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Journalize the following transactions of Red Sea Inc., which ends its accounting year on June 30: Apr 1 Loaned $15,000 cash to Britt Durant on
Journalize the following transactions of Red Sea Inc., which ends its accounting year on June 30: Apr 1 Loaned $15,000 cash to Britt Durant on a one-year, 8% note. Jun 6 Sold goods to Fairway Masters, receiving a 90-day, 6% note for $8,000. 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 Britt Durant Journal Entry Date Accounts Debit Credit Apr Journalize the note to Fairway Masters. Ignore cost of goods sold. Journal Entry Date Accounts Debit Credit Jun 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 Jun 30
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