Question
Malone Supply Co. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries
Malone Supply Co. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to accrue interest except at December 31. 1. Nov. 1 Loaned $69,500 cash to B. Carr on a 12-month, 8% note. 2. Dec. 11 Sold goods to R. P. Kiner, Inc., receiving a $4,800, 90-day, 9% note. 3. Dec. 16 Received a $11,500, 180-day, 9% note to settle an open account from M. Adcock. 4. Dec. 31 Accrued interest revenue on all notes receivable. Journalize the transactions for Malone Supply Co. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,250.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started