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Journalize the following transactions of Caribbean Inc., which ends its accounting year on November 30: Sep 1 Loaned $12,000 cash to Bill McCabe on a
Journalize the following transactions of Caribbean Inc., which ends its accounting year on November 30: Sep 1 Loaned $12,000 cash to Bill McCabe on a one-year, 4% note. Nov 6 Sold goods to Turf Masters, receiving a 90-day, 6% note for $21,000. Ignore cost of goods sold. 30 Made a single entry to accrue interest revenue on both notes. Use a 360-day year for BOTH interest computations and round to the nearest dollar. (Record debits first, then credits. Exclude explanations from any journal entries.) Journalize the loan to Bill McCabe. Journal Entry Date Accounts Debit Credit Sep 1 Journalize the note to Turf Masters. Ignore cost of goods sold. Journal Entry Date Accounts Debit Credit Nov 6 Journalize the single entry to accrue interest revenue on both notes. Use a 360-day year for BOTH interest computations and round to the nearest dollar. Journal Entry Date Accounts Debit Credit Nov 30
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