Instructions

The following selected transactions were completed by Fasteners Inc. Co$.,$ a supplier of buttons and zippers for clothing:

$20Y3$

Nov. $21$ Received from McKenna Outer Wear Co$.,$ on account, a $$48,000,60-$day, $6\%$ note dated November $21$

in settlement of a past due account.

Dec. $31$ Recorded an adjusting entry for accrued interest on the note of November $21.$

$20Y4$

Jan. $20$ Received payment of note and interest from McKenna Outer Wear Co$.$

Required:

Journalize the entries to record the transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not

use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit

entry when a credit amount is entered. If no entry is required, simply skip to the next transaction. Assume a $360-$day year when calculating

interest.