revenue 56250 lotes Receivable 47400 Dec. 16 Accounts Receivable 47400 6195 Interest Receivable Dec. 31 6195 Interest Revenue SHOW LIST OF ACCOUNTS LINK TO TEXT 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 fo calculation.) Account Titles and Explanation Debit Credit Date Nov. 1 Cash 28995 Notes Receivable 22800 6195 Interest Receivable Click if you would like to Show Work for this question: Open Show Work
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