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James Supply Co. has the following transactions related to notes receivable during the last 2 months of 2013 Nov. 1 Dec. 11 Loaned $20,000 cash
James Supply Co. has the following transactions related to notes receivable during the last 2 months of 2013 Nov. 1 Dec. 11 Loaned $20,000 cash to Mary Perkins on a 1-year, 12% note. Sold goods to Eminem, Inc., receiving a $9,000, 90-day, 8% note. The goods cost S6,500. Received a $8,000, 6-month, 9% note in exchange for Mick Jagger's outstanding accounve nue on all notes receivable-(assume3 Dec. 16 Dec. 31 Accrued interest revenue on all notes receivable.(assume 360 days per year) Instructions (a) Journalize the transactions for James Supply Co. b) Record the collection of the Perkins note at its maturity on November 1, 2014 Date Account Debit Credit
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